Form 511 - Oklahoma Resident Individual Income Tax Forms And Instructions - 2014 Page 5
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
40Not Required to File
Net Operating Loss
The loss year return must be filed to establish the Oklahoma
step one
Net Operating Loss (NOL). Oklahoma NOL shall be separately
Did you have sufficient gross income to require you to file
determined by reference to IRC Section 172 as modified by
a federal return?
the Oklahoma Income Tax Act and shall be allowed without
Yes
regard to the existence of a federal NOL. Enclose a detailed
- You are required to file an Oklahoma return. Follow the
schedule showing the origin and NOL computation. Residents
instructions on pages 6-19 to help you complete your Okla-
use Oklahoma 511 NOL Schedules. Also enclose a copy of the
homa return (Form 511).
No
federal NOL computation.
- Go to step 2.
For tax years 2001 – 2007 and tax years 2009 and subsequent,
step two
the years to which an NOL may be carried shall be determined
Did you have any Oklahoma withholding, make Oklahoma
solely by reference to IRC Section 172. For tax year 2008, the
estimated tax payments, qualify for the Natural Disaster
years to which an NOL may be carried back shall be limited to
Tax Credit or claim earned income credit or other refund-
two years.
able credits?
An NOL resulting from a farming loss may be carried back in
Yes
- Go to step 3.
accordance with and to the extent of IRC Section 172(b)(G).
No
- You are not required to file an Oklahoma return (Form
However, the amount of the NOL carryback shall not exceed the
511). You may still qualify to file for sales tax relief, see the
lesser of: $60,000, or the loss properly shown on the Federal
instructions on the back of Form 538-S.
Schedule F reduced by half of the income from all other sources
step three
other than reflected on Schedule F. You can choose to treat the
NOL as if it were not a farming loss. If you make this choice, the
You should file an Oklahoma tax return. Complete the
carryback period will be determined by reference to IRC Section
Form 511 as follows:
172 and the amount of the NOL carryback will not be limited.
• Fill out the top portion of the Form 511 according to the
An election may be made to forego the carryback period. A
“Top of Form Instructions” on pages 6 and 7. Be sure and place
written statement of the election must be part of the original
an ‘X’ in the box “Not Required to File”.
timely filed Oklahoma loss year return. However, if you filed your
• Complete line 1. Enter the amount of your gross income
return on time without making the election, you may still make the
subject to the federal filing requirement. In most cases this will
election on an amended return filed within six months of the due
be the same as your Federal Adjusted Gross Income. (Do not
date of the return (excluding extensions). Attach the election to
complete lines 2-19)
the amended return. Once made, the election is irrevocable.
• Complete lines 20 through 44 that are applicable to
you. If you qualify for the federal earned income credit, you
The Oklahoma NOL(s) shall be subtracted on Schedule 511-A,
qualify for the Oklahoma earned income credit. Enter 5% of
line 9. There is also a space provided to enter the loss year(s).
the federal earned income credit on Form 511, line 28 (do not
The federal NOL(s) shall be added on Schedule 511-B, line 4.
complete Schedule 511-F).
• Sign and mail Form 511, pages 1 and 2 only. Do not
All About Refunds
mail pages 3 and 4. Only send in page 5 if you have completed
Schedule 511-G. Be sure to include your W-2, 1099 or other
Taxpayers have two quick, convenient ways to check the status
withholding statement to substantiate any Oklahoma withholding.
of their refund without having to speak to an OTC representative.
You can check your refund for the current tax year by one of the
Estimated Income Tax
following ways:
• Visit the OTC website at and click on
You must make equal* quarterly estimated tax payments if you
the “Check on a Refund” link, which will lead you to our Taxpayer
can reasonably expect your tax liability to exceed your withhold-
Access Point (OkTAP). Once on this page, you will be required to
ing by $500 or more and you expect your withholding to be less
enter the last seven digits of the primary social security number
than the smaller of:
on the return, the Zip Code on the return as well as the amount of
1. 70% of your current year’s tax liability, or
the anticipated refund.
2. The tax liability shown on your return for the
• Call (405) 521-3160 and enter the same information as
preceding taxable year of 12 months.
prompted by our interactive automated phone system.
Note: If your status has an approval date, you should allow five
Taxpayers who fail to make timely estimated tax payments may
to seven business days from that date to receive your refund
be subject to interest on underpayment. Form OW-8-ES, for filing
debit card, or five business days if you elected direct deposit.
estimated tax payments, will be supplied on request. If at least
66-2/3% of your gross income for this year or last year is from
If you do not choose to have your refund deposited
farming, estimated payments are not required. If claiming this
directly into your bank account, you will receive a
exception, see instructions for line 23.
debit card. See page 18 for information on debit
cards and page 32 for more information on direct deposit.
Estimated payments can be made through the OTC website by
e-check or credit card. Visit the “Online Services” section at
A debit card or direct deposit are not your only options to
.
receive your refund. If timely filing you may have any amount of
overpayment applied to your next year’s estimated tax. Refunds
* For purposes of determining the amount of tax due on any of
applied to the following year’s Oklahoma estimated income tax
the respective dates, taxpayers may compute the tax by placing
(at the taxpayer’s request) may not be adjusted after the original
taxable income on an annualized basis. See Form OW-8-ES-SUP.
due date of the return.
5
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial