Oklahoma Small Business Corporate Tax Return Packet (form and instructions)

Small Business Corporate Tax Return Packet (form and instructions)
2024 Form 512-S Oklahoma Small Business Corporation Income Tax Return Packet & Instructions
2024 Oklahoma
Small Business
Corporation
Income
Tax Forms and
Instructions
This packet contains:
	 •	 Instructions for completing the Oklahoma Small Business Corporation Income Tax Return Form
512-S
	 •	 Small Business Corporation Income Tax Return Form 512-S
	 •	 Supplemental Schedule for Form 512-S, Part 5 Form 512-S-SUP
	 •	 Nonresident Shareholder Agreement Income Tax Form 512-SA
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 710:50-17-1, the Oklahoma Small Business Corporation Income Tax Return must
be filed electronically.

2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
TABLE OF CONTENTS
General Filing Information....................................................................................................................................................3-5
Amended Returns...................................................................................................................................................................5
Line by Line Instructions: Computation of Allocable and/or Apportionable Income..............................................................5-7
Line by Line Instructions: Part 2..............................................................................................................................................7
Line by Line Instructions: Part 3...........................................................................................................................................7-8
Line by Line Instructions: Part 4...........................................................................................................................................8-9
Line by Line Instructions: Part 5.........................................................................................................................................9-10
Part 1 - Section 1 Instructions..........................................................................................................................................10-12
Part 1 - Section 2 Instructions...............................................................................................................................................12
Part 1 - Section 3 Instructions...............................................................................................................................................13
Part 1 - Section 4 Instructions...............................................................................................................................................13
When You Are Finished.........................................................................................................................................................14
Direct Deposit Information.....................................................................................................................................................14
Contact Information and Assistance......................................................................................................................................14

COMMON ABBREVIATIONS FOUND IN THIS PACKET
FEIN -	 Federal Employer Identification Number
IRC	 -	 Internal Revenue Code
IRS	 -	 Internal Revenue Service
OS	 -	 Oklahoma Statutes
OTC	-	 Oklahoma Tax Commission
PTE	 -	 Pass-Through Entity
Sec.	-	 Section(s)

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 file a paper application, contact the IRS
and request Form SS-4.
•	 Check your calculations carefully.
• Fiscal year dates are a common problem. If you file based on a fiscal year, please list dates on top of form where
indicated.
• Provide a complete copy of your federal return, and all required schedules. Failure to do so can slow down the
processing of your return.
•	 When complete, make copies of all the documents for your records.
•	 Don’t forget to sign your tax returns.
•	 The OTC is not required to give actual notice to taxpayers of changes in any state tax law.
	

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WHAT’S NEW IN THE 2024 OKLAHOMA 512-S TAX PACKET?
• Any entity required to file an Oklahoma S corporation income tax return may elect to become an electing PTE by filing an
income tax return prior to but not later than the due date of the applicable return, including any extensions.
• Electing pass-through entities (PTEs) use Form 504-PTE to apply for an extension of time to file an income tax return.
• PTEs use Form OW-8-ESPTE to file estimated income tax payments.
• If 100% Oklahoma depreciation was claimed for a previous year, the depreciation must be added back on Part 2 line 5,
Column B or Part 4, line 6 to avoid duplication. For S corporations filing Part 4, the apportioned depreciation claimed in
the first year should be added back to Oklahoma distributable net income in subsequent years.

GENERAL FILING INFORMATION:
WHO MUST FILE
All corporations having an election in effect under Subchapter S of the IRC engaged in business or deriving income from
property located in Oklahoma and that are required to file a federal income tax return using Form 1120-S, must file an
Oklahoma income tax return on Form 512-S. Do not use Form 512.
A complete copy of the federal return must be provided with the Oklahoma income tax return. For S corporations not
required to complete the federal Schedules L and M-1, copies of the balance sheets from their financial statement must
be provided. Failure to provide the required documentation may cause a delay in the processing of the S corporation’s
income tax return as well as the income tax returns of its shareholders.

TIME AND PLACE FOR FILING
Corporate returns shall be due no later than 30 days after the due date established under the IRC. In the case of
complete liquidation or the dissolution of a corporation, the return shall be made on or before the 15th day of the fourth
month following the month in which the corporation is completely liquidated. When the last date for filing any document
or performing any act required by the OTC falls on a day when the offices are not open for business, the filing of the
document or performance of the act shall be considered timely if it is performed by the end of the next business day.
A valid extension of time in which to file your federal return automatically extends the due date of your Oklahoma return if
no Oklahoma liability is owed. A copy of the federal extension must be provided with your Oklahoma return. If your federal
return is not extended, or an Oklahoma liability is owed, an extension of time to file your Oklahoma return may be granted
on Form 504-C (PTEs use Form 504-PTE).
Electronic filing is required pursuant to OAC 710:50-17-1.

