Form 513 - Oklahoma Resident Fiduciary Return Of Income - 2012 Page 4
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19General Filing Information
Grantor Trust...
Withholding on Nonresident Members (continued)...
Distributions made from the trust...
A grantor trust will be treated the same on the Oklahoma
return as it is on the Federal. If the Federal return (Form
Trusts that make distributions subject to Oklahoma withhold-
1041) is required to be filed, the Oklahoma return is likewise
ing must register with the OTC. Register by completing the
required. Complete the heading on the Form 513 and enclose
registration form “Registration for Oklahoma Withholding
a schedule of income and deductions indicating the Oklahoma
for Nonresident Members” (Form OW-11). This form can be
income, including any pass-through withholding. Include on
obtained from our website at
the schedule the name, address, and social security number
of the grantor. Form 513, Part II, may be used for the grantor
To file and pay the income tax withheld, the trust must com-
information.
plete Form WTP10003 “Oklahoma Nonresident Distributed
Income Withholding Tax Annual Report” (formerly Form OW-
If income is reported to Oklahoma under one entity identifi-
9-C). The trust will file Form WTP10003 on or before the due
cation number and the grantor files under a different iden-
date (including extensions) of the trust’s income tax return.
tification number a Form 513 must be filed with a schedule
showing the name, address and social security number of the
The trust must provide nonresident beneficiaries a Form
grantor.
500-B, by the due date (including extension) of its income tax
return, showing their respective amounts of income and tax
Simple Trust...
withheld. Each nonresident beneficiary must enclose a copy
of the Form 500-B to their Oklahoma income tax return as
A simple trust requires all income to be distributed currently,
except amounts allocated to the corpus of the trust (capital
verification for this withholding. Copies of Form 500-B, along
with the cover Form 501, must be sent to the OTC by the
gain). The Oklahoma taxable income for simple trusts would
be any capital gain/loss minus the pro rata share of the
same date.
Federal exemption, as all other income and deductions are
First Year Bonus Depreciation...
passed on to the beneficiaries.
Enclose a complete copy of Federal Return Form 1041.
50% Bonus First Year Depreciation...
Line by Line Instructions
Federal taxable income shall be increased by 80% of any
amount of bonus depreciation received under the Federal
Economic Stimulus Act of 2008 or Federal American Recov-
Important Notice...
ery and Reinvestment Act of 2009. Any amount added back
Enclose schedules for differences in Column A and
can be reclaimed in later years. In the first taxable year begin-
Column B.
ning after the bonus depreciation was added back and for the
next three taxable years, subtract 25% of the amount added
Pages One and Two, Part One
back.
Lines 1-22 Column A
If the bonus depreciation was claimed on a previous year’s
List exact figures as reported on your Federal Form 1041.
Federal return, subtract 25% of the amount of bonus depre-
ciation added back in such year. Subtract the depreciation on
Lines 1-22 Column B
Part 1, Line 17, Column B.
List income and deductions applicable to Oklahoma as ex-
plained in the following instructions:
Real Estate Investment Trusts…
Instructions for Column B
A real estate investment trust that does not become regularly
Total applicable to Oklahoma
traded on an established securities market within one year
Line 1 - Interest:
of the date on which it first becomes a real estate investment
All interest not included on lines 2 and 3.
trust shall be deemed not to have been regularly traded on
an established securities market, retroactive to the date it first
Line 2 - Interest on U.S. Government Obligations:
became a real estate investment trust. An amended return
If you report interest on bonds, notes and other obligations
shall be filed reflecting such retroactive designation for any
of the U.S. on your Federal return, it may be excluded from
tax year or part year occurring during its initial year of status
your Oklahoma Adjusted Gross Income if a detailed schedule
as a real estate investment trust. For purposes of this para-
is furnished accompanied with 1099s showing the amount of
graph, a real estate investment trust becomes a real estate
interest income and the name of the obligation from which the
investment trust on the first day it has met the requirements
interest is earned. If the interest is from a mutual fund which
of IRC Section 856 and has elected to be treated as a real
invests in U.S. government obligations, enclose documenta-
estate investment trust pursuant to IRC Section 856(c)(1).
tion from the mutual fund to substantiate the percentage of
68 OS Sec. 2358.
income derived from obligations exempt from Oklahoma tax.
Interest received in repurchase agreements does not qualify.
Interest from entities such as FNMA & GNMA does not qualify.
(continued on page 5)
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