Fill - Free fillable 2021 Form 514 Oklahoma Partnership Income Tax Return Packet & Instructions (TaxFormFinder

2021 Oklahoma

Partnership

Income Tax Forms

and Instructions

This packet contains:

• Instructions for completing Form 514.

• 514 Partnership Income Tax Form.

• 514-SUP Supplemental Schedule for Form 514, Part 5.

• 514-PT Partnership Composite Income Tax Supplement.

• 514-PT-SUP Supplemental Schedule for Form 514-PT.

Filing date:

• Your Oklahoma return is due 30 days after the due date of your federal return.

For assistance:

• See page 14 for methods of contacting the Oklahoma Tax Commission (OTC).

NOTE:

• Pursuant to OAC 710:50-19-1, the Oklahoma Partnership Income Tax Return

must be led electronically.

2021 OKLAHOMA PARTNERSHIP TAX PACKET

COMMON ABBREVIATIONS FOUND IN THIS PACKET

FEIN - Federal Employer Identication Number

IRC - Internal Revenue Code

LLC - Limited Liability Company

OS - Oklahoma Statutes

OTC - Oklahoma Tax Commission

PTE - Pass-Through Entity

Sec. - Section(s)

SSN - Social Security Number

HELPFUL HINTS

• Refunds must be made by direct deposit. Failure to supply direct deposit information will delay the processing of the

refund.

• Check your FEIN on all forms and schedules.

• The request for your FEIN is authorized by Section 405, Title 42, of the United States Code. You must provide this in-

formation. It will be used to establish your identity for tax purposes only. Important: If you do not have a FEIN, you may

obtain one online at irs.gov or by calling 800.829.4933. If you would prefer to le a paper application, contact the IRS

and request Form SS-4.

• Provide a copy of your federal returns where applicable, and all required schedules. Failure to do so can slow down the

processing of your return.

• When complete, double-check all calculations and make copies of all the documents for your records.

• Don’t forget to sign your tax returns.

• The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

TABLE OF CONTENTS

General Filing Information ...................................................................................................................................................3-6

Amended Returns...................................................................................................................................................................4

Line by Line Instructions ....................................................................................................................................................7-13

When You Are Finished ........................................................................................................................................................13

Direct Deposit Information ....................................................................................................................................................14

How to Contact OTC ............................................................................................................................................................14

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WHAT’S NEW IN THE 2021 OKLAHOMA PARTNERSHIP TAX PACKET?

• The Credit for Employees in the Aerospace Sector and the Credit for Employers in the Aerospace Sector on the 511-CR

were modied to include certain licensed Professional Engineers and to expand the denition of “qualied program”. To

obtain Form 511-CR, visit our website at tax.ok.gov.

GENERAL FILING INFORMATION

GENERAL INFORMATION

Title 68 Oklahoma Statutes (OS)

Returns by Partnerships

Returns by LLCs and Limited Liability Partnerships (LLPs)

Any reference to partnership partners in the instructions and on Form 514 also relate to LLC and LLP members.

Notice: If this is a scal year or short period return, please enter both the beginning and ending dates.

Every partnership, including syndicates, groups, pools, joint ventures or other unincorporated organizations (exclusive

of trusts, estates or corporations dened by the Act), having Oklahoma source income, shall make a return of income on

Form 514, for the calendar year or scal year ended on the last day of any month other than December.

Each partner having Oklahoma source income sufcient to make a return, shall make such return as required by law.

Partnerships ling Federal Form 1065-B will le Form 514.

ACCOUNTING METHODS AND PERIODS

The taxable year and method of accounting shall be the same as the taxable year and method of accounting used for

federal income tax purposes.

WHEN AND WHERE THE RETURN MUST BE FILED

Partnership returns shall be due no later than 30 days after the due date established under the IRC.

Electronic ling is required pursuant to OAC 710:50-19-1.

An extension of time for the ling of the return may be granted but in no case to exceed six months. If you have an

extension of time from the IRS in which to le your federal return, an Oklahoma extension is automatic. However, a copy

of the federal extension must be provided with your Oklahoma tax return. File Form 504-C to extend the due date to the

full six months.

When the last date for ling any document or performing any act required by the OTC falls on a day when the ofces are

not open for business, the ling of the document or performance of the act shall be considered timely if it is performed by

the end of the next business day.

BUSINESS CODE NUMBER

Oklahoma business codes are the same as federal business codes.

COMPOSITE RETURN INFORMATION

Any partnership required to le an Oklahoma income tax return may elect to le a composite return for its nonresident

partners. The income tax liability for such nonresident partners will be computed and paid on the partnership return.

Any nonresident partner may be included in the composite return. When ling a composite return, the Form 514-PT

“Partnership Composite Income Tax Supplement” and Form 514, Part One “Tax Computation for Nonresident

Composite Filers” must be completed. If there are more than 15 partners included in the composite return, complete

Form(s) 514-PT-SUP. Rule 710:50-19-1.

Use Form 514-PT and, if applicable, Form 514-PT-SUP to compute each of the nonresident partner’s Oklahoma income

tax. The instructions are on the back of Form 514-PT. The totals of the nonresidents’ Oklahoma distributive income and

their tax are carried from Form 514-PT to Form 514, Part One, lines 1 and 2a. See page 10 for the instructions for Part

One.

Estimated tax payments made on behalf of the nonresident partners electing to be included in the composite return must

be made under the partnership’s name and FEIN. Use Form OW-8-ESC “Oklahoma Corporate, Fiduciary and Partnership

Estimated Tax Coupon”.

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INFORMATION AT SOURCE

Every partnership making payments of salaries, wages, premiums, annuities or other periodical gains, prots or income,

amounting to $750 or more, paid or payable during the year, to any taxpayer, shall make a complete report by February

28 of the succeeding calendar year in the manner prescribed by the OTC. 68 OS Sec. 2369(A) and Rule 710:50-3-50(A).

ADJUSTMENTS BY THE IRS

Taxpayers who le “consents” extending the time for making federal adjustments automatically extend the time for making

state adjustments. Also, the taxpayer is required to furnish copies of all IRS adjustments.

WITHHOLDING ON NONRESIDENT MEMBERS

Pass-through entities (partnerships, S Corporations, LLCs or trusts) are required to withhold Oklahoma income tax

at a rate of 5% of the Oklahoma share of taxable income distributed to each nonresident member (partner, member,

shareholder or beneciary). A PTE is not required to withhold income tax with regard to any nonresident member who

submits a Form OW-15 “Nonresident Member Withholding Exemption Afdavit”. 68 OS Sec. 2385.29, 2385.30 and

2385.31.

Withholding is not required on distributions made to persons, other than individuals, who are exempt from federal

income tax; organizations granted an exemption under Section 501(c)(3) of the IRC; insurance companies subject to

the Oklahoma Gross Premiums Tax and therefore exempt from Oklahoma income tax under 68 OS Sec. 2359(c), and

nonresident members who have led Form OW-15 “Nonresident Member Withholding Exemption Afdavit”. Withholding is

not required on any distribution of royalty income on which the nonresident royalty interest income tax has already been

withheld, on any distribution made to another PTE or on any distribution of income not subject to Oklahoma income tax.

The following PTEs are not required to withhold:

· An entity electing to be treated as a disregarded entity for federal income tax purposes. A disregarded entity is an

eligible entity that is treated as an entity that is not separate from its single owner.

· An entity that does not have a requirement, or properly elects out of the requirement, to le a federal income tax

return.

· An entity making distributions of income not subject to Oklahoma income tax.

· An entity that made the election to become an electing PTE (see “Electing Pass-Through Entity” on page 6 for more

information).

Distributions Made From the Partnership

Partnerships that make distributions subject to Oklahoma withholding must register with the OTC. Register by completing

Form OW-11 “Registration for Oklahoma Withholding for Nonresident Members”. This form is available from our website

at tax.ok.gov.

To le and pay the income tax withheld, the partnership must complete Form WTP-10003 “Oklahoma Nonresident

Distributed Income Withholding Tax Annual Return”. The partnership will le Form WTP-10003 on or before the due date

(including extensions) of the partnership’s income tax return. The partnership must provide nonresident partners a Form

500-B by the due date (including extensions) of its income tax return, showing their respective amount of income and tax

withheld. Copies of Form 500-Bs, along with the cover Form 501, must be electronically led with the OTC by the same

date (the amount withheld by a third party should be reported on Form K-1). Each nonresident partner must provide a

copy of the Form 500-B to their Oklahoma income tax return as verication for this withholding.

When a partnership les a composite return on behalf of its nonresident partners, the nonresident partner’s withholding

can be claimed on Form 514, Part 1, line 7. A copy of the nonresident partner’s Form 500-B must be provided with

Form 514.

AMENDED RETURNS

Form 514 is used for amended returns also. If this is an amended return, place an ‘X’ in the box located at the top of Form

514, page 1. Enter on line 9 any amount paid with the original return plus any amount paid after it was led. Enter on

line 10 any refund previously received or overpayment applied. Complete Schedule 514-X on page 5. Provide Federal

Amended Form 1065 when applicable. Overpayments cannot be applied to next year’s estimated tax. Line 13

cannot be amended or changed once the original return has been processed. See 68 OS Sec. 2373 for the statute

of limitations for refunds.

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2021 OKLAHOMA PARTNERSHIP TAX PACKET

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OKLAHOMA DEPLETION IN LIEU OF FEDERAL DEPLETION

Oklahoma depletion on oil and gas well production, at the option of the taxpayer, may be computed at 22% of gross

income derived from each Oklahoma property during the taxable year. Major oil companies, as dened in Title 52 OS Sec.

288.2, when computing Oklahoma depletion shall be limited to 50% of the net income (computed without the allowance for

depletion) from each property. If Oklahoma options are exercised, the federal depletion not used due to the 65% limit may

not be carried over. Lease bonus received is considered income subject to depletion. If depletion is claimed on a lease

bonus and no income is received as a result of non-producing properties, upon expiration of the lease, such depletion

must be restored. A complete schedule by property must be furnished.

AGRICULTURAL COMMODITY PROCESSING FACILITY EXCLUSION

Owners of agricultural commodity processing facilities may exclude from Oklahoma taxable income 15% of their

investment in a new or expanded agricultural commodity processing facility located within Oklahoma.

Agricultural commodity processing facility means buildings, structures, xtures and improvements used or operated

primarily for the processing or production of agricultural commodities to marketable products. The investment is deemed

made when the property is placed in service.

Provide a separate schedule showing the type of investment(s), the date placed in service, the cost, the total exclusion

and the exclusion available for each partner. Do not include this exclusion in the Oklahoma distributive income. Each

partner shall report their allowable share of the exclusion on the designated line of their individual return.

ALLOCABLE INCOME OR LOSS

Part Two, Column A and Part Three, Column A are to be completed by all partnerships.

Part Two, Column B and Part Three, Column B are to be completed by partnerships deriving all of their income from

within Oklahoma and by partnerships whose business is oil and gas production, mining, farming, income from other pass-

throughs, or rental within and without Oklahoma, on a direct accounting basis.

APPORTIONMENT INCOME OR LOSS

Part Four is to be completed by partnerships conducting a business of a unitary nature. A unitary business is one whose

income is derived from the conduct, in more than one state, of a single business enterprise (commonly called unitary

business) all the factors of which are essential to the realization of an ultimate gain derived from the enterprise as a

whole, and not from its component parts which are too closely connected and necessary to each other to justify division or

separate allocation.

Partnerships consisting of business other than oil and gas production, mining, farming or rentals operating in more than

one state should compute their Oklahoma income by using the three-factor formula consisting of property, payroll and

sales. If fewer than three factors are present, the resulting amount is apportioned to Oklahoma on a two-factor or single-

factor formula consisting of the arithmetical average of the factors present. A factor is considered present if there is a

denominator. When a partnership has capital gains (or other allocable items such as depletion), a separate schedule must

be furnished showing the Oklahoma portion and the total amount claimed on the federal return. 68 OS Sec. 2358(A)(4)

and Sec. 2358(A)(5).

SAFETY PAYS OSHA CONSULTATION SERVICE EXEMPTION

(Part Two, Column B, line 20 or Part Four, line 3)

An employer that is eligible for and utilizes the Safety Pays OSHA Consultation Service provided by the Oklahoma

Department of Labor shall receive a $1,000 exemption for the tax year the service is utilized. Employers must be able

to substantiate their participation in the Oklahoma Department of Labor’s Safety Pays OSHA Consultation Service upon

request.

QUALIFIED REFINERY PROPERTY

(Part Two, Column B, line 7 or Part Four, line 2)

If the election was made to expense the cost of qualied renery property located in Oklahoma on a previous year’s

Oklahoma return, the depreciation deduction claimed on the federal return for such property must be added back to arrive

at Oklahoma distributive income. This addition must be made regardless of whether the expense was claimed on the

partnership return or allocated to its owners. 68 OS Sec. 2357.204.

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COST OF COMPLYING WITH SULFUR REGULATIONS

A qualied renery may make an irrevocable election to allocate all or a portion of the cost of complying with sulfur

regulations issued by the Environmental Protection Agency as a deduction allowable to its owners. The allocation for each

person is equal to the ratable share of the total amount allocated, determined on the basis of the ownership interest of the

person. The taxable income of the renery shall not be reduced by the reason of any amount allowed under this section.

68 OS Sec. 2357.205.

If You Are the Renery

To make the election, provide a schedule of a list of the costs of complying with sulfur regulations some or all of which

are being allocated to your owners and the portion of such costs allocated to each owner, including the owner’s name and

federal identication number. You shall also provide each owner with written notice of the amount of costs allocated to

such owner. The notice must include your name and FEIN and the owner’s name and federal identication number.

If You Are the Owner

(Part Two, Column B, line 20, or Part Four, line 6 - as a deduction)

Deduct the portion of the cost of complying with sulfur regulations that have been allocated to you. Provide the written

notice of the allocation received from the renery.

INDIAN EMPLOYMENT EXCLUSION

(Part Two, Column B, line 20 or Part Four, line 3)

All qualied wages equal to the Federal Indian Employment Credit set forth in 26 U.S.C.A., Section 45A, shall be deduct-

ed from taxable income. Deduct on the Oklahoma return an amount equal to the reduction of salaries and wages reported

on the federal return as a result of Form 8845 “Indian Employment Credit”. The deduction allowed shall only be permitted

for the tax years in which the federal credit is allowed, even if not used in such year because of tax liability limitations.

Provide a copy of the federal return, Form 8845 and if applicable, Form 3800.

ELECTING PASS-THROUGH ENTITY

“Electing pass-through entity” means any PTE as dened in 68 OS Sec 2355.1P-2(6) that has made an election pursuant

to 68 OS Sec 2355.1P-4(F) to pay income tax as computed pursuant to 68 OS Sec 2358. 68 OS Sec. 2355.1P-1 through

2355.1P-4.

Any PTE required to le an Oklahoma partnership income tax return or Oklahoma S corporation income tax return

may elect to become an electing PTE by ling Form 586 “Pass-through Entity Election Form”. The election to become

an electing PTE has priority over and revokes any election to le a composite Oklahoma partnership return or the

requirement of a Subchapter S corporation to report and pay tax on behalf of a nonresident shareholder for the same tax

year. An election made by one PTE is not binding on any other PTE; each PTE must make its own election.

