Form 513 - Oklahoma Resident Fiduciary Return Of Income - 2012 Page 3
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19General Filing Information
Net Operating Loss...
Estimated Tax...
For tax years 2001 – 2007 and tax years 2009 and subse-
All trusts are required to make estimated tax payments on a
quent, the years to which an NOL may be carried shall be
quarterly basis when the tax for the taxable year can reason-
determined solely by reference to Section 172 of the Internal
ably be expected to be $500 or more.
Revenue Code (IRC). For tax year 2008, years to which an
NOL may be carried back shall be limited to two years. The
Trusts which fail to file a declaration and pay estimated tax
net operating loss which is not actually utilized shall not re-
are subject to penalty and interest on underpayment. Form
duce the carryover. 68 OS Sec. 2358 (A) (3).
OW-8-ESC for filing an estimate will be supplied upon re-
quest.
An election may be made to forego the carryback period. A
written statement of the election must be part of the original
Estates are not required to make estimated tax payments.
timely filed Oklahoma loss year return. However, if you filed
your return on time without making the election, you may still
Extensions...
make the election on an amended return filed within 6 months
of the due date of the original return (excluding extensions).
A valid extension of time in which to file your Federal return
Attach the election to the amended return. Once made the
automatically extends the due date of your Oklahoma return if
election is irrevocable.
no Oklahoma liability is owed. A copy of the Federal extension
must be enclosed with your Oklahoma return. If your Federal
Oklahoma net operating losses shall be separately deter-
return is not extended or an Oklahoma liability is owed, an
mined by reference to IRC Section 172 as modified by the
extension of time to file your Oklahoma return can be granted
Oklahoma Tax Act.
on Form 504. At least 90% of the tax liability must be paid by
Withholding on Nonresident
the original due date for the return to avoid penalty charges
for late payment. Interest will be charged from the original due
Members...
date of the return.
Pass-through entities (partnerships, s-corporations, limited li-
Amended Returns...
ability companies or trusts) are required to withhold Oklahoma
income tax at a rate of 5% of the Oklahoma share of income
Use the Fiduciary Form 513 and mark the Amended Return
distributed to each nonresident member (partner, member,
box. Enclose a copy of the Federal amended return and proof
shareholder or beneficiary). A pass-through entity is not re-
of Internal Revenue Service refund or payment, if available
quired to withhold income tax with regard to any nonresident
prior to expiration of the statute of limitations. Any refunds
member who submits a “Nonresident Member Withholding
cannot be applied to next year’s estimated tax. Line 32
Exemption Affidavit” (Form OW-15). 68 OS Sec. 2385.29,
2385.30 and 2385.31.
cannot be amended or changed once the original return
has been processed.
Withholding is not required on distributions made to persons,
other than individuals, who are exempt from Federal income
When preparing an amended return, use the tax table for that
tax, organizations granted an exemption under IRC Section
particular tax year as tax rates may vary.
501(c)(3), insurance companies subject to the Oklahoma
Depletion...
Gross Premiums Tax and therefore exempt from Oklahoma
income tax under 68 OS Sec. 2359(c), and nonresident mem-
Oklahoma depletion on oil and gas well production, at the
bers who have filed the Form OW-15 “Nonresident Member
option of the taxpayer, may be computed at 22% of gross
Withholding Exemption Affidavit”. Withholding is not required
income derived from each Oklahoma property during the tax-
on any distribution of royalty income on which the nonresident
able year. When computing Oklahoma depletion you are lim-
royalty interest income tax has already been withheld, on any
ited to 50% of the net income from each property computed
distribution made to another pass-through entity, or on any
without the allowance for depletion. Any depletion deduction
distribution of income not subject to Oklahoma income tax.
allowable is the amount so computed minus Federal deple-
The following pass-through entities are not required to withhold:
tion claimed. If Oklahoma options are exercised, the Federal
· An entity electing to be treated as a disregarded entity
depletion not used due to the 65% limit may not be carried
over. A complete depletion schedule by property must be
for Federal income tax purposes. A disregarded entity
is an eligible entity that is treated as an entity that is not
furnished.
separate from its single owner (i.e. Grantor Trust).
Lease bonus received is considered income subject to deple-
· An entity that does not have a requirement, or properly
tion. If depletion is claimed on a lease bonus and no income
elects out of the requirement, to file a Federal income
is received as a result of nonproducing properties, upon ex-
tax return.
piration of the lease, the depletion must be restored on Form
513, Line 10, Column B, in the year the lease expires.
· An entity making a distribution of income not subject to
Oklahoma income tax.
· A resident or nonresident estate.
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(continued on page 4)
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