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Oklahoma Free Printable OW-8-P-05 for 2020 Oklahoma Worksheet for Underpayment of Estimated Tax

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Worksheet for Underpayment of Estimated Tax
OW-8-P-05

State of Oklahoma Underpayment of Estimated Tax Worksheet SSN or FEIN FORM Name as shown on return Section One: Annualized Method OW-8-P 2 0 1 9 Check the box to the left if you are using the annualized income installment method. If your income varied during the year because, for example, you operated your business on a seasonal basis, you may be able to lower or eliminate the amount of one or more required installments by using the annualized income installment method. If you checked the box, you must complete and enclose with your return this form and Form OW-8-P-SUP-I for individuals or OW-8-P-SUP-C for corporations and trusts. These forms can be obtained from our website at www.tax.ok.gov. Section Two: Worksheet Part 1: Required Annual Payment 1. Income tax shown on your current year’s tax return . . . . . . . . . . . . . . . . . . 1 2. Oklahoma credits (refundable and nonrefundable) . . . . . . . . . . . . . . . . . . . 2 3. Oklahoma tax liability. Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . 3 If less than $1,000 stop here; you do not owe the interest. 4. Multiply line 3 by 70% (0.70) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5. Withholding taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Do not include any estimated tax payments on this line. 6. Subtract line 5 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 If less than $500 stop here; you do not owe the interest. 7. Tax liability shown on your previous year’s tax return . . . . . . . . . . . . . . . . . 7 Previous year’s return must be for 12 months. If you were not required to file an income tax return for the previous tax year stop here; you do not owe the interest. 8. Required annual payment. Enter the smaller of line 4 or line 7 . . . . . . . . . 8 Note: If line 5 is equal to or more than line 8 stop here; you do not owe the interest. Part 2: Figure Your Underpayment 9. Required annual payment . . . . . . . . . . . . . . . . . . . . . . . . . 9 Column A April 15th First Quarter Due Date of Installments* Column B June 15th Second Quarter Column C Sept. 15th Third Quarter Column D Jan. 15th Fourth Quarter Enter 1/4 of line 8 in each column unless you have checked the box in Section 1. If checked, enter the amounts from Form OW-8-P-SUP-I or OW-8-P-SUP-C. 10. a. Tax withheld (see instructions) . . . . . . . . . . . . . . . . . . .10a b. Estimated tax paid (see instructions) . . . . . . . . . . . . . .10b c. Add lines 10a and 10b . . . . . . . . . . . . . . . . . . . . . . . . . 10c If line 10c is equal to or more than line 9 for all payment periods stop here; you do not owe the interest. Complete lines 11 - 17 of one column before continuing... 11. Enter amount, if any, from line 17 of previous column . . . . 11 12. Add lines 10c and 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13. Add amounts on lines 15 and 16 of the previous column . 13 14. For Column A only, enter the amount from line 10c . . . . . . 14 For Columns B, C, and D, subtract line 13 from line 12. If zero or less, enter 0. 15. If the amount on line 14 is zero, subtract line 12 from line 13. Otherwise, enter 0. . . . . . . . . . . . . . . . . . . . . . . . . .15 16. Underpayment. If line 9 is equal to or more than line 14, subtract line 14 from 9. Then go to line 11 of next column. 16 17. Overpayment. If line 14 is equal to or more than line 9, subtract line 9 from 14. Then go to line 11 of next column. 17 Complete lines 18 and 19 after completion of Part 3... 18. Interest due for each quarter (from Part 3) . . . . . . . . . . . . .18 19. Total Interest. Add line 18, Columns A, B, C and D . . . . . . 19 *If the due date falls on a weekend or holiday, adjust the due date to the next business day. Also, adjust the quarter due date as needed for fiscal year taxpayers. Line 10: You are considered to have paid one-fourth of your withholding on each payment due date unless you can show otherwise. Estimated tax must be entered in the quarter in which it was paid (ie. Column A, payments made by 4/15; Column B, payments made 4/16 through 6/15; Column C, payments made 6/16 through 9/15; and Column D, payments made 9/16 through 1/15 of the following year). Payments made after the due date of the fourth quarter estimate shall not be included on this line as an estimated tax payment, but shall be used in the underpayment worksheet as a prepayment of tax (see instructions for Part 3). Include in the first quarter any overpayment of tax from your previous tax year’s return that you elected to apply to this year’s estimated tax. Line 19: Enter total interest here and on your income tax return. 