The election is binding until revoked by the PTE or by the OTC. Form 586 is also used by the PTE to revoke the election.

If the amount of tax required to be paid by the PTE pursuant to the provision of the Pass-Through Entity Tax Equity Act of

2019 is not paid when due, the OTC may revoke the PTE’s election effective for the rst year for which the tax is not paid.

If You Are the Electing PTE

Place an “X” in the “Electing PTE” box located at the top of Form 514, page 1. Use Form 587-PTE “Pass-Through Entity

Income Tax Supplement” to compute the electing PTE’s Oklahoma tax. Each member’s distributive share of the PTE’s

Oklahoma net entity income is multiplied by 5% for individual and trust members or 6% for corporate, S corporation and

partnership members. The total of which is the electing PTE’s tax. The electing PTE’s taxable income and tax are entered

on Form 514, Part 1, lines 1 and 2b and 2c.

OKLAHOMA NET ENTITY LOSS

If the PTE election results in a net entity loss for Oklahoma income tax purposes in any tax year, the net entity loss may

be carried back and carried forward by the electing PTE for Oklahoma income tax purposes as set forth in 68 OS Sec

2358(A)(3)(b). The electing PTE’s net entity loss equal to the percentage of ownership reported in each part is entered on

Form 587-PTE, Part 1, line 18, or Part 2, line 18.

If You Are a Member of an Electing PTE

(Part 2, Column B, line 4 or Part 4, line 6)

If you are a member, either directly or indirectly, of an electing PTE you may exclude the Oklahoma income (loss)

covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019. Provide a schedule listing

the electing PTE, federal identication number, federal taxable income (loss) and Oklahoma taxable income (loss) in line

1 that is covered by the election pursuant to this Act. Provide a copy of the OTC acknowledgement letter. 68 OS Sec

2358(A)(11).

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SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME

PART TWO

To compute Oklahoma distributive income, all partnerships start with Part Two.

Lines 1-22, Column A

Part Two, Column A must be completed by all partnerships. List exact gures as reported on the front page of your

Federal Form 1065.

Lines 1-22, Column B

Part Two, Column B is to be used by all partnerships deriving all of their income from within Oklahoma. This column is

also to be used by all partnerships whose business, both within and without Oklahoma, is oil and gas production, mining,

farming, income from other pass-throughs, or rental. This should be completed using the direct accounting method.

Partnerships conducting business of a unitary nature do not complete Column B.

Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must be

added back on Column B, line 7 to compute Oklahoma distributable income. Such add-back is not required if the captive

real estate investment trust is subject to the add-back for the dividends-paid deduction pursuant to 68 OS Sec. 2358.

PART THREE

If federal and Oklahoma distributive net incomes are the same, you may complete Part Three, Columns A and

B, line 15; then complete Part Five. A copy of your Federal Form 1065 and K-1s must be provided with your

Oklahoma return. An Oklahoma return must be led by all partnerships having Oklahoma source income.

Lines 1-15, Column A

Part Three, Column A is to be used by all partnerships. List exact gures as reported on your Federal Form 1065,

Schedule K.

Lines 1-15, Column B

Part Three, Column B is to be used by partnerships deriving all of their income from within Oklahoma. This column will be

the same as in Column A except for lines 4b and 4c.

This column is also to be used by partnerships whose business, both within and without Oklahoma, is oil and gas

production, mining, farming, and rental. Complete this column using the direct accounting method as shown below.

Partnerships conducting business of a unitary nature do not complete Column B, lines 1-14. Such partnerships shall

complete Part Four using the Apportionment Formula before completing Column B, line 15.

Column B

Line 1

Income (loss) shall be allocated in accordance with the situs of such property. Overhead expense shall be allocated on the

basis of direct expense in Oklahoma to the total direct expense everywhere. Use Page 2, Part Two, or provide schedule.

Lines 2 and 3

Income (loss) from real and tangible personal property shall be allocated in accordance with the situs of such property.

Line 4

Accounts receivable interest income and interest income from investments held to generate working capital shall be

allocated to Oklahoma on the basis of direct expense. See line 1 instructions on this page. All other intangible income

(loss) shall be allocated in accordance with the situs of the partnership.

Gains or losses from the sale of leases or from the sale of real and tangible personal property shall be allocated in

accordance with the situs of the property.

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Line 4b

State and Municipal Bond Interest: Partnerships domiciled in Oklahoma who receive income on bonds issued by any

state or political subdivision thereof, exempt from federal taxation but not exempt from taxation by the laws of the State of

Oklahoma, shall add the total of such income to arrive at Oklahoma income.

1) Income from all bonds, notes or other obligations issued by the State of Oklahoma, the Oklahoma Capital

Improvement Authority, the Oklahoma Municipal Power Authority, the Oklahoma Student Loan Authority and the

Oklahoma Transportation Authority (formerly Turnpike Authority) is exempt from Oklahoma income tax. The prot

from the sale of such bond, note or other obligations shall be free from taxation.

2) Income from local Oklahoma governmental obligations issued after July 1, 2001, other than those provided for in

1, is exempt from Oklahoma income tax. The exceptions are those obligations issued for the purpose of providing

nancing for projects for nonprot corporations. Local governmental obligations shall include bonds or notes

issued by, or on behalf of, or for the benet of Oklahoma educational institutions, cities, towns, or counties or by

public trusts of which any of the foregoing is a beneciary.

3) Income from Oklahoma State and Municipal Bonds, issued prior to July 2, 2001, other than those provided for in

1, is exempt from Oklahoma income tax only if so provided by the statute authorizing their issuance.

4) Income on bonds issued by another state or political subdivision thereof (non-Oklahoma), exempt from federal

taxation, is taxable for Oklahoma income tax.

Provide a schedule of all municipal interest received by source and amount. If the income is from a mutual fund which

invests in state and local government obligations, provide documentation from the mutual fund to substantiate the

percentage of income derived from obligations exempt from Oklahoma tax.

Note: If the interest is exempt, the capital gain/loss from the sale of the bond may also be exempt. The gain/loss from

sale of a state or municipal bond, other than those provided for in line 4b-1, is exempt only if so provided by the statute

authorizing its issuance.

Line 4c

Interest on U.S. Government Obligations: If you report interest on bonds, notes, and other obligations of the U.S. on your

federal return, it may be excluded from your Oklahoma income, if a detailed schedule is provided, accompanied with

1099s showing the amount of interest income and the name of the obligation from which the interest is earned. If the

income is from a mutual fund which invests in U.S. Government obligations, provide documentation from the mutual fund

to substantiate the percentage of income derived from obligations exempt from Oklahoma tax. Interest from entities such

as FNMA & GNMA does not qualify.

Line 4d and 4e

Intangible income is allocated to the situs of the partnership, except accounts receivable interest income and interest from

investments held to generate working capital. Such interest is allocated to Oklahoma on the basis of direct expense. See

line 1.

Line 5

Gains or losses from real or tangible personal property shall be allocated in accordance with the situs of the property.

Line 6

The gain on the sale, exchange, or other disposition of property for which a section 179 expense deduction was passed

through to partners is reported as Supplemental Information on the Federal K-1. For Oklahoma purposes, report such

gain on this line. Provide the following: description of the property, date the property was acquired, date the property was

sold, gross sales price, cost or other basis plus expense of sale (including the partnership’s basis reduction in the property

due to the section 179 expense deduction), depreciation allowed or allowable (not including the section 179 expense

deduction), and amount of section 179 expense deduction (if any) passed through to each partner for the property and the

partnership’s tax year(s) in which the amount was passed through.