FISCAL YEAR AND SHORT PERIOD RETURNS
For all fiscal year and short period returns, the beginning and ending dates of the tax year must be shown on the top
portion of the return where indicated. Omission of this information may cause a significant delay in the processing of the
return, and no interest will accrue on any refund pending.

WITHHOLDING ON NONRESIDENT MEMBERS
PTEs, (partnerships, S corporations, limited liability companies or trusts) are required to withhold Oklahoma income tax
at a rate of 4.75% of the Oklahoma share of taxable income distributed to each nonresident member (partner, member,
shareholder or beneficiary). A PTE is not required to withhold income tax with regard to any nonresident member who
submits Form OW-15 (Nonresident Member Withholding Exemption Affidavit). 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 IRC Section 501(c)(3), insurance companies subject to the Oklahoma
Gross Premium Tax and therefore exempt from Oklahoma income tax under 68 OS Sec. 2359(c) and nonresident
members who have filed the Form OW-15 (Nonresident Member Withholding Exemption Affidavit).
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.

	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
WITHHOLDING ON NONRESIDENT MEMBERS (continued)
The following PTE’s 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 file 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 7 for
more information).

Distributions Made from the S Corporation
S corporations 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 may be obtained
from our website at tax.ok.gov.
To file and pay the income tax withheld, the S corporation must complete Form WTP-10003 (Oklahoma Nonresident
Distributed Income Withholding Tax Annual Return). The S corporation will file Form WTP-10003 on or before the due
date (including extensions) of the S corporation’s income tax return.
The S corporation must provide nonresident shareholders 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 filed with the OTC by the same date. Each nonresident shareholder must provide
a copy of the Form 500-B with their Oklahoma income tax return as verification for this withholding.
For S corporations paying the tax on behalf of nonresident shareholders, the nonresident shareholder’s withholding may
be claimed on Form 512-S, part 1, line 7. A copy of the nonresident shareholder’s Form 500-B must be provided with the
Form 512-S.
Agricultural Commodity Processing Facility Exclusion
Owners of agricultural commodity processing facilities may exclude 15% of their investment in a new or expanded
agricultural commodity processing facility located within Oklahoma. “Agricultural commodity processing facility” means
buildings, structures, fixtures 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. Under no
circumstances shall this exclusion lower the shareholder’s taxable income below zero. In the event the exclusion does
exceed income, any unused portion may be carried over for a period not to exceed six years.
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 shareholder. Do not include this exclusion in the Oklahoma net distributable income;
each shareholder shall report their allowable share of the exclusion on the designated line of their individual return. For a
nonresident who does not file a nonresident agreement, include the shareholder’s allowable share in Part 5, line 13.
Oklahoma Depletion in Lieu of Federal Depletion (Part 5)
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 defined in 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 provided.
Note: For each nonresident shareholder whose income is reported in Part 1, line 1a, the depletion is reported in Part 1,
line 1c.
Underpayment of Estimated Tax Interest
All S corporations that are paying tax at the corporate level are required to make estimated tax payments when the tax for
the taxable year can reasonably be expected to be $500 or more. The estimated tax payments shall not be less than 70%
of the amount of tax due (tax liability less all credits except amounts paid on estimated tax and extension payments), or
100% of the prior year’s tax liability. Should deficiencies occur, the amount of underpayment shall be subject to interest at
an annual rate of 20%, or fraction thereof, for the period of underpayment. Provide Form OW-8-P.
Note: No underpayment of estimated tax interest shall be imposed if the tax liability shown on the return is less than $1,000.

	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
Amended Returns
The Form 512-S is used for amended returns also. If this is an amended return, place an “X” in the box located in the top
section of Form 512-S, page 1. Complete Schedule 512-S-X on page 14. Provide Federal Amended Form 1120-S when
applicable. Overpayments cannot be applied to next year’s estimated tax. Line 27 cannot be amended or changed
once the original return has been processed. See 68 OS Sec. 2373 for the statute of limitations for refunds.
When amending Form 512-S for S corporations that are paying tax at the corporate level, enter on line 9 any amount
paid with the original return plus any amount paid after it was filed. Enter on line 10 any refund previously received or
overpayment applied. 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.
Adjustments by Internal Revenue Service
Taxpayers who file “consents” extending the time for making federal adjustments automatically extend the time for making
state adjustments. The taxpayer is also required to file an amended return reporting all Internal Revenue Service (IRS)
adjustments. A copy of the finalized revenue agent report (RAR) must be provided.
Banks and Credit Unions
State and national banks and state credit unions that make a federal subchapter S election shall not pay an “In Lieu” tax
of 4% per 68 OS Sec. 2370. The income or loss of that entity shall be reported at the shareholder level.
Real Estate Investment Trusts
A real estate investment trust that does not become regularly traded on an established securities market within one year
of the date on which it first becomes a real estate investment trust shall be deemed not to have been regularly traded on
an established securities market, retroactive to the date it first became a real estate investment trust. An amended return
shall be filed reflecting such retroactive designation for any tax year or part year occurring during its initial year of status
as a real estate investment trust. For purposes of this paragraph, a real estate investment trust becomes a real estate
investment trust on the first day it has met the requirements of IRC Section 856 and has elected to be treated as a real
estate investment trust pursuant to IRC Section 856(c)(1). 68 OS Sec. 2358.

