Oklahoma Annual Information Return (reconciliation for Forms 500, 500A and 500B)

Annual Information Return (reconciliation for Forms 500, 500A and 500B)
Form 501 Annual Information Return Summary of Reports Enclosed Herewith
Please do not
use this space

FORM

Annual Information Return
State of Oklahoma
Income Tax
Summary of reports provided herewith.

501

Revised 2023

Tax Year ______

(Do not remit payment with this form)

Please do not
use this space

Name of person or organization submitting this return
Please check one:
Corporation

If this is your
final return,
please check
here

Partnership	

Individual	

Fiduciary	

Other

Street address or Rural Route

LY LY
N
O AL
City, State and ZIP
S
E NIC
S
O
PO
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Federal Identification Number
	
Social
Security
T
R
PU LEC
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A DE
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Number of reports provided (Form 500 or 1099)
Total amount
of income
IO FILE reported with this form Oklahoma income tax withheld
T
MA BE
R
T transmitted. A separate Form 501 is required for each type of statement reported.
Check only one box below to indicate the type
FOof formSbeing
IN MU
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FO 50 109910991099W-2
M
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Address continued

A

G

G

PATR

500

1099-B

1099-INT

1099-R

500-A

1099-C

1099-MISC

1099-S

500-B

1099-DIV

1099-OID

NOTE: Do Not File Form 501 for any 1099 forms electronically filed with the Internal Revenue Service (IRS) if you participate in the Combined
Federal/State Filing (CF/SF) Program. The IRS electronically forwards information returns (original and corrected) to the Oklahoma Tax Commission
as a participating state in the CF/SF Program.
I declare, under the penalties of perjury, that this form has been examined by me, and to the best of my knowledge and belief is a true, correct, and
complete return of payments of the described classes of income, made by the person or organization named above, during the calendar year.

Signature

Date
Contact person, if more information is needed:
Name:

Title
Telephone Number: (

)

Who Shall Report

Form 501 Instructions

All payors, including but not limited to churches, charitable organizations, labor unions, lodges, fraternities, sororities, school districts,
state, county and municipal departments, cooperatives and any other tax exempt organization, shall report these payments.

Due Dates

This return together with the reports provided must be submitted to the Oklahoma Tax Commission (OTC) by February 28 of the succeeding calendar year except where indicated below.
	

•	 Every remitter, required to withhold income tax from royalty payments made to nonresident royalty owners, shall provide this 	
	
return together with either Forms 1099-MISC or Forms 500-A to the OTC by January 31 of the succeeding calendar year. Each
person to whom such payment was made shall also be provided either Form 1099-MISC or Form 500-A by January 31. 68 OS
Sec. 2385.26.

	
	

•	 Every pass-through entity, required to withhold income tax from the Oklahoma share of income distributed to nonresident
members, shall provide this return together with Forms 500-B to the OTC by the due date, including extensions, of the passthrough entity’s income tax return. Each person to whom such payment was made shall also be provided Form 500-B by such
date. 68 O.S. Sec. 2385.30.

Payments to be Reported When Paid to Residents

All persons (individuals, trusts, estates, corporations and partnerships) acting as payor, and including lessees, mortgagors of real
and personal property, employers, officers and employees of the state or any political subdivision thereof, should report the following
payments when these payments amount to $750 or more in the calendar year: interest, rent, dividends, annuities, gambling winnings,
or other fixed or determinable or periodical gains, profits or income.

Production Payment Rules (resident • nonresident)

The OTC requires the reporting of “production payments” made to individuals, corporations, partnerships, trusts or estates whether
made to a resident or nonresident. For purposes of 68 OS Sec. 2369, production payments means payments of proceeds generated
from mineral interests in this state, including, but not limited to, a lease bonus, delay rental, royalty and working interest payment, and
overriding royalty interest payment. Income from real property should be reported only when the property is located within Oklahoma,
whether the recipient is a resident or nonresident. Amounts to report: $750 or more except $10 or more for royalties. All payments with
Oklahoma withholding must be reported. State code “OK” must be entered in box 17 of form 1099-MISC to designate that the property
is located in Oklahoma. Do not remit payment with this form.

Dividend or Interest Payments

Corporations paying to individuals interest on bonds, mortgages, deeds of trusts and other similar obligations or dividend payments,
should report these when they exceed $100; other persons (individuals, trusts, estates and partnerships) should report interest
payments of $750 or more, when paid to an individual. Brokers or agents in stocks, bonds, and security or stock transactions will report,
on Form 500, the total amount of commodity or security sales or the total market value of the securities exchanged for the customer,
when they were $25,000 or more in the calendar year. This includes banks which handle orders for depositors or custodian accounts.

Nonresidents

Persons making payments to nonresident individuals, partnerships, trusts, corporations or estates of fixed or determinable income,
from property owned, business or trade carried on in Oklahoma or gambling winnings won in Oklahoma, totaling $750 or more in the
calendar year should report such payments. Also see production payment rules for nonresidents.

Professional Payments

Persons making payments to professional individuals should report them when they amount to $750 or more and are made to an
Oklahoma resident or to a nonresident providing professional services within the State of Oklahoma.

Pass-Through Entities

Oklahoma requires withholding from distributions made to nonresident members (partners, members, shareholders or beneficiaries) of
pass-through entities (partnerships, S corporations, limited liability companies or trusts). Report the income distributed and the income
tax withheld on Form 500-B.

General Information

The foregoing instructions are in conformity with the provisions of the Oklahoma statutes, requiring information returns to be filed in
accordance with rules and regulations prescribed and adopted by the OTC. The OTC is not required to notify taxpayers of changes in
any state tax law.