Lines 8 through 13

Expenses relative to the income shall be allocated directly to that income. Allowable oil and gas depletion, guaranteed

payments, and Oklahoma withholding will be stated in Part Five.

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PART FOUR

Part Four is to be used by partnerships conducting a business within and without the state of Oklahoma that must be

apportioned.

Generally, unitary income is apportioned to Oklahoma based on the three-factor formula. The basis of the apportionment

is the arithmetical average of three factors consisting of property, payroll and sales. If fewer than three factors are present,

the resulting amount is apportioned to Oklahoma on a two-factor or single-factor formula consisting of the arithmetical

average of the factors present. A factor is considered present if there is a denominator. Each factor is a ratio of the total

within Oklahoma to the total everywhere. Oklahoma distributable net income is gured by adding separately allocated

Oklahoma income with net Oklahoma apportioned income. 68 OS Sec. 2358.

Line 1

Enter net distributable income from Page 2, Part Three, Column A, line 15.

Line 2

Deductions relating to income that is separately allocated shall not be allowed and will be entered here.

Rents and interest expenses paid to a captive real estate investment trust and deducted on your federal return must

be added back to compute Oklahoma distributable income. Such add-back is not required if the captive real estate

investment trust is subject to the add-back for the dividends-paid deduction pursuant to 68 OS Sec. 2358.

Line 3

Income from U.S. obligations and income separately allocated (oil and gas production, mining, farming, or rentals and

other partnership income or loss) will be entered here. Gains or losses from sale of intangible personal property that is

directly allocated should also be entered here.

Line 4

Total apportionable income. Refer to top of Part Four instructions for more information on apportionable income.

Line 5

Apportionment factor from Apportionment Schedule.

Line 6

Income separately allocated to Oklahoma should be entered here (interest income from state obligations or political

subdivisions, oil and gas production, mining, farming, income from other pass-throughs, or rentals, etc.).

Line 7

Oklahoma distributable income. Place this gure on Page 2, Part Three, Column B, line 15. Then complete Part Five.

PART FIVE

All partnerships must complete Part Five or may provide the Federal K-1s if Oklahoma information is stated separately

on the Federal K-1s. If completing Part 5, use Form 514-SUP if there are more than three partners. Complete as many

Form(s) 514-SUP as needed to list all partners.

If your business is either wholly in Oklahoma or of an allocable nature, complete Part Five after you complete Part Three.

If your business is of a unitary nature, complete Part Five after you complete Part Four.

Partner’s Share of Income

Enter the names, addresses and SSNs/FEINs of the partners, and each partner’s share of the net income whether

distributed or not.

Distributable Federal and Oklahoma Income

Enter each partner’s share of net distributive income included in Part Three.

Guaranteed Payments

Enter each partner’s share of guaranteed payment from Partnership Return, Federal Schedule K.

Allowable Oil and Gas Depletion

Enter each partner’s allowable depletion. Provide detailed schedule.

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Notice

The amount shown on page 4, Part Five, Distributable Oklahoma Income, may not be the amount to be entered on the

partner’s Oklahoma income tax return. This amount includes all allowable partnership income, losses and deductions.

However some of these partnership items may be limited on the partner’s Federal income tax return. If these items

are allowed in full or in part on the partner’s Federal income tax return, they will be allowed to the same extent on their

Oklahoma income tax return.

Partnerships Please Note:

Nonresident partners may be included in a composite return. For more information on ling a composite return, refer to

the “Composite Return Information” in the General Filing Information section on page 3. Your nonresident partners, who

are electing to be included in the composite return, will not le an Oklahoma income tax return. Any Oklahoma income

tax withheld from their Oklahoma distributed income, shown on Form 500-B, and their pro rata share of any withholding

passing through to them, shown on Part Five, line 12, will be claimed on the partnership return, Part One, line 7. The

nonresident’s pro rata share of any credits, shown on Part Five, line 10, will be claimed on the partnership return, Part

One, line 3. See the instructions for Part One on pages 10-13.

A complete copy of the Federal Partnership Return is required.

OKLAHOMA WITHHOLDING AND CREDITS

If a partner has more than one type of credit, enter the total amount in line 10 and enter “see schedule” in line 11. If a

partner has more than one type of withholding, enter the total amount in line 12 and enter “see schedule” in line 13.

Provide a detailed schedule showing the type and amount of each credit and/or withholding for the partner.

For nonresident partners who have elected to be included in the composite return or for partners of an electing

PTE, their share of Oklahoma credits and withholding will be reported here and on Part One, line 3 and line 7.

Withholding

Enter and describe each partner’s share of Oklahoma withholding. The partnership must provide Form 500-A, Form

500-B, Form 1099-MISC, Schedule K-1 (if separately stated) or other documentation to substantiate any Oklahoma

withholding passing through to its partners.

Oklahoma income tax is withheld from oil royalties paid to nonresident partnerships. Enter each partner’s share of such

withholding.

The partner’s pro rata share of Oklahoma withholding should be reported to each partner. Each partner must provide

documentation with their Oklahoma income tax return to substantiate this withholding.

Note: If you have any nonresident partners who have not led a withholding exemption afdavit (Form OW-15), Oklahoma

income tax should have been withheld on any distribution of Oklahoma income. Such withholding is not reported here,

instead you should have issued a Form 500-B to your nonresident partners.

Credits

Enter and describe each partner’s portion of credits. Provide all forms and documentation required to substantiate the

credit(s). See the instructions for Part One “Oklahoma Credits” for more detail on the credits available.

PART ONE

Part One is to be completed for those nonresident partners who have elected to be included in the composite return or for

an electing PTE. The tax liability will be paid on Part One of the partnership return. Part One is also to be completed by

a partnership claiming the Refundable Coal Credit or the Refundable Credit for Electricity Generated by Zero-Emission

Facilities.

Line 1

Form 514-PT must be completed for nonresidents electing to be included in a composite return. Form 587-PTE must be

completed for an electing PTE. If the Oklahoma capital gain deduction (Form 561-P or 561-PTE) is included in Column C

or F of Form 514-PT, or Column C of Form 587-PTE, place an “X” in the box.

2021 OKLAHOMA PARTNERSHIP TAX PACKET

Line 2

Recapture of the Oklahoma Affordable Housing Tax Credit

If under IRC Section 42 a portion of any federal low-income housing credits taken on a qualied project is required to be

recaptured during the rst 10 years after a project is placed in service, the taxpayer claiming Oklahoma Affordable Housing

Tax Credits with respect to such project shall also be required to recapture a portion of such credits. The amount of

Oklahoma Affordable Housing Tax Credits subject to recapture is proportionally equal to the amount of federal low-income

housing credits subject to recapture. Add the recaptured credit to the Oklahoma income tax and enter a “1” in the box.

Making an Oklahoma installment payment pursuant to IRC Section 965(h)

If a taxpayer elected to make installment payments of tax due pursuant to the provisions of subsection (h) of Section 965

of the IRC, such election may also apply to the payment of Oklahoma income tax, attributable to the income upon which

such installment payments are based. Add the installment payment to the Oklahoma income tax and enter a “2” in the

box. Provide a schedule of the tax computation. 68 OS Sec. 2368(K).

Oklahoma Credits

For those nonresident partners who have elected to be included in the composite return or for the partners of an electing

PTE, enter their share of any credit on the applicable line. The partner’s share of the credit(s) is shown on Part 5, line 10.

Provide all forms and documentation required to substantiate any credits.

Note: Do not include the portion of the partnership’s credit(s) attributable to the partners not included in the composite

return or members of an electing PTE.