LINE BY LINE INSTRUCTIONS FOR DETERMINING OKLAHOMA
NET DISTRIBUTABLE INCOME: INCOME TAX
Computation of Allocable and/or Apportionable Income
Part 2, Column A and Part 3, Column A are to be completed by all S corporations. All S corporations start with Part 2.
Part 2, Column B and Part 3, Column B, are to be completed by S corporations deriving all of their income from within
Oklahoma or by S corporations whose business 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.
Part 4 is to be completed by S corporations 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, 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.
Safety Pays OSHA Consultation Service Exemption
(Part 2, line 19, column B or Part 4, 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 2, line 5, column B or Part 4, line 2)
If the election was made to expense the cost of qualified Oklahoma refinery property placed in service before January 1,
2012, 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 taxable income. This addition must be made regardless of whether the
expense was claimed on the corporate return or allocated to its owners. 68 OS Sec. 2357.204.
Cost of Complying with Sulfur Regulations
A qualified refinery 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 refinery shall not be reduced by the reason of any amount allowed under this section.
68 OS Sec. 2357.205.
	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
If You Are the Refinery
To make the election, provide a schedule stating your corporate name and FEIN, 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 identification number). You shall also provide each owner with written
notice of the amount of the allocation. The notice must include your corporate name and FEIN and the owner’s name and
federal identification number.
If You Are the Owner
(Part 2, line 19, column B or Part 4, line 6)
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 refinery.
Captive Real Estate Investment Trusts
(Part 2, line 5, column B or Part 4, line 2)
A captive real estate investment trust that is subject to federal income tax is required to add-back the dividends-paid
deduction otherwise allowed by federal law in computing net income. 68 OS Sec. 2358.
Indian Employment Exclusion
(Part 2, line 19, column B or Part 4, line 3)
All qualified wages equal to the federal Indian Employment Credit set forth in 26 U.S.C.A., Section 45A, shall be deducted
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 the 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.
Deduction for Qualified Equity Investments
(Part 2, line 19, column B)
Corporations may deduct qualified equity investments in an eligible Oklahoma venture capital company. The deduction
may not exceed $25 million by an accredited investor during a taxable year and may not reduce Oklahoma taxable income below zero. 68 OS Sec 2358.110. Provide Form 582-I.
Deduction for Qualified Property
(Part 2, line 14, column B or Part 4, line 3)
S corporations may deduct the cost of business assets that are qualified property or qualified improvement property
covered under Sec. 168 of the IRC. The qualified property is eligible for 100% Oklahoma bonus depreciation and may
be deducted as an expense incurred by the taxpayer during the taxable year during which the property is placed in
service. For S corporations filing Part 4, the apportioned depreciation claimed in the first year should be added back to the
Oklahoma distributable net income in subsequent years.
Note: If 100% Oklahoma depreciation was claimed on a previous year’s Oklahoma return, it cannot duplicate depreciation
claimed on the federal return. Any duplicated depreciation from prior years must be added back on Part 2, Line 5, Column
B, or Part 4, Line 6. For S corporations filing Part 4, the apportioned depreciation from the first year will be used to adjust
Oklahoma net distributable income in subsequent years.
Electing Pass-Through Entity
68 OS Sec. 2355.1P-1 through 2355.1P-4
“Electing pass-through entity” means any PTE as defined 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.
Any PTE required to file an Oklahoma partnership income tax return or Oklahoma S corporation income tax return
may elect to become an electing PTE by filing Form 586 “Pass-Through Entity Election Form”. The election to become
an electing PTE has priority over and revokes any election to file 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 first year for which the tax is not paid.
If You Are the Electing PTE
Place an “X” in the “Electing PTE” box (4) located at the top of Form 512-S, 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 4.75% for individual and trust members or 4% 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 512-S, Part 1, section One, lines 1 and 2b and 2c.
	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
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, line 5, column B 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. Attach a schedule listing the electing
PTE, federal identification 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).
If You Want to Become an Electing PTE
Place an “X” in the “First-year PTE Election” box (5) located at the top of Form 512-S, page 1, and include Form 586 with
your return. (See “If You Are the Electing PTE” instructions for reporting the election.)

