Fillable Estimated Tax Declaration (Oklahoma)

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Estimated Tax Declaration (Oklahoma)

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1 Estimated total income for tax year (less income exempt by statute) ...............................................................
2 Estimated deductions (Oklahoma standard or itemized) ...............................................
3 Exemptions ($1000 for each exemption) .......................................................................
4 Total deductions and exemptions (add lines 2 and 3) .......................................................................................
5 Estimated taxable income (subtract line 4 from line 1) ....................................................................................
6 Estimated Oklahoma tax * .................................................................................................................................
7 Estimated Oklahoma income tax credits ...........................................................................................................
8 Estimated Oklahoma income tax liability (subtract line 7 from 6) ......................................................................
9 A. Multiply line 8 by 70% ..............................................................................................
B.Enterthetaxliabilityshownonyourpreviousyear’staxreturn ...............................
C. Enter the smaller of line 9a or 9b. .................................................................................................................
10 Estimated amount of withholding.......................................................................................................................
11 Subtract line 10 from line 9c ..............................................................................................................................
(Note: If zero or less, or line 8 minus line 10 is less than $500, stop here. You are not required to make estimated tax payments.)
12 Amount to be paid with each coupon (if paid quarterly, 1/4 of line 11) ..............................................................
Seethegeneralinstructionsforadditionallinginformation.
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05001
Oklahoma Individual Estimated Tax
Tax Year 2019 Worksheet for Individuals
Revised 7-2018
ITE
OW-8-ES
Detach Here and Return Coupon with Payment
Do not fold, staple, or paper clip Do not tear or cut below line
Taxpayer SSN
Tax Year
Quarter
Due Date
OW-8-ES Oklahoma Individual Estimated Tax Coupon
Amount of
Payment: ____________________________ . __________
- - - - - - - - - - Dollars - - - - - - - - - -
Please remit only one check per coupon.
- - Cents - -
ITE
Mailing Address Change
(Enter new mailing address below)
* The following applies to part-year and nonresident taxpayers who
willbelingForm511NR.Lines1through5shallbecalculatedas
if all income were earned in Oklahoma.
1) Using the amount from line 5, calculate the tax; this is the base
tax and will be prorated for line 6.
2)Tocalculateline6,rstestimateyourincomefromOklahoma
sources. Divide your income from Oklahoma sources by the
amount on line 1.
3) Multiply this percentage by the base tax and enter the result on
line 6. This is your estimated Oklahoma tax liability. Complete
the remainder of the worksheet as directed.
1
2
3
4
Total
Quarter Date Paid Amount
Record of Estimated Tax Payments
Applied from 2018 Tax Return ............................
The Oklahoma Tax Commission is not required to give actual notice of change in any state tax law.
After this estimated tax payment is processed, you will receive a pre-printed coupon each quarter.
Please use the pre-printed coupon to make further tax payments.
___________________________________________________
Name
___________________________________________________
Address
___________________________________________________
City State ZIP
2019
Mail this coupon, along with payment, to:
Oklahoma Tax Commission - Post Ofce Box 269027 - Oklahoma City, OK 73126-9027
Oklahoma Individual Estimated Tax Declaration
General Instructions
Who Must Make Estimated Payments
You must make equal* quarterly estimated tax payments if
you can reasonably expect your tax liability to exceed your
withholding by $500 or more and you expect your withholding to
be less than the smaller of:
1.70%ofyourcurrentyear’staxliability,or
2. the tax liability shown on your return for the preceding
taxable year of 12 months.
Estates and farmers are not required to make estimated tax
payments. A farmer is an individual who derives at least two-
thirds of his/her gross income for the current year or the previous
year from farming activities.
* If you receive income unevenly throughout the year (e.g. you
operate your business on a seasonal basis), you may be able
to lower or eliminate the amount on your required estimated tax
payment for one or more periods by using the annualized income
installmentmethod.SeeFormOW-8-ES-SUPfordetails.Form
OW-8-ES-SUPmaybedownloadedatwww.tax.ok.gov.
NOTE: Do not use this form for estimated tax payments made on
behalf of the nonresident partners electing to be included in the
composite return. The estimated tax payments must be made
underthepartnership’snameandFederalEmployerIdentication
NumberusingFormOW-8-ESC.
When To File and Pay
Adeclarationofestimatedtaxshouldbeledandtherst
installment paid by April 15th for calendar year taxpayers. Other
installments for calendar year taxpayers should be paid by the
due dates shown below.
Interest for Underpayment
In general, you will owe underpayment of estimated tax interest
if your tax liability exceeds your withholding by $500 or more
and your timely paid quarterly estimated tax payments and
withholding are not at least 70% of your current year tax liability
or 100% of your prior year tax liability. The tax liability is the
tax due less all credits except amounts paid on withholding,
estimated tax and extension payments. The amount of
underpayment of estimated tax interest is computed at a rate
of 20% per annum for the period of underpayment. Note: No
underpayment of estimated tax interest shall be imposed if
thetaxshownonthereturnislessthan$1000.Foradditional
information, see 68 O.S. Sec. 2385.7-2385.13 or call the Tax
Commission’sTaxpayerAssistanceDivisionat(405)521-3160.
FormOW-8-ES-page2
How to Compute Estimated Tax
A worksheet is included with the coupon for use in computing
estimated tax liability. To compute the tax, refer to the tax table
included with Packet 511 or Packet 511NR instructions.
How to Complete Your Tax Declaration Coupon
Name and Address: Enter your name and mailing address.
• On a joint return, enter the name of the primary taxpayer.
The primary taxpayer is the person whose name will be
enteredrstontheincometaxreturn.
• Ifyouraddresshaschanged,placean‘X’whereindicated
in the upper left corner of the coupon.
Taxpayer SSN:Entertheprimarytaxpayer’ssocialsecuritynumber.
Quarter: Enter the quarter for which you are making the
estimated tax payment.
Due Date: Enter the quarterly due date. See below for the due
date for each quarter.
Amount of Payment: Enter the amount of estimated tax being
paid with the estimated tax coupon.
Do not send coupon if no payment is required.
Additional Information
Make checks payable to: Oklahoma Tax Commission.
Do NOT send cash.
Mail the coupon, along with payment, to:
Oklahoma Tax Commission
Post Ofce Box 269027
Oklahoma City, OK 73126-9027
Do not enclose any other tax reports or correspondence in
this envelope.
See below for electronic payment information.
You will receive a pre-printed coupon to make your next quarterly
payment.
Electronic Payment Options:
Electronic payments are accepted for estimated income tax pay-
ments at www.tax.ok.gov. There is a convenience fee charged
for utilizing some of the electronic payment services.
Note: If you make your estimated tax payment electronically, do
notmailthispaymentcoupon.Pleaseretaintheconrmation
number for your records.
Due Dates (Calendar year) **
• 1st Quarter - April 15
• 2nd Quarter - June 15
• 3rd Quarter - September 15
• 4th Quarter - January 15
** If the due date falls on a weekend or legal holiday when the
OklahomaTaxCommissionofcesareclosed,yourpaymentis
due the next business day.
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Estimated Tax Declaration (Oklahoma)

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Completed 15 July 2020

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