Line 3

Other Credits

Credits claimed on Form 511-CR should be entered on this line. Enter in the box the number that corresponds with the

credit to which you are entitled. If you are entitled to more than one credit, enter “99” in the box. See the following for a

list of credits available on Form 511-CR. Provide Form 511-CR and any applicable forms or schedules. This form can be

obtained from our website at tax.ok.gov.

Tax credits transferred or allocated must be reported on OTC Form 569. Failure to le Form 569 will result in the affected

credits being denied by the OTC pursuant to 68 OS Sec. 2357.1A-2.

Oklahoma Investment / New Jobs Credit

Provide Form 506.

68 OS Sec. 2357.4 and Rule 710:50-15-74.

Coal Credit

68 OS Sec. 2357.11 and Rule 710:50-15-76.

Credit for Conversion of a Motor Vehicle to Clean Burning Fuels

Provide Form 567-A.

68 OS Sec. 2357.22 and Rule 710:50-15-81.

Credit for Tourism Development or Qualied Media Production Facility

68 OS Sec. 2357.34-2357.40.

Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit

68 OS Sec. 2357.81.

Credit for Qualied Rehabilitation Expenditures

68 OS Sec. 2357.41 and Rule 710:50-15-108.

Credit for Electricity Generated by Zero-Emission Facilities

68 OS Sec. 2357.32A.

Credit for Financial Institutions Making Loans Under the Rural Economic Development Loan Act

68 OS Sec. 2370.

Credit for Manufacturers of Small Wind Turbines

68 OS Sec. 2357.32B and Rule 710:50-15-92.

Credit for Railroad Modernization

68 OS Sec. 2357.104 and Rule 710:50-15-103.

E-le your 514 right now! Visit tax.ok.gov for approved electronic ling products. 11

2021 OKLAHOMA PARTNERSHIP TAX PACKET

E-le your 514 right now! Visit tax.ok.gov for approved electronic ling products. 12

Other Credits (continued)

Research and Development New Jobs Credit

Provide Form 563.

68 OS Sec. 54006 and Rule 710:50-15-105.

Credit for Biomedical Research Contribution

68 OS Sec. 2357.45 and Rule 710:50-15-113.

Credits for Employers in the Aerospace Sector

Provide Form 565.

68 OS Sec. 2357.301, 2357.302 & 2357.303 and Rule 710:50-15-109.

Wire Transfer Fee Credit

68 OS Sec. 2357.401 and Rule 710:50-15-111.

Credit for Cancer Research Contribution

68 OS Sec. 2357.45 and Rule 710:50-15-113.

Credit for Capital Investment Board Tax Credit

74 OS Sec. 5085.7.

Credit for Contributions to a Scholarship-Granting Organization

68 OS Sec. 2357.206 and Rule 710:50-15-114.

Credit for Contributions to an Educational Improvement Grant Organization

68 OS Sec. 2357.206 and Rule 710:50-15-115.

Credit for Venture Capital Investment

Provide Form 518-A or 518-B.

68 OS Sec. 2357.7 & 8 and Rule 710:50-15-77 & 78.

Oklahoma Affordable Housing Tax Credit

68 OS Sec. 2357.403.

Credits for Employers in the Vehicle Manufacturing Industry

Provide Form 585.

68 OS Sec. 2357.404 and Rule 710:50-15-116.

Line 5

Oklahoma Estimated Tax Payments

Enter the Oklahoma estimated tax payments paid on behalf of the nonresident partners who have elected to be included

in this composite return or on behalf of an electing PTE. The payments should have been made under the partnership’s

name and FEIN.

Do not include on this line any withholding paid for your nonresident partners on Form WTP-10005 or Form WTP-10003.

Such withholding will be reported to your nonresident partners on Form 500-B. If the nonresident partner elects to be

included in the composite return, their share of such withholding will be reported on Line 7 “Oklahoma Withholding”.

Line 7

Oklahoma Withholding

Enter the portion of Oklahoma withholding that is passing through the partnership to those nonresident partners that have

elected to be included in the composite return or to partners of an electing PTE. The partner’s share of such withholding

is shown in Part 5, line 12. Provide the Form 1099-MISC, Form 500-A, or Form 500-B received by the partnership to

substantiate the Oklahoma withholding.

Enter the Oklahoma income tax withheld from Oklahoma distributions made to your nonresident partners that have

elected to be included in this composite return. The partner withholding is shown on the Form 500-B. Provide a copy of

the Form 500-B for each such nonresident partner. Do not show such withholding in Part 5, line 12.

Note: Do not include the Oklahoma withholding for partners that are not included in the composite return or are

not partners in an electing PTE.

2021 OKLAHOMA PARTNERSHIP TAX PACKET

E-le your 514 right now! Visit tax.ok.gov for approved electronic ling products. 13

Line 8

Refundable Credits

Place an “X” in the box(es) on line 8 to report any credit from Form 577 or Form 578.

If claiming the Refundable Coal Credit, provide Form 577. Credits earned, but not used, based upon activity occurring

during the tax year will be refunded at 85% of the face amount of the credits. For any credit calculated, the credit allowed

is equal to 75% of the amount otherwise provided. A PTE that does not le a claim for a direct refund will allocate the

credit to one or more of its shareholders, partners or members.

If claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities, provide Form 578. Credits

earned, but not used, based on electricity generated during the tax year may be refunded to the taxpayer at 85% of the

face amount of the credits. A PTE that does not le a claim for a direct refund may allocate the credit to one or more of its

shareholders, partners or members.

Line 9

Amounts Previously Paid

When ling an amended return, enter any amount(s) paid with the original return plus any amount(s) paid after it was led.

Line 10

Refunds or Overpayment Applied

When ling an amended return, enter any refund previously received and/or overpayment previously applied.

Line 14

All refunds must be directly deposited into a bank account. See page 14 “Direct Deposit Information” for details.

Line 16

Place an “X” in the box if the underpayment of estimated tax was computed using the annualized income installment

method.

If an amended return is led before the due date for ling the original return, including any extension, the tax shown on

the amended return is used to determine the amount of underpayment. If the amended return is led after the due date,

including extension, the tax shown on the amended return will not be used to compute the amount of underpayment.

WHEN YOU ARE FINISHED

Payments may be made electronically online at oktap.tax.ok.gov or by check or money order payable to “Oklahoma Tax

Commission.” For proper account application, provide a completed Form EF-V (Business Filers Income Tax Payment

Voucher) or Form OW-8-ESC (Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Coupon) with your check or

money order. Estimated income tax payments should be made separately. Do not include a copy of your return with your

mailed payment.

Mailed payments should be sent to : Oklahoma Tax Commission

PO Box 26890

Oklahoma City, OK 73126-0890

E-le your 514 right now! Visit tax.ok.gov for approved electronic ling products. 14

JOE SMITH

SUSIE SMITH

123 Main Street

Anyplace, OK 00000

1234

ANYPLACE BANK

Anyplace, OK 00000

For

PAY TO THE

ORDER OF

15-0000/0000

DOLLARS

:120120012 : 2020268620 1234

Routing

Number

Account

Number

SAMPLE

Note: The routing

and account numbers

may appear in

different places on

your check.

Place an ‘X’ in the appropriate box as to whether the refund will be going into a checking or savings

account. Keep in mind you will not receive notication of the deposit.

Enter your routing number. The routing number must be nine digits. Using the sample check shown

below, the routing number is 120120012. If the rst two digits are not 01 through 12 or 21 through

32, the direct deposit will fail to process.

Enter your account number. The account number can be up to 17 characters (both numbers and

letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right.

