Oklahoma Nonresident Fiduciary Income Tax Forms And Instructions

Line by Line Instructions

Credit for Biomedical Research Contribution

Underpayment of Estimated Tax Interest, timely

A credit is allowed to any taxpayer who makes a dona-

filed estimated tax payments are required to be

tion to a qualified independent biomedical research

equal to the smaller of 70% of the current year tax

institute. The credit is 50% of the amount donated, but

liability or 100% of the prior year tax. The tax

may not exceed $1,000. Any credit allowed, but not

liability is the tax due less all credits except

used, will have a four year carryover provision. An

amounts paid on estimated tax and extension

“independent biomedical research institute” means

payments. Enclose Form OW-8-P.

an organization which is exempt from taxation

Note: No Underpayment of Estimated Tax Interest shall be

under the Internal Revenue Code section 501(c)(3)

imposed if the tax liability shown on the return is less than

whose primary focus is conducting peer-reviewed

$1,000.

basic biomedical research. The organization shall

Line 39 - Delinquent Penalty and Interest:

have a board of directors, be able to accept grants

After the due date of the return compute 5% pen-

in its own name, be an identifiable institute that

alty on the tax due (line 37). Compute interest on

has its own employees and administrative staff,

the tax due at 1 1/4% per month from due date of

and receive at least $15 million in National Institute

the return. An extension does not extend the date

of Health funding each year. A copy of the can-

for payment of tax.

celed check or receipt must be provided as proof of

the donation. Title 68 O.S. Section 2357.45.

Page Two, Part Two

Other Credits:

Complete page 2, part 2 for all resident beneficiaries

Please review Form 511-CR for other available

and for those nonresident beneficiaries for whom the

credits.

tax is not being paid at the trust level.

Line 30 - Oklahoma Estimated Tax Payments:

Beneficiaries’ Share of Income and Deductions:

See general instructions as to estimated tax pay-

If the trust or estate has more than four beneficia-

ment requirements. Estates are not required to

ries, enclose with the return additional schedules

make estimated tax payments.

that follow the same format as Part Two. You may

Line 31 - Payments with Extension:

photocopy Part Two for the additional beneficiaries

See general instructions for information as to filing

and enclose it with the rest of the return.

with extension.

Provide the name, address, and social security

Line 32 - Oklahoma Withholding:

number of the beneficiaries. The Federal column

If you had Oklahoma income tax withheld from

should include the exact figures as shown on the

royalty payments, which were paid to you as a

Federal Schedule K-1.

nonresident royalty owner, enclose your Form

For beneficiaries who are residents of Oklahoma,

1099-MISC or Form 500-A to substantiate the

the Oklahoma column should include all income

withholding.

distributed except for that which is from out-of-

To claim withholding at the fiduciary level, enter

state real property, or out-of-state business in-

the withholding on this line.

come.

To transfer part of the withholding to the beneficia-

State and municipal interest should be shown in

ries, subtract the amount transferred and enter the

the Oklahoma column only and U.S. interest should

difference on this line. Enter the amount trans-

be shown in the Federal column only.

ferred to each beneficiary on Part 2, line 12.

For beneficiaries who are not residents of Okla-

To transfer all of the withholding to the beneficia-

homa, the Oklahoma column should include only

ries, enter each beneficiary’s share of the withhold-

that income from real and tangible property located

ing on Part 2, line 12. Do not enter on this line.

in Oklahoma and business and farm income from

Oklahoma.

Line 35 - Credit on Estimated Tax:

Enter amount of refund you wish to apply to next

Enter any withholding being transferred to your

year’s taxes. This line is not valid on amended

beneficiary. See line 32 instructions for more

returns. This line cannot be amended or changed

information.

once the original return has been processed.

Title 68, Oklahoma Statutes, provides that any term used in

Line 38 - Underpayment of Estimated Tax Interest:

this Act shall have the same meaning as when used in a

comparable context in the Internal Revenue Code, except

If the trust’s tax liability is $500 or more, estimated

when specifically provided for in the Oklahoma Statutes or

tax payments are required. To avoid the 20%

rules.

Oklahoma Nonresident Fiduciary Income Tax Forms And Instructions - 2006 Page 8

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