PART 2
To compute Oklahoma net distributable income, all S corporations start with Part 2.
Lines 1-21, Column A
Part 2, column A must be completed by all S corporations. List exact figures as reported on the front page of your Federal
Form 1120-S.
Lines 1-21, Column B
Part 2, column B is to be used by S corporations deriving all of their income from within Oklahoma. This column is also
to be used by all S corporations 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. S
corporations 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 5 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. See the “Captive Real Estate
Investment Trusts” section.

PART 3
If federal and Oklahoma net distributable incomes are the same, you may complete line 18 of Part 3, then
complete Part 5. A copy of your federal Form 1120-S and K-1 must be provided with your Oklahoma return. An
Oklahoma return must be filed.
Lines 1-18, Column A:
Part 3, column A is to be used by all S corporations. List figures as reported on your Federal Form 1120-S, Sch. K.
Lines 1-18, Column B
Part 3, column B is to be used by S corporations deriving all of their income from within Oklahoma. This will be the same
as in column A, except for lines 4b and 4c.
This column is also used by S corporations whose business within and without Oklahoma is oil and gas production,
mining, farming, income from other pass-throughs or rental. Complete this column on a direct accounting basis as follows:
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. Provide schedule of alloacation if not
reporting a unitary business on Part 4.
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 Part 3, line 1.
All other intangible income (loss) shall be allocated in accordance with the situs of the S corporation. Gains or losses
from the sale of leases and gains or losses from the sale of real and tangible personal property shall be allocated in
accordance with the situs of the property.
	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
Line 4b
State and Municipal Bond Interest
S corporations domiciled in Oklahoma that 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 profit
from the sale of such bonds, notes 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 line 1, is exempt from Oklahoma income tax. The exceptions are those obligations issued for the purpose of
providing financing for projects for nonprofit corporations. Local governmental obligations shall include bonds or
notes issued by, or on behalf of, or for the benefit of Oklahoma educational institutions, cities, towns, or counties or
by public trusts, of which any of the foregoing is a beneficiary.
	 3)	 Income from Oklahoma State and Municipal Bonds issued prior to July 2, 2001, other than those provided for in line
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 that
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 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 that 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 and GNMA does not qualify.
Lines 7 through 9
Gains or losses from the sale of the following shall be allocated in accordance with the situs of the property:
	
• 	 Real or tangible personal property,
	
• 	 Lease, royalty or bonus income from oil and gas properties.
Line 10
The gain on property, for which a section 179 expense deduction was passed through to shareholders and which is
reported as Supplemental Information on the federal K-1, is to be reported on this line for Oklahoma purposes. 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 S corporation’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 shareholder for the property and the S
corporation’s tax year(s) in which the amount was passed through.
Lines 12 through 17
Expenses relative to the income above shall be allocated directly to that income.

PART 4
Part 4 is to be used by S corporations conducting a business of unitary nature. A unitary business is one whose income
is derived from the conduct in more than one state of a single business enterprise, 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.
Generally, the resulting amount is apportioned to Oklahoma based on the three-factor formula. The basis of the
apportionment is the 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
	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
Part 4 (continued)
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. To the income apportioned to Oklahoma, there is to be added all
income separately allocated to Oklahoma with the result being Oklahoma taxable income. 68 OS Sec. 2358.
Line 1
Enter net distributable income from page 5, Part 3, column A, line 18.
Line 2
Deductions relating to income that is separately allocable shall not be allowed as apportionable 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, see “Captive Real Estate Investment Trusts”
on page 6.
Line 3
Income from U.S. obligations (see Part 3, line 4c instructions) and net income separately allocated (oil and gas
production, mining, farming, or rentals and other pass-through income) 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.
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, rentals, the Oklahoma distributable income from pass-throughs, etc.).
Line 7
Oklahoma net distributable income. Place this figure on page 5, Part 3, column B, line 18. Then complete Part 5.