On the sample check shown below, the account number is 2020268620.

Complete the direct deposit section on the tax return to have the refund directly deposited into your account at a

bank or nancial institution. Refunds, with limited exceptions, must be made by direct deposit.

Please Note: The OTC is not responsible if a nancial institution refused a direct deposit. If a direct deposit is refused, a

check will be issued to the address shown on the tax return.

WARNING! Due to electronic banking rules, the OTC will NOT allow direct deposits to or through foreign nancial

institutions. If you use a foreign nancial institution, you will be issued a paper check.

THE OKLAHOMA TAX COMMISSION IS JUST ONE CLICK AWAY

FOR YOUR CONVENIENCE, 24/7

Locations

Oklahoma City:

300 North Broadway Ave.

Tulsa: 440 South Houston, 5th Floor

(This location accepts online electronic payments only)

tax.ok.gov

Taxpayer Resource Center

Monday - Friday 8:00 a.m. - 5:30 p.m.

405.521.3160

Stay Connected

GET YOUR REFUND FASTER. USE DIRECT DEPOSIT!

FOR INFORMATIONAL PURPOSES ONLY

PART 1: TAX COMPUTATION FOR NONRESIDENT COMPOSITE FILERS AND ELECTING PASS-THROUGH ENTITIES -OR- FOR

PARTNERSHIPS CLAIMING THE REFUNDABLE CREDIT FROM FORM 577 OR 578.

The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

Note: Provide a complete copy of your Federal Form 1065 or 1065-B.

This form is due 30 days after the due date of the Federal return.

Partnership Name

Street Address City State or Province Country ZIP or Foreign Postal Code

15 Tax Due (line 4 minus line 11) ............................................................................................Tax Due 15

16 Underpayment of estimated tax interest ....................................................................... Annualized 16

17 For delinquent payment add penalty of 5% ......................$ ___________________________ plus

interest of 1.25% per month.................................................$ ___________________________ .......... 17

18 Total tax, penalty and interest (add lines 15, 16 and 17) .......................................... Balance Due 18

If the Oklahoma Tax Commission may discuss this return with your tax preparer, place an ‘X’ here . . . . . . . .

Under penalties of perjury, I declare I have examined this return, including any accompanying schedules and statements, and to the best of my knowledge and belief,

it is true, correct and complete. If prepared by person other than the taxpayer, this declaration is based on all information of which preparer has any knowledge.

Signature of Partner or Member Date

Printed Name of Partner or Member Partner or Member Email Address Preparer Email Address

Title Phone Number

Signature of Preparer Date

Printed Name of Preparer

Phone Number Preparer’s PTIN

For the year January 1 - December 31, 2021, or other taxable year beginning: ending:

Form 514

2021

Is this refund going to or through an account that is located outside of the United States?

Yes No

Routing

Number:

checking account savings account

Account

Number:

Deposit my refund in my:

Direct Deposit Note:

All refunds must be by direct deposit.

See Direct Deposit Information on

page 14 of the 514 Packet for details.

Make check payable to the

Oklahoma Tax Commission

FEIN Business Code Number

County in which located

Place an ‘X’ if: (1)

Amended return

(See Schedule 514-X on page 5)

Electing PTE

(Form 586 was led)

(2) (3) (4)

Initial

return

Final

return

2021

( )

1 Nonresident share of income (514-PT, Column F, line J) -or- electing pass-through entity’s taxable

income (587-PTE, Part 3, line 3). If the Oklahoma Capital Gain Deduction (Form 561P or 561-PTE)

is included in Form 514-PT, Column C or F or in Form 587-PTE, Column C, place an “X” in the box ...... 1

Complete line 2a -or- lines 2b and 2c

2a Nonresident Oklahoma tax (Form 514-PT, Column H, line K) .................. 2a

Electing Pass-Through Entity Tax (Form 587-PTE, Part 1 line 23) ............... 2b

2c Electing Pass-Through Entity Tax (Form 587-PTE, Part 2 line 23) ............... 2c

2 Nonresident Oklahoma tax (line 2a) -or- Electing PTE Tax (total of lines 2b and 2c)

(If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here and

enter a “1” in the box. If making an Oklahoma installment payment pursuant to IRC Sec. 965(h)

and 68 O.S. Sec. 2368(K), add the installment payment here and enter a “2” in the box ) ........... 2

3 Less: Other Credits from Form 511-CR (see instructions) (provide Form 511-CR) ................... 3

4 Balance of tax due (line 2 minus line 3, but not less than zero) ............................................................... 4

5 2021 Oklahoma estimated tax payments (e.g Form(s) OW-8-ESC and

prior year overpayment carryforward)......................................................... 5

6 Amount paid with extension request ........................................................... 6

7 Oklahoma withholding (provide Forms 1099, 500-A, 500-B, etc.)

.............. 7

8 Refundable credits from Form .....................a) 577 ..........b) 578 .....

9 Amount paid with original return and amount paid after it was led

(amended return only) ............................................................................

10 Any refunds or overpayment applied (amended return only)......................

11 Total of lines 5 through 10......................................................................................................................... 11

12 Overpayment (line 11 minus line 4) .......................................................................................................... 12

13 Amount of line 12 to be credited to 2022 estimated tax (original return only)

...... 13

14 Amount of line 12 to be refunded to you (line 12 minus line 13) .......................................... Refund 14

Oklahoma Partnership Income Tax Return

MUST BE FILED ELECTRONICALLY

FOR INFORMATIONAL PURPOSES ONLY

1 a. Gross receipts or sales .................. $ _____________

b. Minus returns and allowances ...... $ _____________ ................ 1

2 Cost of goods sold and/or operations ............................................... 2

3 Gross prot (subtract line 2 from line 1) ........................................... 3

4 Ordinary income (loss) from other partnerships

and duciaries (provide schedule)................................................... 4

5 Net farm prot (loss) (provide Sch. F, Form 1040) .......................... 5

6 Net gain (loss) (Form 4797, line 18) ................................................. 6

7 Other income (loss) (provide schedule) .......................................... 7

8 Total income (loss) (add lines 3 through 7) ..................................... 8

9 Salaries and wages (other than to partners) .................................... 9

10 Guaranteed payments to partners .................................................... 10

11 Repairs and maintenance................................................................. 11

12 Bad debts ......................................................................................... 12

13 Rent .................................................................................................. 13

14 Taxes and licenses ........................................................................... 14

15 Interest.............................................................................................. 15

16 Depreciation ..................................................................................... 16

17 Depletion (do not deduct oil and gas depletion) ............................... 17

18 Retirement plans, etc........................................................................ 18

19 Employee benet program ............................................................... 19

20 Other deductions (provide schedule) .............................................. 20

21 Total deductions (add lines 9 through 20) ...................................... 21

22 Ordinary income (loss) from trade or business:

Subtract line 21 from line 8 ............................................................... 22

PART 2:

ORDINARY INCOME FROM TRADE OR BUSINESS

Column A

As reported on Federal Return

CAUTION: Include only trade or business income and expenses on lines 1a through 22 below.

