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Oklahoma Farm Income Averaging
Extracted from PDF file 2023-oklahoma-form-573.pdf, last modified November 2005Farm Income Averaging
State of Oklahoma FORM Farm Income Averaging Provide this form with your Oklahoma tax return. Taxpayer’s First Name and Middle Initial Last Name 573 2 0 2 3 Taxpayer Social Security Number 1 Enter the 2023 taxable income from Form 511, line 13 or Form 511-NR, line 14... 1 00 2 Enter your elected farm income, but not more than the amount on line 1. (See instructions)................................................................................................... 2 00 3 Subtract line 2 from line 1...................................................................................... 3 00 4 Figure the tax on the amount on line 3. Use the 2023 Tax Table ........................ 4 00 5 Enter the 2020 taxable income. To determine taxable income, see page 3. (If zero or less, see instructions) ................ 5 00 6 Divide the amount on line 2 by 3........................................................................... 6 00 7 Combine lines 5 and 6. If less than zero, enter “0”................................................ 7 00 8 Figure the tax on the amount on line 7 using 2020 tax rates. (See page 2 for tax rate schedule)........................................................................ 8 00 9 Enter the 2021 taxable income. To determine taxable income, see page 3. (If zero or less, see instructions) ................ 9 00 10 Enter the amount from line 6................................................................................ 10 00 11 Combine lines 9 and 10. If less than zero, enter as a negative amount............... 11 00 12 Figure the tax on the amount on line 11 using 2021 tax rates. (See page 2 for tax rate schedule)....................................................................... 12 00 13 Enter the 2022 taxable income. To determine taxable income, see page 3. (If zero or less, see instructions) ............... 13 00 14 Enter the amount from line 6................................................................................ 14 00 15 Combine lines 13 and 14. If less than zero, enter as a negative amount............. 15 00 16 Figure the tax on the amount on line 15 using 2022 tax rates. (See page 2 for tax rate schedule) ...................................................................... 16 00 17 Add lines 4, 8, 12 and 16...................................................................................... 17 00 18 Enter the tax for 2020. To determine tax, see page 3........................................... 18 00 19 Enter the tax for 2021. To determine tax, see page 3........................................... 19 00 20 Enter the tax for 2022. To determine tax, see page 3........................................... 20 00 21 Add lines 18 through 20......................................................................................... 21 00 22 Subtract line 21 from line 17, enter here and on Form 511, line 14a or Form 511-NR, line 15a. (Be sure and enter a “1” in the box for “Farm Income Averaging”)... 22 00 Farm Income Averaging Instructions 2023 Form 573 - Page 2 Use Form 573 to elect to figure your 2023 tax by averaging, over the previous three base years, all or part of your 2023 taxable income from your trade or business of farming. Making this election may give you a lower tax if your 2023 income from farming is high and your taxable income for one or more of the three prior years was low. Line 2: Your “elected farm income” is the amount of your taxable income from your farming business, as defined in IRC Section 263A(e)(4), that you elect to include on line 2. You do not have to include all of your taxable income from farming on line 2. A gain from the sale or other disposition of property, other than land, regularly used by you in your farming business for a substantial period shall be treated as attributable to such farming business. Lines 5, 9, and 13: If your deductions exceed your gross income for any year that is a base year for 2023 (2020, 2021 or 2022), your taxable income for farm income averaging purposes for such year may be a negative amount. However, when you enter your taxable income, • Do not include such year’s Net Operating Loss (NOL). The amount of the NOL, from your 511-NOL Schedule A or your 511-NR-NOL Schedule A “Federal Amount Column”, that is being carried to another year should be added back to arrive at the amount of the taxable income to enter. • Do not include any of a NOL carryover or carryback that was not used (absorbed) in such year. The amount of the NOL, from your 511-NOL Schedule B or your 511-NR-NOL Schedule B “Federal Amount Column”, that is being carried over to the following year should be added back to arrive at the amount of the taxable income to enter. Line 22: Enter your tax on Form 511, line 14a or Form 511-NR, line 15a and enter a “1” in the box for “Farm Income Averaging”. Oklahoma Tax Rates for Tax Years 2022 - 2023 Married Joint, Head of Household and Surviving Spouse Filers Single and Married Separate Filers If taxable income is: If