2019 Form OW-8-P Oklahoma Underpayment of Estimated Tax Worksheet - Page 2 Name as shown on return SSN or FEIN Part 3: Computation of Interest Complete each quarter before going to the next quarter. First Quarter • Due Date 4/15 Enter required payment from Part 2, line 9, Column A. Enter any withholding. Enter apply from previous year, if any. Enter any estimated tax payment. Enter tax payment made after 4/15. Enter tax payment made after 4/15. Total interest due for first quarter. Column A Date of Payment Column B Column C Column D Amount of Balance Due Number of After Payment Days Payment Column E Interest 4/15 4/15 4/15 Second Quarter • Due Date 6/15 Enter required payment from Part 2, line 9, Column B. Enter any withholding not used in prior quarter. Enter any estimated tax not used in prior quarter. Enter tax payment made after 6/15. Enter tax payment made after 6/15. Total interest due for second quarter. 6/15 6/15 Third Quarter • Due Date 9/15 Enter required payment from Part 2, line 9, Column C. Enter any withholding not used in prior quarters. Enter any estimated tax not used in prior quarters. Enter tax payment made after 9/15. Enter tax payment made after 9/15. Total interest due for third quarter. 9/15 9/15 Fourth Quarter • Due Date 1/15 Enter required payment from Part 2, line 9, Column D. Enter any withholding not used in prior quarter. Enter any estimated tax not used in prior quarter. Enter tax payment made after 1/15. Enter tax payment made after 1/15. Total interest due for fourth quarter. 1/15 1/15 Instructions to Part 3 In the first line of each quarter, Part 3, Column C, enter the required payment from Part 2, line 9. Then complete each line across before proceeding to the next line. Column C in each quarter must be brought to zero, unless all payments have already been applied, before proceeding to the next quarter. Column A- Enter the date the estimated tax payment(s) was actually paid. Estimated tax payments and withholding payments which are paid on or before the quarterly due date are considered timely paid; therefore, the date is preprinted on the form. If the preprinted date falls on a weekend or holiday, adjust the date to the next business day. Any balance due, paid with your tax return, is considered a payment for this purpose and should be listed using the date you filed your return or the original due date, whichever is earlier. Column B- Enter payments according to the date paid or deemed paid, the earliest date of payment being applied first. Only use the portion of a payment necessary to bring the balance due to zero. Withholding payments are deemed paid on the quarterly due date(s). Enter on the withholding line tax(es) withheld, on or before the quarterly due date, that have not been applied to a previous quarter. Enter on the estimated tax line estimated tax payments paid on or before the quarterly due date, which have not been applied to a previous quarter. Enter on the tax payment line(s) any payment made after the quarterly due date. If more lines are needed for tax payments, list each payment separately on an attached schedule using Columns A through E. Column C- Compute the balance due after each payment. If there are no payments entered on the withholding and estimated tax lines, bring the required payment down to the estimated tax line in Column C and complete Columns D & E. Column D- Column C balance, for each line, is considered past due until the next payment is made. Compute the number of days past due from the date of this payment until the date of the next payment or the original due date, if no payment is made. Column E- Column C x Number of days in Column D x 20% divided by 365
Extracted from PDF file 2019-oklahoma-form-ow-8-p.pdf, last modified November 2005

More about the Oklahoma Form OW-8-P Individual Income Tax Estimated TY 2019

If you failed to pay or underpaid your estimated taxes for the past tax year, you must file form OW-8-P to calculate any interest or penalties due with your income tax return.

We last updated the Worksheet for Underpayment of Estimated Tax in February 2020, so this is the latest version of Form OW-8-P, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form OW-8-P directly from TaxFormFinder. You can print other Oklahoma tax forms here.

Related Oklahoma Individual Income Tax Forms:

TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Oklahoma Form OW-8-P.

Form Code Form Name
Form OW-8-ESC Estimated Tax Declaration for Corporations
Form OW-8-ES Estimated Tax Declaration for Individuals
Form OW-8-ES-SUP Annualized Estimated Tax Worksheet
Form OW-8-P-SUP-C Oklahoma Annualized Income Installment Methods forCorporations and Trusts
Form OW-8-P-SUP-I Oklahoma Annualized Income Installment Method for Individuals

Download all OK tax forms View all 55 Oklahoma Income Tax Forms


Form Sources:

Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form OW-8-P from the Tax Commission in February 2020.

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Form OW-8-P is an Oklahoma Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Oklahoma Form OW-8-P

We have a total of eight past-year versions of Form OW-8-P in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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