Oklahoma Corporation Income Tax Forms And Instructions Booklet

General Filing Information

Consolidated Returns...

Declaration of Estimated Tax (continued)

The estimated tax payments shall be paid in four equal*

If a federal consolidated return is filed, an Oklahoma

installments of:

consolidated return may be required or permitted under

certain circumstances.

• one-quarter on or before the 15th day of

the fourth month of the taxable year;

An election to file a separate or consolidated return is

• one-quarter on or before the 15th day of

made with the timely filing of the return. If an affiliated

the sixth month of the taxable year;

group of corporations elects to file a consolidated Okla-

• one-quarter on or before the 15th day of

homa income tax return, such election shall be binding.

the ninth month of the taxable year;

The affiliated group of corporations shall be required to

• one-quarter on or before the 15th day of

file a consolidated Oklahoma income tax return for all

future tax years unless the OTC releases the affiliated

the first month of the succeeding

group of corporations from such election.

taxable year.

In filing a Consolidated Income Tax Return for

Amended declarations may be filed on any of the

Oklahoma, the Oklahoma taxable income for each

payment dates. Form OW-8-ESC, for filing estimated

corporation is computed separately on its own factors

payments, can be obtained from our website at www.

and then combined for one total income upon which the

tax.ok.gov.

tax is computed. Complete Form 512-TI “Computation

*For purposes of determining the amount of tax due on

of Oklahoma Consolidated Taxable Income” to

any of the respective dates, taxpayers may compute the

determine the combined taxable income to report

tax by placing taxable income on an annualized basis as

on page 1, line 1 of Form 512. Submit a separate

prescribed in Rule 710:50-13-9.

Schedule A and Schedule B, if applicable, for each

company within the consolidation.

Estimated payments can be made electronically through

If filing by paper, the Form 512-TI must be the second

the OTC website. Visit the “Online Services” page on the

page.

web at for further information.

Enclose a copy of the federal consolidated return with an

There is no provision in the present law for tentative

income statement, balance sheet, M-1,

returns.

M-2, M-3 and supporting schedules for each member

of the consolidated group. 68 Oklahoma Statutes (OS)

Amended Returns...

Sec. 2367.

Beginning with tax year 2013, the Form 512 will be used

Special Instructions Regarding Form 512,

to file an amended return. See Form 512, page 5 for

Page 4...

complete instructions. The Form 512X will only be used

for tax year 2012 and prior.

Complete Page 4 or attach a copy of the Federal

Form 1120 Schedules L, M-1 and M-2. Corporations

that are not required to complete Federal Form 1120

Adjustments by Internal Revenue Service...

Schedules L, M-1 and M-2 are still required to complete

Taxpayers who file “consents” extending the time for

the Oklahoma Form 512, Page 4 - Balance Sheets,

making federal adjustments automatically extend the

Reconciliation of Income per Books with Income per

time for making state adjustments. The taxpayer is also

Return (OK M-1) and Analysis of Unappropriated

required to file an amended return reporting all Internal

Retained Earnings per Books (OK M-2).

Revenue Service adjustments. A copy of the finalized

RAR must be enclosed with each return.

Corporations that are not required to complete Federal

Form 1120 Schedule M-1 due to the requirement to

Banks and Credit Unions...

complete Schedule M-3 must either complete the

Oklahoma Schedule M-1 or enclose a copy of the

State and national banks and state credit unions are

Federal Schedule M-3.

subject to an “In Lieu” tax. See 68 OS Sec. 2370. When

reporting income on Schedule A, line(s) 5 and/or 6b,

Declaration of Estimated Tax...

please furnish a detailed schedule of the interest income

by source and amount. Expense deductions claimed

Corporations must make estimated tax payments when

in arriving at taxable income shall be reduced by an

the tax liability for the current year can reasonably

amount equal to 50% of excluded interest income on

be expected to be $500 or more. The estimated tax

obligations of the United States government or agen-

payments shall be the lesser of 70% of your current

cies thereof and obligations of the State of Oklahoma or

year’s tax liability or 100% of the tax liability shown on

political subdivisions thereof.

your return for the preceding taxable year of 12 months.

Oklahoma Corporation Income Tax Forms And Instructions Booklet - 2014 Page 3

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