1 Ordinary income (loss) from trade or business activity(ies) (Part 2, line 22) 1

2 Net income (loss) from rental real estate activity(ies) (provide schedule) 2

3 Net income (loss) from other rental activity(ies) (provide schedule) ..... 3

4 a. Interest on loans, notes, mortgages, bonds, etc................... 4a

b. Interest on obligations of a state or political subdivision....... 4b

c. Interest on obligations of the United States .......................... 4c

d. Other interest income ........................................................... 4d

e. Dividend income ................................................................... 4e

f. Royalty income (patent or copyright) .................................... 4f

g. Net short-term capital gain (loss).......................................... 4g

h. Net long-term capital gain (loss) ........................................... 4h

i. Other portfolio income (loss) (provide schedule)........................ 4i

5 Net gain (loss) under section 1231 (other than due to casualty or theft) 5

6 Other (provide schedule) ................................................................. 6

7 Total income (Add lines 1 through 6) .............................................. 7

8 Contributions ............................................................................. 8

9 Expense deductions for recovery property (Section 179) (provide sch.) 9

10 Deductions related to portfolio income ...................................... 10

11 Depletion (other than oil and gas) ............................................. 11

12 Intangible drilling costs .............................................................. 12

13 Other deductions authorized by law (provide schedule) ................. 13

14 Total deductions (Add lines 8 through 13) ...................................... 14

15 Net distributive income (line 7 minus line 14)................................ 15

PART 3:

DISTRIBUTIVE SHARE ITEMS

Portfolio Income (loss)Deductions

2021 Form 514 - Partnership Income Tax Return - Page 2

If Federal and Oklahoma distributive net income is the same, you may complete Part 3, line 15, then complete Part 5.

Provide a copy of your Federal Form 1065 and K-1s.

Column B

Total applicable to Oklahoma

Partnership Name: FEIN:

Column B

Total applicable to Oklahoma

Column A

As reported on Federal Return

FOR INFORMATIONAL PURPOSES ONLY

1 Value of real and tangible personal property used in

the unitary business (by averaging the value at the

beginning and ending of the tax period).

(a) Owned property (at original cost):

(i) Inventories ...................................................... 1ai

(ii) Depreciable property ...................................... 1aii

(iii) Land ................................................................1aiii

(iv) Total of section “a” ......................................... 1aiv

(b) Rented property (capitalize at 8 times net rental paid) .1b

2 (a) Payroll ....................................................................2a

(b) Less: Ofcer salaries.............................................2b

3 Sales:

(a) Sales delivered or shipped to Oklahoma purchasers:

(i) Shipped from outside Oklahoma..................... 3ai

(ii) Shipped from within Oklahoma ...................... 3aii

(b) Sales shipped from Oklahoma to:

(i) The United States government ....................... 3bi

(ii) Purchasers in a state or country where the

partnership is not taxable (e.g. under Public Law 86-272)...3bii

4 If revenue, trafc units or miles traveled is

used rather than sales, indicate here: _________________________________________________

5 Total percent (sum of items 1, 2 and 3) ..........................................................................................................5

6 Average percent (Total percent divided by the number of factors present. Carry to Part 4, line 5 above) .....6

PART 4:

APPORTIONMENT FORMULA

1 Net distributable income from Page 2, Part 3, Column A, line 15 ........................... 1

2 Add: (a) ___________________________ ..................................................2a

(b) Unallowable deduction (provide schedule)......................................2b

(d) Total of lines 2a through 2c ................................................................... 2d

3 Deduct all items separately allocated:

(a) Interest on obligations of the United States ......................................3a

(b) ____________________________ ................................................3b

(d) Total of lines 3a through 3c .................................................................. 3d

(Note: Items listed in 2 and 3 above must be net amounts supported by

schedules showing source, location, expenses, etc.)

4 Net apportionable income (line 1 plus line 2d, minus line 3d) ................................. 4

5 Oklahoma’s portion thereof __________________%, from schedule below .......... 5

6 Add items separately allocated to Oklahoma:

(a) ____________________________________ ..............................................6a

(b) ____________________________________ ..............................................6b

(d) ____________________________________ ...............................................6d

(e) Total of lines 6a through 6d ................................................................................ 6e

7 Oklahoma distributable net income

(add lines 5 and 6e; enter here and on Page 2, Part 3, Column B, line 15) ...... 7

Note: Provide a complete copy of your federal return.

Column B

Total Within and

Without Oklahoma

Column C

(A divided by B)

Percent Within

Oklahoma

COMPUTATION OF OKLAHOMA TAXABLE INCOME OF A UNITARY ENTERPRISE WHOSE INCOME IS PARTLY

WITHIN AND PARTLY WITHOUT OKLAHOMA

Column A

Total Within

Oklahoma

2021 Form 514 - Partnership Income Tax Return - Page 3

Partnership Name: FEIN:

PART 5:

Notice: Forms required to compute withholding and credits must be provided with partnership return. Examples of these include:

Form 1099 MISC, Form 500-A: Nonresident Royalty Withholding, Form 511-CR: Other Credits, Form 506: Investment/New Jobs Credit,

and Form 529: Small Business Guaranty Fee Credit. Schedules or authorization must be furnished.

ALL PARTNERSHIPS MUST COMPLETE PART 5 OR MAY PROVIDE THE FEDERAL K-1S IF OKLAHOMA

INFORMATION IS STATED SEPARATELY ON THE FEDERAL K-1.

PART 6:

ADDITIONAL INFORMATION

Address City State Zip

Location of Principal Accounting Records

1 Name and address

of each partner

2 SSN or FEIN

3 Percentage of Partnership Owned

4 Distributable Federal Income

5 Distributable Oklahoma Income

(see instructions)

6 Guaranteed Payments (Federal)

7 Guaranteed Payments (Oklahoma)

8 Oil and Gas Depletion (Federal)

9 Oil and Gas Depletion (Oklahoma)

10 Amount of Credit

11 Type of Credit

12 Amount of Withholding

13 Type of Withholding

Partner 1 Partner 2 Partner 3

Name:

Address:

City, State, ZIP:

Yes No Yes No Yes No

NOTE: PROVIDE A COMPLETE COPY OF YOUR FEDERAL FORM 1065 OR 1065-B.

If completing Part 5, use Form 514-SUP when there are more than three partners. Use as many Forms 514-SUP as needed.

Has the IRS redetermined your tax liability for prior years? Yes No What years? ____________________

Did you le amended returns for the years stated above? Yes No N/A

Has the statute of limitations been extended by consent for any prior years? Yes No What years? ____________________

Business name _________________________________________________ Date business began in Oklahoma ________________

Principal location(s) in Oklahoma _________________________________________________________________________________

Nonresident Partner (

If the Electing PTE box is checked on page 1, leave line 14 blank)

Is the Partner being included in Composite

ling? (If Yes, complete Form 514-PT)

Extension: If you have applied for an extension from the IRS,

place an ‘X’ here and provide a copy.

Enter number of partners:

2021 Form 514 - Partnership Income Tax Return - Page 4

Partnership Name: FEIN:

FOR INFORMATIONAL PURPOSES ONLY

SCHEDULE 514-X: AMENDED RETURN SCHEDULE

Did you le an amended federal income tax return? Yes No

If yes, provide a copy of IRS Form 1120X or 1139 and a copy of “Statement of Adjustment”, IRS refund check or deposit slip.

Is this return being led due to a federal audit? Yes No

If yes, provide a complete copy of the RAR.

Explanation or reason for amended return (provide all necessary schedules):

____________________________________________________________________________________________________

Instructions for ling an Amended Return

When ling an amended return, place an “X” in the Amended Return check-box at the top of page 1. Enter any amount(s) paid with the

original return plus any amount(s) paid after it was led on line 9. Enter any refund previously received or overpayment applied on line

10. Complete the Amended Return Schedule, Schedule 514-X above.

Provide the amended Federal return and proof of disposition by the IRS when applicable.

An overpayment on an amended return may not be credited to estimated tax, but will be refunded. The amount applied to estimated tax

on the original return cannot be adjusted.

