Oklahoma Return of Organization Exempt from Income Tax

Return of Organization Exempt from Income Tax
2023 Form 512-E Oklahoma Return of Organization Exempt from Income Tax
Oklahoma Return of Organization
Exempt from Income Tax

Form 512-E
2023

Section 501(c) of the Internal Revenue Code
PART 1

For the year January 1 - December 31, 2023, or other taxable year beginning:		ending:	
2023
Name of Organization

Federal Employer Identification Number

Date Qualified for Tax Exempt Status

Address (Number and street)

City

Place an ‘X’ if: 	

State or Province

(1)	

Initial Return	

(2)	

Final Return	

Country

(3)	

ZIP or Foreign Postal Code:

Amended Return (See Schedule 512-E-X on page 2)

PART 2: STATEMENT OF UNRELATED BUSINESS TAXABLE INCOME
(Please read instructions on pages 3-4)

Total Federal

Allocable Oklahoma

		 A	 Total unrelated trade or business income - applicable Federal Form(s) 990.........

	

	 B	 Total unrelated trade or business deductions - applicable Fed. Form(s) 990........
	 C	 Unrelated business taxable income - enter here and on line 1 below...................
INCOME SUBJECT TO TAX

		 1	 Unrelated business taxable income - from statement above (allocable to Oklahoma)..........................................	1

00

	 2	 Other net income - provide schedule....................................................................................................................	2

00

	 3	 Oklahoma Capital Gain deduction (provide Form 561-C).....................................................................................	3

00

	 4	 Oklahoma taxable income (total of lines 1, 2 and 3)..............................................................................................	4

00

	

TAX COMPUTATION

		 5	 Tax at 4% of line 4. If trust, see rate schedule on page 3 and place an “1” in the box.
	
If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here and
	
enter a “2” in the box. If making an Okla. installment payment pursuant to IRC Sec. 965(h) and
	
68 OS Sec. 2368(K), add the installment payment here and enter a “3” in the box..............................	5	

00

	6	Less: Other Credits Form (total from Form 511-CR).............................................................	

.............	6

00

	 7	 Balance of tax due (line 5 minus line 6, but not less than zero).............................................................................	7

00

	 8	 2023 Oklahoma estimated tax and extension payments and prior year carryforward...........................................	8

00

	 9	 Oklahoma withholding (provide Form 1099, Form 500A, Form 500B or other withholding statement)................	9

00

	 10	 Amount paid with original return and amount paid after it was filed (amended return only)..................................	10

00

	 11	 Any refunds or overpayment applied (amended return only).................................................................................	11	
(	)

00

	 12	 Total of lines 8 through 11......................................................................................................................................	12

00

	 13	 Overpayment (if line 12 is larger than line 7, enter amount overpaid) ..................................................................	13

00

	 14	 Amount of line 13 to be credited to 2024 estimated tax (original return only) .......................................................	14

00

2023 Form 512-E - Page 2

Oklahoma Return of Organization Exempt from Income Tax
Name of Organization:

Federal Employer Identification Number:

Amount from line 14 on page 1

00

Line 15 provides you the opportunity to make a financial gift from your refund to a variety of Oklahoma
organizations. Place the line number of the organization from page 4 of this form 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.
		15	 Donations from your refund................................. 	$2	 $5	 $_________________ 		15

00

	 16	 Add lines 14 and 15 and enter amount..................................................................................................................	16

00

	 17	 Amount to be refunded to you (line 13 minus line 16)............................................................................. Refund	17

00

Direct Deposit Note:

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

All refunds must be by direct
deposit. See Direct Deposit
Information on page 5 for details.

Deposit my refund in my:

Checking Account

Yes

No

Savings Account

Routing Number:
Account Number:

	
	 18	 Tax Due (if line 7 is larger than line 12 enter tax due)............................................................................ Tax Due	18

00

	 19	 For delinquent payment, add penalty of 5% plus interest at 1.25% per month......................................................	19

00

	 20	 Underpayment of estimated tax interest.................................................................................. Annualized	20

00

	 21	 Total tax, penalty and interest due - Add lines 18-20; pay in full with return................................. Balance Due	21

00

Under penalty of perjury, I declare the information contained in this document, attachments and schedules are true and correct to the best of my knowledge and belief.
Signature of Officer or Trustee	 	

	

	

Date

Printed Name

Title	

Phone Number

Check this box if
the Oklahoma Tax
Commission
may discuss this
return with your
tax preparer.

Signature of Preparer	

Date

Printed Name of Preparer

Phone Number	

Preparer’s PTIN

SCHEDULE 512-E-X: AMENDED RETURN SCHEDULE (See instructions on page 3)

	 A Did you file an amended Federal income tax return?	
	

Yes	

No

Provide a copy of the amended Federal return and a copy of “Statement of Adjustment”, IRS refund check or deposit slip.

