Oklahoma Corporation Income Tax Forms And Instructions Booklet - 2014 Page 11
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20Line by Line Instructions
Page One, continued
Line 14 - Donations (continued)
Line 14 - Donations (continued)
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Public School Classroom Support Fund
Historic Greenwood District Music Festival
Donations to the Public School Classroom Support Re-
Fund
With part of your tax refund you can support music
volving Fund will be used by the State Board of Educa-
festivals in the Historic Greenwood District of Tulsa. Your
tion to provide one or more grants annually to public
donation will be used by the Oklahoma Historical Society
school classroom teachers. Grants will be used by the
to assist with music education, public concerts, and a
classroom teacher for supplies, materials, or equipment
celebration of Tulsa’s and Oklahoma’s musical heritage.
for the class or classes taught by the teacher. Grant ap-
You may also mail your contributions to: Greenwood Dis-
plications will be considered on a statewide competitive
trict Music Festival Fund, Oklahoma Historical Society,
basis. You may also mail a donation to: Oklahoma State
800 Nazih Zuhdi Dr., Oklahoma City, OK 73105.
Board of Education, Public School Classroom Support
Fund, Office of the Comptroller, 2500 North Lincoln Bou-
2-D Barcode Information
levard, Room 415, Oklahoma City, OK 73105-4599.
Does Your
Line 16 - Refund
Complete the direct deposit section on the tax return to
Form Have
have the refund deposited into your account at a bank
or other financial institution. See page 12 “Direct Deposit
One of These?
Information” for detail.
Line 18 Public School Classroom Support Fund
If you recognize this barcode from your tax return,
A donation to this fund may be made on a tax due return.
your return was prepared using computer software
For information regarding this fund, see Line 14, #10.
utilizing two dimensional barcoding. This means your
tax information will be processed faster and more ac-
Line 19 - Underpayment of Estimated Tax Interest
All corporations are required to make estimated tax
curately and you will see your refund faster!
payments if the tax liability is $500 or more. To avoid the
20% Underpayment of Estimated Tax Interest, timely
Below are answers to common questions about
filed estimated tax payments are required to be equal
barcoding.
to the smaller of 70% of the current year tax liability or
What Are the Benefits of 2-D Barcoding?
100% of your prior year tax. The tax liability is the tax
due less all credits except amounts paid on estimated
This technology converts the information on a
tax and extension payments.
tax return into a scannable barcode. In seconds, the
Oklahoma Tax Commission can read the barcode,
Place an “X” in the box if the underpayment of estimated
process it immediately into our system, and eliminate
tax was computed using the annualized income install-
the need for any manual data entry. This enables the
ment method.
Oklahoma Tax Commission to process more returns,
faster and with no errors. Ultimately, this means faster
Note: No Underpayment of Estimated Tax Interest shall
refunds for the taxpayers of Oklahoma.
be imposed if the tax liability shown on the return is less
than $1,000. Enclose Form OW-8-P.
What about Print Quality?
If an amended return is filed before the due date for
Generally, even when damaged, a 2-D barcode
filing the original return, including any extension, the tax
can be read with 100% accuracy, as long as the print
shown on the amended return is used to determine the
quality is set at a high level (not draft).
amount of underpayment. If the amended return is filed
after the due date, including extension, the tax shown
Where Do I Mail 2-D forms?
on the amended return will not be used to compute the
The mailing address for 2-D income tax forms is:
amount of underpayment.
Oklahoma Tax Commission
Post Office Box 269045
Line 20 - Delinquent Penalty and Interest
Oklahoma City, OK 73126-9045
Interest at the rate of 1 1/4% per month shall be paid on
the tax due from the original due date until paid. 90% of
the tax liability must be paid by the original due date of
This special mailing address
the return to avoid a delinquent penalty charge of 5% for
is for 2-D forms only.
late payment.
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