Form 513 - Oklahoma Resident Fiduciary Return Of Income - 2012 Page 6
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19Line by Line Instructions
Line 14 - Fiduciary Fees:
Line 18 - Income Distribution Deduction (continued)...
Enter the pro rata share (limited to 100%). Also, see line 16.
For resident trusts and estates include amounts distributed
from all sources of income except those from out-of-state real
and tangible property and out-of-state business income.
Line 15 - Charitable Deduction:
This deduction should be prorated (limited to 100%) as
indicated above unless the deduction is specified in the will
Complete Part 2, Page 3 and/or 4 “Oklahoma Schedule
or trust instrument as income from a set source of real and
K-1” for all resident beneficiaries and for those nonresident
tangible property. The deduction should then be allocated
beneficiaries for whom the tax is not being paid at the trust
directly to the state in which that property was located.
level.
Line 16 -
Line 19 - Estate Tax Deduction:
Attorney, accountant, and return preparer fees:
The Federal estate tax deduction shall be prorated based on
Estates are no longer required to furnish a statement of
Oklahoma to Federal income as described above (limited to
waiver that fees were deducted on Form 454 as that form is
100%).
no longer required to be filed. If fees were deducted on the
Federal estate tax, you must also deduct these fees on the
Line 20 - Exemption:
Oklahoma estate tax form.
The Federal exemption shall be prorated by the ratio the Okla-
homa income bears to the Federal. When the trust or estate
Line 17 - Other Deductions:
has interest on U.S. Government obligations, the Oklahoma
Enter the pro rata share of other Federal deductions not
proration will be calculated as follows: Oklahoma total income
subject to the 2% floor (Federal law) and other allowable mis-
divided by (Federal total income minus interest from U.S.
cellaneous itemized deductions. Enclose schedule. Include
Government obligations). Only the Oklahoma pro rata share
the additional Oklahoma depletion allowable to the corpus.
shall be included in Column B.
(Beneficiaries’ share of allowable additional Oklahoma deple-
tion should be entered on Part 2, Line 8.) Enclose depletion
schedule for Oklahoma.
Line 21 - Total Deductions:
Total of lines 12 through 20 - This is the total of all Oklahoma
Oklahoma Capital Gain Deduction -
expenses and deductions allowed to the trust or estate.
Taxpayers can deduct qualifying gains receiving capital
treatment which are included in Federal taxable income.
Line 22 - Taxable Income:
“Qualifying gains receiving capital treatment” means the
Taxable income of fiduciary - Subtract line 21 from line 11.
amount of the net capital gains, as defined under the IRC
Section 1222(11). The qualifying gain must:
Line 24 - Tax:
1) be earned on real or tangible personal property
Using line 23, Column B, find your tax in the Fiduciary Tax
located within Oklahoma that you have owned for at
Table found on pages 8-14.
least five uninterrupted years prior to the date of the
sale.
Line 25 - Credits:
2) be earned on the sale of stock or ownership interest
Other Credits Form:
in an Oklahoma headquartered company, limited
Please review Form 511CR for available credits. Enter in the
liability company, or partnership where such stock
box the number that corresponds with the credit to which you
or ownership interest has been owned by you for at
are entitled. If you qualify for more than one type of credit,
least three uninterrupted years (two for individuals)
enter “99” in the box. Enclose Form 511CR and any support-
prior to the date of the sale.
ing documentation required.
3) be earned on the sale of real property, tangible
personal property or intangible personal property
located within Oklahoma as part of the sale of all
Tax credits transferred or allocated must be reported on OTC
or substantially all of the assets of an Oklahoma
Form 569. Failure to file Form 569 will result in the affected
company, limited liability company, or partnership
credits being denied by the OTC pursuant to 68 OS Sec.
where such property has been directly or indirectly
2357.1A-2.
owned by such entity or owned by the owners of
such entity, and used in or derived from such entity
Line 27 - Oklahoma Estimated Tax Payments:
for a period of at least three uninterrupted years (two
See general instructions as to who is required to make
for individuals) prior to the date of the sale.
estimated tax payments. Estates are not required to make es-
timated tax payments. Place an ‘X’ in the box if you computed
Form 561-F is used to determine the Oklahoma Capital Gain
your estimated tax payments based on an annualized method.
Deduction. Enclose Form 561-F and a copy of the Federal
Schedule D.
Do not include on this line any withholding paid on behalf of
your beneficiaries on Form WTP10005 (formerly Form OW-9-
Other Years Net Operating Loss -
EW) or Form WTP10003. Such withholding will be reported to
Enclose a detailed schedule showing origin and NOL compu-
your nonresident beneficiary on Form 500-B. To claim such
tation. Also enclose a copy of any Federal NOL computation.
withholding at the fiduciary level, it should be claimed on line
Line 18 - Income Distribution Deduction:
29, “Oklahoma Withholding”.
For nonresident beneficiaries, for whom the trust is paying the
tax, do not show an income distribution in either Column A or
Column B.
(continued on page 7)
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