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Oklahoma Free Printable 2020 Form OW-8-P-SUP-I for 2021 Oklahoma Oklahoma Annualized Income Installment Method for Individuals

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Oklahoma Annualized Income Installment Method for Individuals
2020 Form OW-8-P-SUP-I

Annualized Income Installment Method for Individuals Name as shown on return FORM State of Oklahoma OW-8-P-SUP-I 2 0 2 0 Social Security Number Enclose this form and Form OW-8-P with your return. Check the “annualized installment method” box on Form 511 or Form 511NR. Individuals (Part-year and nonresidents see the “Note” on page 2) Column A 1/1 - 3/31 Column B 1/1 - 5/31 Column C 1/1 - 8/31 Column D 1/1 - 12/31 1. Enter your Oklahoma adjusted gross income for each period ............................................................ 1 2. Annualization amounts ................................................ 2 4 2.4 1.5 1 3. Annualized Oklahoma adjusted gross income Multiply line 1 by line 2................................................. 3 4. Enter your Oklahoma itemized deductions for the period shown in each column. If you do not itemize enter “0” and skip to line 7........................................... 4 5. Annualization amounts................................................. 5 4 2.4 1.5 1 6. Multiply line 4 by line 5................................................. 6 7. In each column enter the full amount of your Oklahoma Standard Deduction ....................... 7 8. If claiming itemized deductions enter line 6; otherwise enter line 7 (see instructions) ..................... 8 9. In each column multiply $1,000 by the total number of exemptions claimed.................................... 9 10. Add lines 8 and 9. Note: If you have out-of-state income see instructions............................................. 10 11. Adjustments to Oklahoma Adjusted Gross Income.....11 12. Taxable income. Subtract line 10 and 11 from line 3............................ 12 13. Oklahoma Income Tax from Tax Table....................... 13 14. Oklahoma credits (refundable & non-refundable)...... 14 15. Subtract line 14 from line 13. If zero or less enter “0” ..... 15 16. Applicable percentage............................................... 16 17.5% 35% 52.5% 70% 17. Multiply line 15 by line 16........................................... 17 18. Add amounts in all previous columns of line 24......... 18 19. Annualized income installments. Subtract line 18 from line 17. If zero or less enter “0”......................... 19 20. Enter 1/4 of line 8 from Section Two, Part 1 of Form OW-8-P in each column................................ 20 21. Enter the amount from line 23 of the previous column ...................................................................... 21 22. Add lines 20 and 21................................................... 22 23. Subtract line 19 from line 22. If zero or less enter “0” .............................................. 23 24. Required installments. Enter the smaller of line 19 or line 22 here and in applicable column on Form OW-8-P, Section Two, Part 2, line 9................. 24 2020 Form OW-8-P-SUP-I - Page 2 Annualized Income Installment Method for Individuals General Information If you use this form for any payment due date, you must use it for all payment due dates. To figure the amount of each required installment the schedule automatically selects the smaller of the annualized income installment or the regular installment (increased by the amount saved by using the annualized income installment method in figuring any earlier installments). You must complete Section Two, Part 1 of Form OW-8-P before you can complete this form. The annualization method for Oklahoma estimated tax purposes is the same as that prescribed in the Internal Revenue Code. Therefore, for additional information use the Federal instructions for Form 2210 “Underpayment of Estimated Tax by Individuals, Estates, and Trusts” or Federal Publication 505 “Tax Withholding and Estimated Tax”. Line Instructions Line 1 Enter your Oklahoma adjusted gross income for each period. This is your gross income, including your share of partnership(s) or S-corporation(s) income or loss, for the period, minus your adjustments to income for that period. Line 6 Multiply line 4 by line 5 and enter the result on line 6. Line 8 If you would have itemized on your Federal return based on the annualized federal itemized deductions for the period shown in the column heading, enter line 6. If you would have claimed the standard deduction on your Federal return for the period shown in the column heading, enter line 7. Line 10 Add lines 8 and 9 and enter the result on line 10. If you had out-of-state income during the period, you must first prorate your deductions and exemptions before entering the total on line 10. The method of proration will be the same as used on Form 511 and can be found in the instructions of the individual income tax packet. Enter the prorated amount on line 10. Line 11 Enter the full amount of the Adjustments to Oklahoma Adjusted Gross Income to which you would be entitled based on either your annualized income or expenses incurred during the period. These are the deductions and exclusions to which you are entitled to as adjustments from Oklahoma adjusted gross income to arrive at Oklahoma taxable income. These adjustments include, but are not limited to, military pay exclusion, qualifying disability deduction and qualified adoption expense. For a complete list of these adjustments, see the instructions for Form 511, Schedule 511-C or Form 511NR, Schedule 511NR-C in the individual income tax packet. Line 14 Include all credits (other than withholding credits) you may claim because of events that occurred during that period. Do not annualize any credit. When figuring your credits, you must annualize any item of income or deduction used to figure the credit; include any credit(s) you are carrying over from a previous year. NOTE: The following applies to part-year and nonresident taxpayers who will be filing Form 511NR. Lines 1 through 12 shall be calculated as if all income were earned in Oklahoma. Using the amount from line 12, calculate the tax; this is the base tax and will be prorated for line 13. (If you qualify for the Oklahoma child care/child tax credit, reduce the amount on line 12 by the Oklahoma child care/child tax credit before you calculate line 13; do not enter this credit on line 14.) To calculate line 13, divide your income from Oklahoma sources by the amount on line 1. Multiply this percentage by the base tax (line 12) and enter the result on line 13. This is your “Tax from Tax Table”. Complete the remainder of the form as directed.
Extracted from PDF file 2020-oklahoma-form-ow-8-p-sup-i.pdf, last modified November 2005

More about the Oklahoma Form OW-8-P-SUP-I Individual Income Tax TY 2020

We last updated the Oklahoma Annualized Income Installment Method for Individuals in March 2021, so this is the latest version of Form OW-8-P-SUP-I, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form OW-8-P-SUP-I 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-SUP-I.

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

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-SUP-I from the Tax Commission in March 2021.

Show Sources >

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-SUP-I

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


2020 Form OW-8-P-SUP-I

2020 Form OW-8-P-SUP-I

2019 Form OW-8-P-SUP-I

OW-8-P-SUP-I-05

2018 Form OW-8-P-SUP-I

OW-8-P-SUP-I-05


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