taxable income is: -0- - 2,000 Pay 0.00 + 0.25% over 0 -0- - 1,000 Pay 0.00 + 0.25% over 0 2,000 - 5,000 Pay 5.00 + 0.75% over 2,000 1,000 - 2,500 Pay 2.50 + 0.75% over 1,000 5,000 - 7,500 Pay 27.50 + 1.75% over 5,000 2,500 - 3,750 Pay 13.75 + 1.75% over 2,500 7,500 - 9,800 Pay 71.25 + 2.75% over 7,500 3,750 - 4,900 Pay 35.63 + 2.75% over 3,750 9,800 - 12,200 Pay 134.50 + 3.75% over 9,800 4,900 - 7,200 Pay 67.25 + 3.75% over 4,900 Pay 224.50 + 4.75% over 12,200 7,200 - over Pay 153.50 + 4.75% over 7,200 12,200 - over Oklahoma Tax Rates for Tax Years 2020 - 2021 Married Joint, Head of Household and Surviving Spouse Filers Single and Married Separate Filers If taxable income is: -0- - If taxable income is: 2,000 Pay 0.00 + 0.5% over 0 -0- - 1,000 Pay 0.00 + 0.5% over 0 2,000 - 5,000 Pay 10.00 + 1% over 2,000 1,000 - 2,500 Pay 5.00 + 1% over 1,000 5,000 - 7,500 Pay 40.00 + 2% over 5,000 2,500 - 3,750 Pay 20.00 + 2% over 2,500 7,500 - 9,800 Pay 90.00 + 3% over 7,500 3,750 - 4,900 Pay 45.00 + 3% over 3,750 9,800 - 12,200 Pay 159.00 + 4% over 9,800 4,900 - 7,200 Pay 79.50 + 4% over 4,900 12,200 - over Pay 255.00 + 5% over 12,200 7,200 - over Pay 171.50 + 5% over 7,200 2023 Form 573 - Page 3 Farm Income Averaging Determination of Taxable Income and Tax for Tax Years 2020, 2021 and 2022 2020 Taxable Income Line 5 If you used Form 573 to figure your tax for: • 2022 ...........................................enter the amount from your 2022 Form 573, line 11. Stop here, go to line 6. • 2021 and not 2022......................enter the amount from your 2021 Form 573, line 15. Stop here, go to line 6. • 2020 but not 2021 nor 2022........enter the amount from your 2020 Form 573, line 3. Stop here, go to line 6. If you did not use Form 573 in 2022, 2021 or 2020, enter the taxable income from your 2020 Form 511, line 13, or Form 511-NR, line 14. If zero or less, see instructions. 2021 Taxable Income Line 9 If you used Form 573 to figure your tax for: • 2022 ...........................................enter the amount from your 2022 Form 573, line 15. Stop here, go to line 10. • 2021 and not 2022......................enter the amount from your 2021 Form 573, line 3. Stop here, go to line 10. If you did not use Form 573 in 2022 or 2021, enter the taxable income from your 2021 Form 511, line 13, or Form 511-NR, line 14. If zero or less, see instructions. 2022 Taxable Income Line 13 If you used Form 573 to figure your tax for: • 2022............................................enter the amount from your 2022 Form 573, line 3. Stop here, go to line 14. If you did not use Form 573 in 2022, enter the taxable income from your 2022 Form 511, line 13, or Form 511-NR, line 14. If zero or less, see instructions. 2020, 2021 & 2022 Tax Line 18 - Tax for 2020 If you used Form 573 to figure your tax for: • 2022 ...........................................enter the amount from your 2022 Form 573, line 12. Stop here, go to line 19. • 2021 and not 2022......................enter the amount from your 2021 Form 573, line 16. Stop here, go to line 19. • 2020 but not 2021 nor 2022........enter the amount from your 2020 Form 573, line 4. Stop here, go to line 19. Otherwise, enter the tax from your 2020 Form 511, line 14 or Form 511-NR, line 15. Line 19 - Tax for 2021 If you used Form 573 to figure your tax for: • 2022 ...........................................enter the amount from your 2022 Form 573, line 16. Stop here, go to line 20. • 2021 and not 2020......................enter the amount from your 2021 Form 573, line 4. Stop here, go to line 20. Otherwise, enter the tax from your 2021 Form 511, line 14 or Form 511-NR, line 15. Line 20 - Tax for 2022 If you used Form 573 to figure your tax for: • 2022 ...........................................enter the amount from your 2022 Form 573, line 4. Stop here, go to line 21. Otherwise, enter the tax from your 2022 Form 511, line 14 or Form 511-NR, line 15.
2023 Form 573 Farm Income Averaging
More about the Oklahoma Form 573 Corporate Income Tax TY 2023
We last updated the Farm Income Averaging in February 2024, so this is the latest version of Form 573, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 573 directly from TaxFormFinder. You can print other Oklahoma tax forms here.
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TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 564 | Credit for Employees in the Aerospace Sector (you will also need Form 511CR) |
| Form 500-A | Information Return |
| Form 500B | Information Return - Report of Nonresident Member Income Tax Withheld |
| Form 501 | Annual Information Return (reconciliation for Forms 500, 500A and 500B) |
| Form 576 | Natural Disaster Tax Credit |
View all 55 Oklahoma Income Tax Forms
Form Sources:
Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form 573 from the Tax Commission in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Oklahoma Form 573
We have a total of twelve past-year versions of Form 573 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 573
2023 Form 573 Farm Income Averaging
2022 Form 573
2022 Form 573 Farm Income Averaging
2021 Form 573
573-05
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