2021 Form 514 - Partnership Income Tax Return - Page 5

Partnership Name: Federal Employer Identication Number:

FOR INFORMATIONAL PURPOSES ONLY

State of Oklahoma

FORM

514-SUP

Name of Partnership FEIN Page

1 Name and Address

of Each Partner

Partner ______________Partner ______________ Partner ______________

Name:

Address:

City, State, ZIP:

2 SSN or FEIN

3 Percentage of Partnership Owned

4 Distributable Federal Income

5 Distributable Oklahoma Income

(see instructions)

6 Guaranteed Payments (Federal)

7 Guaranteed Payments (Oklahoma)

8 Oil and Gas Depletion (Federal)

9 Oil and Gas Depletion (Oklahoma)

10 Amount of Credit

11 Type of Credit

12 Amount of Withholding

13 Type of Withholding

Yes No Yes No Yes No

Nonresident Partner

(If the electing PTE box is checked on Form 514 page 1, leave line 14 blank)

Is the Partner being included in Composite

ling? (If Yes, complete Form 514-PT)

FOR INFORMATIONAL PURPOSES ONLY

Supplemental Schedule for Form 514, Part 5

MUST BE FILED ELECTRONICALLY

A B C D E F G H

514-PT

FORM

FEIN/SSN

Federal

Distributive

Income

From

Form 514, Part 5:

Line 4

plus

Line 6

minus

Line 8

Oklahoma

Additions and

Subtractions

See instructions

Attach schedule

Distributive

Income from

All Sources

Column B

plus/minus

Column C

Oklahoma

Distributive

Income

From

Form 514, Part 5:

Line 5

plus

Line 7

minus

Line 9 and

Form 561-P

Tax

Column F

divided

Column D

Oklahoma

Non-

Resident

Tax

See

instructions

Base

Tax

See

instructions

10)

11)

12)

13)

14)

15)

I) Enter the total from supplemental schedule(s), Form 514-PT-SUP, columns F and H ....................... .....................

J) Total nonresident’s share of Okla. distributive income (enter here & on Form 514, Part 1, line 1) ..

K) Total nonresident Oklahoma tax (enter here and on Form 514, Part 1, line 2) ................................................................................................

+/-

Name of Partnership Federal Employer Identication Number

FOR INFORMATIONAL PURPOSES ONLY

Oklahoma Partnership Composite

Income Tax Supplement

MUST BE FILED ELECTRONICALLY

Must be completed for nonresidents electing to be included in a composite return.

If there are more than 15 partners, use Form(s) 514-PT-SUP to enter the additional partners.

987

Any partnership required to le an Oklahoma income tax return may elect to le a composite return for nonresident partners. Any non-

resident partner may be included in the composite return (see Rule 710:50-19-1 for additional detail).

Oklahoma Capital Gain Deduction Information:

(Form 514-PT, Column C and Column F)

Nonresident partners electing to be included in the composite return can deduct qualifying gains receiving capital treatment that are

included in federal taxable income. “Qualifying gains receiving capital treatment” means the amount of the net capital gains, as dened

by IRC Section 1222(11). The qualifying gain must:

1) Be earned on real or tangible personal property located within Oklahoma that you have owned indirectly for at least ve uninterrupted

years prior to the date of sale;

2) Be earned on the sale of stock or ownership interest in an Oklahoma headquartered company, limited liability company, or partner-

ship where such stock or ownership interest has been owned, indirectly, by you for at least three (two for individuals) uninterrupted

years prior to the date of sale; or

3) Be earned on the sale of real property, tangible personal property or intangible personal property located within Oklahoma as part of

the sale of all or substantially all of the assets of an Oklahoma company, limited liability company, or partnership where such property

has been directly or indirectly owned by such entity or owned by the owners of such entity, and used in or derived from such entity for a

period of at least three uninterrupted years (two for individuals) prior to the date of the sale.

Provide a Form 561-P for each such nonresident partner and a copy of the partnership’s Federal Schedule D.

Note: Resident partners and nonresident partners not electing to be included in the composite return will compute their capital gain

deduction on their Oklahoma income tax return.

Instructions for Individual and Trust Nonresident Partners

The Oklahoma taxable income of an individual or trust nonresident partner shall be calculated as if all income were earned in Oklaho-

ma, using Form 514-PT. The federal distributive income of each partner will be adjusted using the Oklahoma adjustments allowed in 68

Oklahoma Statutes Sec. 2358 to arrive at Oklahoma distributive income from all sources from this partnership. The Oklahoma distribu-

tive income from all sources is the taxable income upon which tax is calculated. No deduction for the standard deduction, personal

exemptions, federal income tax paid or dependents is permitted for an individual partner. The tax is then calculated using the highest

marginal tax rate. At this point, the tax is prorated using the Oklahoma distributive income from Oklahoma sources divided by the dis-

tributive income from all sources from this partnership. The prorated tax is the partner’s Oklahoma tax.

Column A - SSN or FEIN of nonresident partner.

Column B - Combine the amounts from Form 514, Part 5, Lines 4, 6 and 8. This should be the total amount of federal income/loss

available for distribution to this partner.

Column C - Treating the partnership income as if it were all earned in Oklahoma, enter the partner’s share of any additions and

subtractions to federal distributive income that would be allowed in arriving at Oklahoma distributive income. For example: interest on

U.S. Government obligations, additional depletion, Oklahoma Capital Gains Deduction, etc. Enter subtractions as a negative number.

Enclose a detailed schedule substantiating any amounts entered in this column.

Column D - Combine the amounts in Column B and Column C.

Column E - Tax before allocation. Using a tax rate of 5%, compute the tax on the income in Column D.

Column F - Combine the amounts from Form 514, Part 5, Lines 5, 7 and 9 and the amount from Form 561-P, Column G, line 7. This

should be the total amount of Oklahoma income/loss available for distribution to this partner.

Column G - Divide Column F by Column D. Do not enter more than 100%.

Column H - Multiply the base tax in Column E by the tax percentage in Column G.

Instructions for Corporate, S Corporation and Partnership Nonresident Partners

Column A - FEIN of nonresident partner.

Column F - Combine the amounts from Form 514, Part 5, Lines 5, 7 and 9 and the amount from Form 561-P, Column G, line 7. This

should be the total amount of Oklahoma income/loss available for distribution to this partner.

Column H - Multiply the Oklahoma distributive income by the 6% tax rate.

Instructions for Lines I, J and K

Line I - Enter the total of Column F from all supplemental schedules (Form 514-PT-SUP). Enter the total of Column H from all supple-

mental schedules (Form 514-PT-SUP).

Line J - Total Column F. Enter here and on the Form 514, Part 1, line 1.

Line K - Total Column H. Enter here and on the Form 514, Part 1, line 2.

Partnership Composite Income Tax Supplement Instructions (Rule 710:50-19-1)

2021 Form 514-PT - Page 2

A B C D E F G H

514-PT-SUP

FORM

FEIN/SSN

Federal

Distributive

Income

From

Form 514, Part 5:

Line 4

plus

Line 6

minus

Line 8

Oklahoma

Additions and

Subtractions

See instructions

Attach schedule

Distributive

Income from

All Sources

Column B

plus/minus

Column C

Oklahoma

Distributive

Income

From

Form 514, Part 5:

Line 5

plus

Line 7

minus

Line 9 and

Form 561-P

Base

Tax

See

instructions

____)

+/-

State of Oklahoma

Supplemental Schedule for

Form 514-PT

Name of Partnership

FEIN Page

______ of ______

Tax

Column F

divided

Column D

Oklahoma

Non-

Resident

Tax

See

instructions

FOR INFORMATIONAL PURPOSES ONLY

MUST BE FILED ELECTRONICALLY

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2021 Form 514 Oklahoma Partnership Income Tax Return Packet & Instructions (TaxFormFinder - One Stop, Every Tax Form)

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