State of Oklahoma
Farm Income Averaging
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Enclose this form with your Oklahoma tax return.
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Taxpayer’s First Name and Initial
Last Name
Taxpayer Social Security Number
1 Enter the 2012 taxable income from Form 511, line 13 or Form 511NR, line 31 ..
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2 Enter your elected farm income, but not more than the amount on line 1.
(see instructions) ..................................................................................................
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3 Subtract line 2 from line 1 .....................................................................................
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4 Figure the tax on the amount on line 3. Use the 2012 Tax Table ........................
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5 Enter the 2009 taxable income.
To determine taxable income see page 3.
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(if zero or less see instructions)
6 Divide the amount on line 2 by 3.0 .......................................................................
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7 Combine lines 5 and 6. If less than zero enter - 0 - ..............................................
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8 Figure the tax on the amount on line 7 using 2009 tax rates.
(see page 3 for tax rate schedule) ........................................................................
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9 Enter the 2010 taxable income.
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To determine taxable income see page 3.
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(if zero or less see instructions)
10 Enter the amount from line 6 ................................................................................
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11 Combine lines 9 and 10. If less than zero enter as a negative amount ................
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12 Figure the tax on the amount on line 11 using 2010 tax rates.
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(see page 3 for tax rate schedule) ........................................................................
13 Enter the 2011 taxable income.
To determine taxable income see page 3.
.................
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(if zero or less see instructions)
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14 Enter the amount from line 6 ................................................................................
15 Combine lines 13 and 14. If less than zero enter as a negative amount ..............
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16 Figure the tax on the amount on line 15 using 2011 tax rates.
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(see page 3 for tax rate schedule) .......................................................................
17 Add lines 4, 8, 12 and 16 ......................................................................................
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18 Enter the tax for 2009. To determine tax, see page 3 ...........................................
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19 Enter the tax for 2010. To determine tax, see page 3 ...........................................
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20 Enter the tax for 2011. To determine tax, see page 3 ...........................................
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21 Add lines 18 through 20 ........................................................................................
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22 Subtract line 21 from line 17, enter here and on Form 511, line 14 or
Form 511NR, line 32.
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(Be sure and enter a “1” in the box for “Farm Income Averaging”)
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