Oklahoma Oklahoma Annualized Income Installment Method for Individuals

Oklahoma Annualized Income Installment Method for Individuals
2023 Form OW-8-P-SUP-I Annualized Income Installment Method for Individuals
Annualized Income Installment Method
for Individuals
Name as shown on return

FORM

State of Oklahoma

OW-8-P-SUP-I

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0
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Social Security Number

Enclose this form and Form OW-8-P with your return. Check the “annualized installment method” box on Form 511 or Form 511-NR.

Individuals

(Part-year and nonresidents see the “Note” on page 2).

Column A
1/1 - 3/31

Column B
1/1 - 5/31

Column C
1/1 - 8/31

Column D
1/1 - 12/31

1.	 Enter your Oklahoma adjusted gross income
	
for each period ............................................................ 1
2.	 Annualization amounts ................................................ 2	
4	2.4	1.5	1
3.	 Annualized Oklahoma adjusted gross income
	
Multiply line 1 by line 2................................................. 3
4.	 Enter your Oklahoma itemized deductions for the
	
period shown in each column. If you do not itemize,
	
enter “0” and skip to line 7........................................... 4
5.	 Annualization amounts................................................. 5	
4	2.4	1.5	1
6.	 Multiply line 4 by line 5................................................. 6
7.	 In each column, enter the full amount
	
of your Oklahoma Standard Deduction ....................... 7
8.	 If claiming itemized deductions, enter line 6;
	
otherwise, enter line 7 (see instructions) .................... 8
9.	 In each column, multiply $1,000 by the total
	
number of exemptions claimed.................................... 9
10.	 Add lines 8 and 9. Note: If you have out-of-state
	
income, see instructions............................................ 10
11.	 Adjustments to Oklahoma Adjusted Gross Income.....11
12.	 Taxable income.
	
Subtract line 10 and 11 from line 3............................ 12
13.	 Oklahoma Income Tax from Tax Table....................... 13
14.	 Oklahoma credits (refundable and non-refundable)... 14
15.	 Subtract line 14 from line 13. If zero or less, enter “0”... 15
16.	 Applicable percentage............................................... 16	
17.5%	35%	52.5%	70%
17.	 Multiply line 15 by line 16........................................... 17
18.	 Add amounts in all previous columns of line 24......... 18
19.	 Annualized income installments. Subtract line 18
	
from line 17. If zero or less, enter “0”........................ 19
20.	 Enter 1/4 of line 8 from Section Two, Part 1
	
of Form OW-8-P in each column................................ 20
21.	 Enter the amount from line 23 of the previous
	column ...................................................................... 21
22.	 Add lines 20 and 21................................................... 22
23.	 Subtract line 19 from line 22.
	
If zero or less, enter “0” ............................................. 23
24.	 Required installments. Enter the smaller of line 19
	
or line 22 here and in applicable column on
	
Form OW-8-P, Section Two, Part 2, line 9................. 24

2023 Form OW-8-P-SUP-I - Page 2

Annualized Income Installment Method for Individuals
General Information
If you use this form for any payment due date, you must use it for all payment due dates. To figure the amount of each
required installment, the schedule automatically selects the smaller of the annualized income installment or the regular
installment (increased by the amount saved by using the annualized income installment method in figuring any earlier
installments). You must complete Section Two, Part 1 of Form OW-8-P before you can complete this form.
The annualization method for Oklahoma estimated tax purposes is the same as that prescribed in the Internal Revenue
Code. Therefore, for additional information, use the Federal instructions for Form 2210 “Underpayment of Estimated Tax
by Individuals, Estates, and Trusts” or Federal Publication 505 “Tax Withholding and Estimated Tax”.

Line Instructions
Line 1	

Enter your Oklahoma adjusted gross income for each period. This is your gross income, including your share
of partnership(s) or S-corporation(s) income or loss, for the period, minus your adjustments to income for that
period.

Line 6	

Multiply line 4 by line 5 and enter the result on line 6.

Line 8 	 If you would have itemized on your Federal return based on the annualized federal itemized deductions for the
period shown in the column heading, enter line 6. If you would have claimed the standard deduction on your
Federal return for the period shown in the column heading, enter line 7.
Line 10	 Add lines 8 and 9 and enter the result on line 10. If you had out-of-state income during the period, you must first
prorate your deductions and exemptions before entering the total on line 10. The method of proration will be the
same as used on Form 511 and can be found in the instructions of the individual income tax packet. Enter the
prorated amount on line 10.
Line 11	 Enter the full amount of the Adjustments to Oklahoma Adjusted Gross Income to which you would be entitled
based on either your annualized income or expenses incurred during the period. These are the deductions and
exclusions that you are entitled to as adjustments from Oklahoma adjusted gross income to arrive at Oklahoma
taxable income. These adjustments include, but are not limited to, military pay exclusion, qualifying disability deduction and qualified adoption expense. For a complete list of these adjustments, see the instructions for Form
511, Schedule 511-C or Form 511-NR, Schedule 511-NR-C in the individual income tax packet.
Line 14	 Include all credits (other than withholding credits) you may claim because of events that occurred during that period. Do not annualize any credit. When figuring your credits, you must annualize any item of income or deduction used to figure the credit; include any credit(s) you are carrying over from a previous year.
NOTE: The following applies to part-year and nonresident taxpayers who will be filing Form 511-NR. Lines 1 through 12
shall be calculated as if all income were earned in Oklahoma. Using the amount from line 12, calculate the tax; this is the
base tax and will be prorated for line 13. (If you qualify for the Oklahoma child care/child tax credit, reduce the amount
on line 12 by the Oklahoma child care/child tax credit before you calculate line 13; do not enter this credit on line 14.) To
calculate line 13, divide your income from Oklahoma sources by the amount on line 1. Multiply this percentage by the
base tax (line 12) and enter the result on line 13. This is your “Tax from Tax Table”. Complete the remainder of the form as
directed.