PART 5
All S corporations must complete Part 5. Complete Form 512-S-SUP if there are more than two shareholders. Complete
as many Form(s) 512-S-SUP as needed to list all shareholders.
If your business is either wholly in Oklahoma or of an allocable nature, complete Part 5 after you complete Part 3. If your
business is of a unitary nature, complete Part 5 after you complete Part 4.
Shareholder’s Pro Rata Share of Income
Enter the names, addresses and Social Security Numbers (SSN) or FEINs of the shareholders, and each shareholder’s
pro rata share of net income, whether distributed or not.
Notice: The amount shown on Part 5 may not be the amount to be entered on the shareholder’s Oklahoma income tax
return. This amount includes all allowable S corporation income, losses and deductions; however, some of these items
may be limited on the federal individual return. If these items are allowed in full or in part on your federal income tax
return, they will be allowed to the same extent on your Oklahoma return.
Corporations Please Note: Except for shareholders of an electing PTE, nonresident shareholders must provide
a signed Form 512-SA indicating that an income tax form will be filed with Oklahoma reporting their income or loss.
This agreement must be provided with the original S corporation income tax return, Form 512-S, for each nonresident
shareholder, otherwise the corporation shall be taxed on that part of the corporation’s net income allocable to the shares
of stock owned by the nonresident shareholder.
Once the agreement has been signed, it is irrevocable for this tax year. If a signed agreement is not submitted with
the original filed return, the tax on the corporation is binding. Each shareholder’s SSN or FEIN must be shown for the
agreement to be valid.

Depletion

Enter each shareholder’s allowable depletion. Provide a detailed schedule.

	

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9

2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
Credits

Enter and describe each shareholder’s portion of credits. Provide all forms required to substantiate the credit(s). See the
instructions for Part 1 “Oklahoma Credits” for more detail on the credits available.

Withholding

Enter and describe each shareholder’s share of Oklahoma withholding. The S corporation 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 shareholders.
Oklahoma income tax is withheld from oil royalties paid to nonresident shareholders. Enter each shareholder’s share of
such withholding.
The shareholder’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 shareholders who have not filed a withholding exemption affidavit (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 shareholders.

PART ONE - SECTION ONE: INCOME TAX
Part 1 is to be completed:
	

• 	 For those nonresident shareholders for whom the Nonresident Shareholder Agreement (Form 512-SA) is
not provided. The S corporation will be taxed on the non-resident’s share of income. Note: If the nonresident
shareholder’s income is taxed at the S corporation level, the income is not to be reported by the shareholder on
an Oklahoma income tax return.

	

•	

For an electing PTE, Form 587-PTE must be completed.

	

•	

If claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities.

Line 1b - Oklahoma Capital Gain Deduction
Taxpayers 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 defined under IRC Section 1222(11). The
qualifying gain must:
	

1) 	Be earned on real or tangible personal property located within Oklahoma that you have owned, either directly or
indirectly, for at least five uninterrupted years prior to the date of the sale,

	

2) 	 Be earned on the sale of stock or ownership interest in an Oklahoma headquartered company, limited liability
company or partnership where such stock or ownership interest has been owned, directly or indirectly, by you for
at least three uninterrupted years (two for individuals) prior to the date of the 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.

Form 561-S is used to determine the qualifying Oklahoma net capital gain of the nonresident shareholders whose income
is reported on Form 512-S, Part 1. Form 512-S, Part 1 is for those who did not file a nonresident shareholder agreement
(Form 512-SA). Provide Form 561-S, a copy of your Federal Schedule D and Form 8949 or 4797, when applicable.
Line 1c - Nonresident Share of Deductions
Share of Net Operating Loss (NOL) Carryover
Enter the amount of NOL carryover that is attributable to those nonresidents who did not file a nonresident shareholder
agreement (Form 512-SA) in the loss year. Provide a detailed schedule.
Oklahoma Depletion:
For each nonresident shareholder whose income is reported in Part 1, line 1a, 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 defined in 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.
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 provided.
	

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10

2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
Line 2a - Nonresident Tax
The income tax rate is 4%.
Lines 2b and 2c - Electing PTE
Enter the tax from Form 587-PTE, Parts 1 and 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 qualified project is required to be
recaptured during the first 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
Provide a copy of the credit form or schedule. Complete the schedule showing each shareholder’s pro rata share of
credit. For each credit, enter that portion attributable to the nonresident shareholders who do not file a nonresident
shareholder agreement (Form 512-SA) or for the shareholders of an electing PTE.
Line 3 - Other Credits
The amount of other 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 the taxpayer is 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.
Tax credits transferred or allocated must be reported on Form 569. Failure to file 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.
•	
	

Credit for Verified Blood Donation
68 OS Sec. 2357.406.

•	
	
	

Credit for Investment in a Clean-Burning Motor Fuel Property
Provide Form 567-A.	
68 OS Sec. 2357.22 and Rule 710:50-15-81.

•	
	

Credit for Tourism Development or Qualified Media Production Facility
68 OS Sec. 2357.34 - 2357.40.

•	
	

Credit for Qualified 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. 2370.1.

•	
	

Credit for Strategic Industrial Development Enhancement (SIDE) Projects
68 OS Sec. 2357.105.

•	
	

Credit for Railroad Modernization
68 OS Sec. 2357.104 and Rule 710:50-15-103.

