Form Ow-9-P - Nonresident Oklahoma Distributed Income Withholding Tax Penalty And Interest Worksheet

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Tax Year _____
Nonresident Oklahoma Distributed Income
OW-9-P
Withholding Tax Penalty and Interest Worksheet
Revised 9-2011
Name as shown on return
FEIN
Who Must Pay Penalty and Interest (Title 68 O.S. Section 2385.31)
Underpayment of estimated tax Interest and penalty is due if the amount that must be withheld from all nonresident
members for the taxable year can reasonably be expected to exceed Five Hundred Dollars ($500.00) and timely paid
estimated withholding tax payments are not at least 70% of the withholding tax that must be withheld from all of your
nonresident members for the current taxable year or 100% of the withholding tax that had to be withheld from all of your
nonresident members for the preceding taxable year. The penalty and interest is figured separately for each installment
due date. Therefore, the pass-through entity may owe a penalty and interest for an earlier due date even if it paid enough
tax later to make up the underpayment. This is true even if the entity has overpaid when its Annual Report is filed.
Note: If you were not required to make estimated tax payments, do not use this form. Compute any penalty and interest
due on Form WTP10003.
Instructions
Use Section One to determine the penalty and interest due for failure to make the required timely estimated withholding
tax payments (Form OW-9-EW). Use Section Two to determine the penalty and interest due for failure to make a timely
payment on the Annual Report (Form WTP10003).
Section One
Part One:
Line 1: If line 1 is less than $500 you were not required to make estimated tax payments; do not complete this form. Use
Form WTP10003 to compute any penalty and interest due for failing to make a timely payment on the Annual Report.
Part Two:
Line 5: Adjust the quarterly due dates as needed for fiscal year taxpayers. The first installment is due by the last day of
the month succeeding the calendar quarter during which the beginning of the taxable year falls. Other installments are
due by the last day of the month succeeding the next three calendar quarters. (e.g., Fiscal year begins in May, the first
quarterly installment is due July 31. The second, third and fourth quarter payments are due October 31, January 31 and
April 30, respectively.)
Line 7: • Enter timely estimated payments in the quarter for which it was paid. (e.g., Column A, first quarter payment
made by 4/30; Column B, second quarter payment made by 7/31; etc.)
• Enter late estimated payments in the quarter paid. (e.g., Enter in Column B a first quarter payment due
4/30 but paid 5/15.)
• Payments made after the due date of the fourth quarter estimate, January 31, 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 Three).
Part Three:
Complete lines 15 through 18 to determine the underpayment of estimated tax penalty and interest due. Penalty and
interest is imposed on each underpayment shown on line 13 for the number of days that it remained unpaid. (You may find
it helpful to show the date of payment beside each amount on line 13.) If a payment is missed or less than the minimum
required is paid in a period, underpayment of estimated tax penalty and interest is due from the date the amount was due
to the date the payment is made. Payments are applied to the earliest quarter’s underpayment first.
Example: The required estimated withholding tax installments were $2,500 per quarter. The pass-through entity made no
estimated tax payment for either the first or second period, but paid $3,500 each on October 31 and January 31, for the
third and fourth periods. The entity has an underpayment (line 13) for each payment period even though the estimated tax
payments for the third and fourth periods were more than the required installments (line 6). This is because the estimate
tax payments made in the third and fourth periods are first applied to underpayments for the earlier period.
Line 14: Adjust the quarterly due dates as needed for fiscal year taxpayers, use the same dates as in Part Two, line 5
Line 15: Enter the number of days that the amount on line 13 remained unpaid. If an underpayment was paid in two
or more parts on different dates, figure the penalty and interest separately for each part. (It may be helpful to show the
underpayment on line 13 broken down into the parts paid on different dates.)

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