	 B If this return is being filed due to a Federal audit, provide a complete copy of the RAR.
	 C Explanation or reason for amended return (provide all necessary schedules):
	

_________________________________________________________________________________________________________________

	

_________________________________________________________________________________________________________________
Do not staple documentation to this form. To attach items, please use a paper clip.
Mailing Address for this form: PO Box 26800, Oklahoma City, OK 73126-0800
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

2023 Form 512-E - Page 3

Instructions for Filing an Amended Return
When filing 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 filed on line 10. Enter any refund previously received or overpayment applied on line
11. Complete the Amended Return Schedule, Schedule 512-E-X on page 2.
Provide the amended Federal return and proof of disposition by the Internal Revenue Service (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.

General Instructions
Every organization shall make a return for each year. 68 Oklahoma Statutes (OS) Section 2368.
Part 1 and the signature section must be completed by all organizations. If you were required to file an annual information return with
the IRS, provide a copy of the information return including any supporting schedules (e.g. Form 990, 990-EZ, 990-PF).
Part 2 is to be completed by organizations who have unrelated trade or business income. If you were required to file an income tax return
with the IRS, provide a copy of the tax return including any supporting schedules (e.g. Form 990-T).
Corporate returns shall be due no later than 30 days after the due date established under the Internal Revenue Code (IRC).
Exempt Organizations are subject to tax on unrelated business income. 68 OS Sec. 2359.
Investment income of exempt organizations subject to federal excise tax is not subject to Oklahoma income tax; however, any income
subject to income tax under the IRC is subject to Oklahoma income tax.
Complete the Oklahoma Statement of Unrelated Business Income and attach a schedule of any other taxable income.
Total unrelated trade or business deductions includes the “specific deduction” allowed on the Federal return.
If you do not have a Federal Employer Identification Number, you may obtain one by visiting the IRS website at irs.gov.
If you are a member, either directly or indirectly, of an electing pass-through entity (PTE), subtract Oklahoma income and add Oklahoma losses covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019. Provide a schedule listing the
PTE, federal identification number, the year of the election, federal taxable income (loss) and Oklahoma taxable income (loss) that is
covered by the election pursuant to this Act. Also provide a copy of the OTC acknowledgement letter received by the PTE. 68 OS Sec.
2355.1P-4.
Line 5 - TAX
The income tax rate is 4%.
Trust: If the exempt organization is a trust, the following rates apply. Enter a “1” in the box on Form 512-E, line 5.

If taxable income is:	

At least		
But less than

		 -0-		1,000	

Pay............. 	0.00	+	 0.25%	 over..................... 0	

		1,001		
2,500	

Pay............. 	

		2,501		
3,750	

Pay............. 	13.75	 +	

1.75%	 over.............. 2,500

		3,751		
4,900	

Pay............. 	35.63	 +	

2.75%	 over.............. 3,750

		4,901		
7,200	

Pay............. 	67.25	 +	

3.75%	 over.............. 4,900

		7,201		

Pay............. 	153.50	

4.75%	

over	

2.50 	

+	

+	

0.75%	

over.............. 1,000

over.............. 7,200

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 “2” in the box on Form 512-E, line 5.
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 “3” in the box on Form 512-E, line 5. Provide a schedule of the tax computation. 68 OS Sec. 2368(K).

Mail to:	 Oklahoma Tax Commission • PO Box 26800 • Oklahoma City, OK 73126-0800

2023 Form 512-E - Page 4

Donations from Refund
1 - Support of Programs for Volunteers to Act as Court Appointed Special Advocates for Abused or Neglected 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 support the conservation of 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, Oklahoma 73152.
4 - Oklahoma Silver Haired Legislature and Alumni Association Programs
You may donate from your tax refund to support the Oklahoma Silver Haired Legislature and their Alumni Association activities. The
Oklahoma Silver Haired Legislature was created in 1981 as a forum to educate senior citizens in the legislative process and to highlight
the needs of older persons to the Oklahoma State Legislature. Monies generated from donations will be used to fund expenses of
the Silver Haired Legislators, training sessions, interim studies and advocacy activities. If you are not receiving a refund, you may still
donate. Mail your contribution to: Oklahoma Silver Haired Legislature and Alumni, PO Box 25352, Oklahoma City, OK 73125.

2023 Form 512-E - Page 5

Direct Deposit Information
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. Please keep in mind you will not receive notification of the deposit.

	

2

Fill out the 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

ABC Corporation
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

SAMPLE

For

:120120012 : 2020268620

1234

THE OKLAHOMA TAX COMMISSION IS JUST ONE CLICK AWAY
FOR YOUR CONVENIENCE, 24/7
tax.ok.gov
Location
Oklahoma City: 300 North Broadway Ave.
Monday - Friday 7:30 a.m. - 4:30 p.m.

Taxpayer Resource Center

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

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