•	
	

Credit for Biomedical Research Contribution
68 OS Sec. 2357.45 and Rule 710:50-15-113.

	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
Line 3 - Other Credits (continued)
•	 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.
•	
	

Credit for Cancer Research Contribution
68 OS Sec. 2357.45 and Rule 710:50-15-113.

•	
	

Oklahoma 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. 2357.206 and Rule 710:50-15-114.

•	
	

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.

•	
	

Credit for Oklahoma Rural Jobs
68 OS Sec. 3930-3937.

•	
	

Credit for Contributions to an Eligible Public School Foundation or Public School District
68 OS Sec. 2357.206 and Rule 710:50-15-115.

PART ONE - SECTION TWO: CREDITS AND PAYMENTS
Line 7 - Oklahoma Withholding
Enter the portion of Oklahoma withholding that is passing through the S corporation to those nonresident shareholders
who did not file a nonresident shareholder agreement (Form 512-SA) or to shareholders of an electing PTE. The
shareholder’s portion of such withholding is shown on page 8, Part 5, line 10. Provide the Form 1099-MISC, Form 500-A,
Form K-1 or other withholding statement received by the S corporation to substantiate the Oklahoma withholding.
Enter the Oklahoma income tax withheld from Oklahoma distributions made to your nonresident shareholders who did
not file a nonresident shareholder agreement (Form 512-SA). The shareholder’s withholding is shown on the Form 500-B.
Provide a copy of the Form 500-B for each such nonresident shareholder.
Note: Do not include the portion of the S corporation’s withholding passing through to resident shareholders or to those
nonresident shareholders who filed a nonresident shareholder agreement (Form 512-SA).
Line 8 – Credit from Form 578
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 file 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 filing an amended return, enter any amount(s) paid with the original return plus any amount(s) paid after it was filed.
Line 10 - Refunds or Overpayment Applied
When filing an amended return, enter any refund previously received and/or overpayment previously applied.

	

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2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
PART ONE - SECTION THREE: REFUND
Line 14 - Donations From Your Refund
You may donate from your tax refund to support a variety of Oklahoma organizations. Enter the amount of your donation
and place the number of the organization in the box on line 14 of Form 512-S. If you give to more than one organization,
put a “99” in the box and provide a schedule showing how you would like your donation split.
	
Support of Programs for Volunteers to Act as Court Appointed Special Advocates for Abused or Neglected 		
1
	Children
You may donate from your tax refund to support programs for volunteers to act as Court Appointed Special Advocates for
abused or neglected children. Donations will be placed in the Income Tax Checkoff Revolving Fund for Court Appointed
Special Advocates. Monies will be expended by the Office of the Attorney General for the purpose of providing grants
to the Oklahoma CASA Association. If you are not receiving a refund, you may still donate. Mail your contribution to:
Oklahoma CASA Association, Inc., PO Box 54946, Oklahoma City, OK 73154.
	 2 Y.M.C.A. Youth and Government Program
You may donate from your tax refund to support the Oklahoma chapter of the Y.M.C.A. Youth and Government program.
Monies donated will be expended by the State Department of Education for the purpose of providing grants to the Program so
young people may be educated regarding government and the legislative process. If you are not receiving a refund, you may
still donate. Mail your contribution to: Oklahoma State Department of Education, Y.M.C.A. Youth and Government Program,
Office of the Comptroller, 2500 North Lincoln Boulevard, Room 415, Oklahoma City, OK 73105-4599.
	 3 Support the Wildlife Diversity Fund
You may donate from your tax refund to help conserve rare or declining fish and wildlife along with common species not
hunted or fished. Donations to the Oklahoma Department of Wildlife Conservation’s Wildlife Diversity program supports
field surveys of animals considered to be of greatest conservation need, as well as educational wildlife programs for all
Oklahomans. Tax deductible donations to the Wildlife Diversity Fund also can be made at wildlifedepartment.com or by
mail: Oklahoma Department of Wildlife Conservation, Re: Wildlife Diversity Fund, PO Box 53465, Oklahoma City, OK
73152.
Line 16 - All refunds must be directly deposited into a bank account. See page 14 “Direct Deposit Information” for details.

PART ONE - SECTION FOUR: AMOUNT YOU OWE
Line 18 - Underpayment of Estimated Tax Interest
All S corporations are required to make estimated tax payments if the tax liability is $500 or more. To avoid the 20%
Underpayment of Estimated Tax Interest, timely filed estimated tax payments are required to be equal to the smaller of
70% of the current year tax liability or 100% of your prior year tax. The tax liability is the tax due less all credits except
amounts paid on estimated tax and extension payments.
Place an “X” in the box if the underpayment of estimated tax was computed using the annualized income installment
method.
Note: No Underpayment of Estimated Tax Interest shall be imposed if the tax liability shown on the return is less than
$1,000. Provide Form OW-8-P.
If an amended return is filed before the due date for filing 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 filed after the due date,
including extension, the tax shown on the amended return will not be used to compute the amount of underpayment.
Line 19 - Delinquent Penalty and Interest
Interest at the rate of 1.25% per month shall be paid on the tax due from the original due date until paid. 90% of the tax
liability must be paid by the original due date of the return to avoid a delinquent penalty charge of 5% for late payment.

	

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13

2024 OKLAHOMA SMALL BUSINESS CORPORATION TAX PACKET
WHEN YOU ARE FINISHED
Payments may be made electronically online using OkTAP at tax.ok.gov or by check or money order payable to
“Oklahoma Tax Commission.” For proper account application, provide a tax payment voucher (Form EF-V for corporations
or Form EF-PTE for electing PTEs) or an estimated tax coupon (Form OW-8-ESC for corporations or Form OW-8-ESPTE
for electing PTEs) 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

GET YOUR REFUND FASTER. USE DIRECT DEPOSIT!
Complete the direct deposit section on the tax return to have the refund directly deposited into your account at a
bank or financial institution. Refunds, with limited exceptions, must be made by direct deposit.

1

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 notification of the deposit.

2

Enter your routing number. The routing number must be nine digits. Using the sample check shown
below, the routing number is 120120012. If the first two digits are not 01 through 12 or 21 through
32, the direct deposit will fail to process.

3

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.

Please Note: The OTC is not responsible if a financial 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 financial
institutions. If you use a foreign financial institution, you will be issued a paper check.

1234

JOE SMITH
SUSIE SMITH
123 Main Street
Anyplace, OK 00000

Routing
Number

PAY TO THE
ORDER OF

15-0000/0000

SAMPLE

$

Account
Number

DOLLARS
ANYPLACE BANK
Anyplace, OK 00000
For

:120120012 : 2020268620

SAMPLE
1234

Note: The routing
and account numbers
may appear in
different places on
your check.

THE OKLAHOMA TAX COMMISSION IS JUST ONE CLICK AWAY
FOR YOUR CONVENIENCE, 24/7

tax.ok.gov
Locations

Oklahoma City: 300 North Broadway Ave.
Monday - Friday 7:30 a.m. - 4:30 p.m.

Taxpayer Resource Center

Stay Connected

Monday - Friday 8:00 a.m. - 5:30 p.m.
405.521.3160
	

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14

Oklahoma Small Business
Income Tax Return

Form 512-S
2024
Corporation

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
For the year January 1 - December 31, 2024, or other taxable year beginning:		
Name of Corporation

2024

ending:	

Federal Employer Identification Number

Business Code Number

Street Address

State or Province

City

Date of Incorporation

Under the Laws Of

County in Which Located

Country

ZIP or Foreign Postal Code:

Type of Business

Extension - If you have applied for an extension

from the IRS, place an ‘X’ here and provide a copy.

Place an ‘X’ if:

(1)

Initial
Return

(2)

Final
Return

(3)

Amended Return
(See Schedule 512-S-X on page 9)

Any entity required to file an Oklahoma S corporation income tax return may elect to become an electing PTE by filing an income tax return prior to but not
later than the due date of the applicable return, including any extensions.
(4) Place an ‘X’ here if you are an existing Electing PTE:
(Acknowledgement included)

(5) Place an ‘X’ here if this is your first-year PTE election:
(Form 586 included)

-

PART ONE, SECTION ONE: INCOME TAX Tax Computation Schedule for Nonresident Shareholders Who Do Not File Form
512-SA and Electing Pass-through Entities -or- for a Corporation Claiming the Refundable Credit from Form 578.
	1a	 Nonresident share of income from Page 8, Part 5, line 14..................................... 	 1a

00

	1b	 Nonresident share of Okla. capital gain deduction (provide Form(s) 561-S)........ 	 1b

00

	1c	 Nonresident share of deductions (see instructions)............................................... 	 1c

00

	 1	 Nonresident share of taxable income (line 1a minus lines 1b and 1c) -or- electing pass-through
		 entity’s taxable income (587-PTE, Part 3, line 3). If the Oklahoma Capital Gain Deduction
		 (Form 561-PTE) is included on Form 587-PTE, Column C, place an “X” in the box.....................................	

. ...	 1

00

	Complete line 2a -or- lines 2b and 2c
2a		 Nonresident Oklahoma tax (4% of line 1)............................................................... 	 2a

00

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

00

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

00

Nonresident Oklahoma tax (line 2a) -or- Electing Pass-Through Entity 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 Section 965(h)
and 68 OS Sec. 2368(K), add the installment payment here and enter a “2” in the box )................... 		

2

00

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

3

00

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

00

	 2	
		
		
		

2024 Form 512-S - Small Business Corporation Income Tax - Page 2

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name Shown on Form 512-S:

FEIN:

PART ONE, SECTION TWO: CREDITS AND PAYMENTS
	

	5	 2024 Oklahoma estimated tax payments (i.e. Form(s) OW-8-ESC and
		 prior year overpayment carryforward).................................................................... 	5

00

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

00

7		 Oklahoma withholding (provide withholding statement)............................................ 	7

00

	 8	 Refundable Credits from Form 578........................................................................ 	 8

00

	 9	 Amount paid with original return and amount paid after it was filed
		 (amended return only)............................................................................................ 	9

00

	10	 Any refunds or overpayment applied (amended return only)................................. 	10 (	) 00

00

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

PART ONE, SECTION THREE: REFUND
		12	
	

00

If line 11 is more than line 4, subtract line 4 from line 11. This is your overpayment)......................... Overpayment	12	

00

	13	 Amount of line 12 to be credited to your 2025 estimated income tax (original return only)........................................ 	13

Line 14 provides you the opportunity to make a donation from your tax refund to a variety of Oklahoma
organizations. Place the line number of the organization from the line 14 instructions in the box below and
enter the amount you are donating. If giving to more than one organization, put a “99” in the box and attach
a schedule showing how you would like your donation split.

		 14	 Donations from your refund................................ 	$2	 $5	 $____________________ 		14

00

	15	 Total (add lines 13 and 14)......................................................................................................................................... 	15

00

	16	 Amount of line 12 to be refunded to you (line 12 minus line 15).................................................................... Refund	16

00

	

Direct Deposit Note:
All refunds must be by direct deposit.
See Direct Deposit Information on
page 14 of the 512-S Packet for details.

Is this refund going to or through an account that is located outside of the United States?
Deposit my refund in my:
Routing Number:
Account Number:

Checking Account

Savings Account

Yes

No

2024 Form 512-S - Small Business Corporation Income Tax - Page 3

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name Shown on Form 512-S:

FEIN:

PART ONE, SECTION FOUR: AMOUNT YOU OWE
	
	17	 If line 4 is more than line 11, subtract line 11 from line 4. This is your tax due................................ Income Tax Due	 17

00

	18	 Underpayment of estimated tax interest........................................................................................ Annualized	

18

00

		 interest of 1.25% per month...............................................................$_______________________________ . ....... 	 19

00

	20	 Total tax, penalty and interest (add lines 17 - 19)............................................................. Income Tax Balance Due	 20

00

	19	 For delinquent payment add penalty of 5%.....................................$_______________________________ .plus

Make check payable to the
Oklahoma Tax Commission

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 Officer				

Printed Name of Officer

Title	

Date

Officer Email Address

Phone Number

Signature of Preparer				

Printed Name of Preparer

Phone Number				

Date

Preparer Email Address

Preparer’s PTIN

This form is due 30 days after the due date of the federal return.
Provide a complete copy of federal return.
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

2024 Form 512-S - Small Business Corporation Income Tax - Page 4

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name Shown on Form 512-S:

FEIN:

PART 2: ORDINARY INCOME FROM TRADE OR BUSINESS Complete Column A. Column B should be completed
by S Corporations whose income is all within Oklahoma and/or by those whose income is partly within and partly without Oklahoma (not of a unitary
nature). CAUTION: Include only trade or business income and expenses on lines 1a through 21 below.
Column A
As reported on
Federal Return

Column B
Total applicable
to Oklahoma

1	

a. Gross receipts or sales........................ $____________________

	

b. Minus returns and allowances............. $____________________ . ...................... 	

00

1

00

2	

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

00

2

00

3	

Gross profit (subtract line 2 from line 1)....................................................................... 	

00

3

00

4	

Net gain (loss) (Form 4797 Part II, line 17).................................................................. 	

00

4

00

5	

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

00

5

00

6	

Total income (loss) (add lines 3 through 5)................................................................. 	

00

6

00

7	

Compensation of officers.............................................................................................. 	

00

7

00

8	

Salaries and wages...................................................................................................... 	

00

8

00

9	

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

00

9

00

10	

Bad debts..................................................................................................................... 	

00 10

00

11	

Rent.............................................................................................................................. 	

00

11

00

12	

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

00 12

00

13	

Interest......................................................................................................................... 	

00 13

00

14	

Depreciation................................................................................................................. 	

00 14

00

15	

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

00 15

00

16	

Advertising.................................................................................................................... 	

00 16

00

17	

Pension, profit-sharing, etc. plans................................................................................