Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 Page 12
Download a blank fillable Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40Select Line Instructions
28
Earned Income Credit
Underpayment of Estimated Tax Interest (continued)
Note: No Underpayment of Estimated Tax Interest shall be imposed
Complete line 28 unless your Oklahoma Adjusted Gross Income
if the income tax liability shown on the return is less than $1,000.
(Form 511, line 7) is less than your Federal Adjusted Gross Income
(Form 511, line 1). If your Oklahoma Adjusted Gross Income is less
If you do not meet one of the above exceptions, you may complete
than your Federal Adjusted Gross Income, complete Schedule 511-
Form OW-8-P or the OTC will figure the interest for you and send
F* to determine the amount to enter on line 28.
you a bill.
You are allowed a credit equal to 5% of the earned income credit al-
If you owe underpayment of estimated tax interest and you have an
overpayment (line 34), enter the amount of underpayment of
lowed on your federal return. Enclose a copy of your federal return.
estimated tax interest on this line (line 42) and reduce the
*Note: If you are not required to file an Oklahoma return, but
amount you are applying to estimated tax (line 35) or your refund
you qualify for the Federal Earned Income Credit, you qualify for
(line 38) by that same amount (but not less than zero). You will be
Oklahoma earned income credit. Enter 5% of the Federal Earned
using your overpayment to pay your underpayment of estimated tax
Income Credit (do not complete Schedule 511-F).
interest. Do not enclose a payment unless you still have a balance
due after applying all of your overpayment.
Place an “X” in the box(es) on line 29 to report any credit
29
If an amended return is filed before the due date for filing the origi-
from Form 577 or Form 578.
nal return, including any extensions, the tax shown on the amended
If claiming the Refundable Coal Credit, enclose Form 577. Any
return is used to determine the amount of underpayment. If the
credits earned, but not used, based upon activity occurring on or
amended return is filed after the due date, including extension, the
after January 1, 2014 will be refunded at 85% of the face amount
tax shown on the amended return will not be used to compute the
of the credits. A pass-through entity that does not file a claim for a
amount of underpayment.
direct refund will allocate the credit to one or more of its sharehold-
43
ers, partners or members.
Delinquent Penalty and Interest
After the original due date of the return compute 5% penalty on the
If claiming the Refundable Credit for Electricity Generated by
income tax due (line 39 minus line 20). Compute interest on the
Zero-Emission Facilities, enclose Form 578. Any credits generat-
income tax due at 1.25% per month from the original due date of the
ed, but not used, on or after January 1, 2014 will be refunded to the
return. An extension does not extend the date for payment of tax.
taxpayer at 85% of the face amount of the credits. A pass-through
Note: If you have a valid extension of time to file your return,
entity that does not file a claim for a direct refund will allocate the
delinquent penalty is not due if 90% of your income tax was paid by
credit to one or more of its shareholders, partners or members.
the original due date of the return. Delinquent interest is due on any
36
Donations (Original return only)
income tax not paid by the original due date of the return.
Schedule 511-G provides you with the opportunity to make a finan-
Title 68, Oklahoma Statutes, provides that any term used in this
cial gift from your refund to a variety of Oklahoma organizations.
Act shall have the same meaning as when used in a compara-
Note that this reduces your refund if you choose to donate. The
ble context in the Internal Revenue Code, except when specifi-
donation will be forwarded to the appropriate agency. See Schedule
cally provided for in the Oklahoma Statutes or rules.
511-G for more information.
When You Are Finished...
Place the line number of the organization from Schedule 511-G in
the box at line 36. If giving to more than one organization, put a “99”
• If you owe taxes, enclose a check or money order payable to
in the box at line 36 and attach the Schedule 511-G showing how
“Oklahoma Tax Commission”. Your Social Security Number and the
you wish the donations to be divided.
tax year should be on your check or money order for your payment
38
to be properly credited. Do not send cash.
Amount to be Refunded
• For information regarding electronic payment methods, visit our
If you do not choose direct deposit or the direct deposit fails to
website at
process, you will be issued a debit card. See “All About Refunds” on
page 5 for more information.
• Enclose W-2s, 1099s or other withholding statements to substan-
tiate withholding.
40
Eastern Red Cedar Revolving Fund (Original return only)
• Do not staple your return. Use a paper clip if necessary.
A donation to this fund may be made on a tax due return. For infor-
• Math errors are the most common cause of a refund delay. Dou-
mation regarding this fund, see Schedule 511-G: Information.
ble check your calculations.
41
Public School Classroom Support Fund (Original return only)
• After filing, if you have any questions regarding your refund,
A donation to this fund may be made on a tax due return. For infor-
contact us at (405) 521-3160. The in-state toll-free number is (800)
mation regarding this fund, see Schedule 511-G: Information.
522-8165.
42
Underpayment of Estimated Tax Interest
Important: If you fill out any portion of the Schedules
You were required to make estimated tax payments if your income
511-A through 511-H or Form 538-S, you are required to
tax liability exceeds your withholding by $500 or more. To avoid the
enclose those pages with your return. Failure to include
20% Underpayment of Estimated Tax Interest, timely filed quarterly
the pages will result in a delay of your refund.
estimated tax payments and withholding are required to be the
• Do not enclose any correspondence other than those documents
smaller of:
and schedules required for your return.
• 70% of the current year tax liability, or
• If for some reason you do not have a return envelope, mail your
• 100% of your prior year tax liability.
return, along with any payment due, to:
The income tax liability is the Oklahoma income tax due less all
Oklahoma Tax Commission - Income Tax
credits except amounts paid on withholding, estimated tax and
P.O. Box 26800
extension payments.
Oklahoma City, OK 73126-0800
12
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial