Oklahoma Partnership Information Return Packet (form and instructions)

Partnership Information Return Packet (form and instructions)
2023 Form 514 Oklahoma Partnership Income Tax Return Packet & Instructions
2023 Oklahoma
Partnership

Income Tax Forms
and Instructions
This packet contains:
	 •	 Instructions for completing Form 514.
	 •	 Oklahoma Partnership Income Tax Return Form 514.
	 •	 Supplemental Schedule for Form 514, Part 5 Form 514-SUP.
	 •	 Partnership Composite Income Tax Supplement Form 514-PT.
	 •	 Supplemental Schedule for Form 514-PT Form 514-PT-SUP.
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 710:50-19-1, the Oklahoma Partnership Income Tax Return
must be filed electronically.

2023 OKLAHOMA PARTNERSHIP TAX PACKET
TABLE OF CONTENTS
General Filing Information....................................................................................................................................................3-7
Amended Returns...................................................................................................................................................................5
Line by Line Instructions.....................................................................................................................................................7-13
When You Are Finished.........................................................................................................................................................13
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
LLC	 -	 Limited Liability Company
OS	 -	 Oklahoma Statutes
OTC	-	 Oklahoma Tax Commission
PTE	 -	 Pass-Through Entity
Sec.	-	 Section(s)
SSN	-	 Social Security Number

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 information. 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.
• Provide a complete copy of your federal returns where applicable, and all required schedules. Failure to do so can slow
down the processing of your return.
•	 When complete, double-check all calculations and 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 2023 OKLAHOMA PARTNERSHIP TAX PACKET?
• The Credit for Strategic Industrial Development Enhancement (SIDE) Projects was added to the Form 511-CR. To obtain
Form 511-CR, visit tax.ok.gov.
• The Credit for Qualified Clean-Burning Motor Vehicle Fuel Property was expanded to include equipment installed to
modify a motor vehicle that is propelled by a hydrogen fuel cell, effective for property placed in service on or after July 1,
2023. The credit may be claimed on Form 511-CR. To obtain Form 511-CR, visit tax.ok.gov.
• A deduction for bonus depreciation on qualified property or qualified improvement property covered under Section 168 of
the Internal Revenue Code (IRC) was added. See Form 514, Part 2, Line 16, Column B, or Part 4, Line 3.

GENERAL FILING INFORMATION
GENERAL INFORMATION
Title 68 Oklahoma Statutes (OS)
Returns by Partnerships
Returns by LLCs and Limited Liability Partnerships (LLPs)
Any reference to partnership partners in the instructions and on Form 514 also relate to LLC and LLP members.
Notice: If this is a fiscal year or short period return, enter both the beginning and ending dates.
Every partnership, including syndicates, groups, pools, joint ventures or other unincorporated organizations (exclusive
of trusts, estates or corporations defined by the Act), having Oklahoma source income, shall make a return of income on
Form 514, for the calendar year or fiscal year ended on the last day of any month other than December.
Each partner having Oklahoma source income sufficient to make a return, shall make such return as required by law.
Partnerships filing Federal Form 1065-B will file Form 514.

ACCOUNTING METHODS AND PERIODS
The taxable year and method of accounting shall be the same as the taxable year and method of accounting used for
federal income tax purposes.

WHEN AND WHERE THE RETURN MUST BE FILED
Partnership returns shall be due no later than 30 days after the due date established under the IRC.
Electronic filing is required pursuant to OAC 710:50-19-1.
An extension of time for the filing of the return may be granted but in no case to exceed six months. If you have an
extension of time from the IRS in which to file your federal return, an Oklahoma extension is automatic. However, a copy
of the federal extension must be provided with your Oklahoma tax return. File Form 504-C to extend the due date to the
full six months.
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.

BUSINESS CODE NUMBER
Oklahoma business codes are the same as federal business codes.

	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
COMPOSITE RETURN INFORMATION
Any partnership required to file an Oklahoma income tax return may elect to file a composite return for its nonresident
partners. The income tax liability for such nonresident partners will be computed and paid on the partnership return.
Any nonresident partner may be included in the composite return. When filing a composite return, the Form 514PT (Partnership Composite Income Tax Supplement) and Form 514, Part One, Tax Computation for Nonresident
Composite Filers, must be completed. If there are more than 15 partners included in the composite return, complete
Form(s) 514-PT-SUP. Rule 710:50-19-1.
Use Form 514-PT and, if applicable, Form 514-PT-SUP to compute each of the nonresident partner’s Oklahoma income
tax. The instructions are on page 2 of Form 514-PT. The totals of the nonresidents’ Oklahoma distributive income and their
tax are carried from Form 514-PT to Form 514, Part One, lines 1 and 2a. See page 11 for the instructions for Part One.
Estimated tax payments made on behalf of the nonresident partners electing to be included in the composite return must
be made under the partnership’s name and FEIN. Use Form OW-8-ESC (Oklahoma Corporate, Fiduciary and Partnership
Estimated Tax Coupon).

INFORMATION AT SOURCE
Every partnership making payments of salaries, wages, premiums, annuities or other periodical gains, profits or income,
amounting to $750 or more, paid or payable during the year, to any taxpayer, shall make a complete report by February
28 of the succeeding calendar year in the manner prescribed by the OTC. 68 OS Sec. 2369(A) and Rule 710:50-3-50(A).

ADJUSTMENTS BY THE IRS
Taxpayers who file “consents” extending the time for making federal adjustments automatically extend the time for making
state adjustments. Also, the taxpayer is required to furnish copies of all IRS adjustments.

WITHHOLDING ON NONRESIDENT MEMBERS
Pass-through entities (partnerships, S Corporations, LLCs 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 a 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 Section 501(c)(3) of the IRC; insurance companies subject to
the Oklahoma Gross Premiums Tax and therefore exempt from Oklahoma income tax under 68 OS Sec. 2359(c), and
nonresident members who have filed 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.
The following PTEs 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 Partnership
Partnerships 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 is available from our website
at tax.ok.gov.
To file and pay the income tax withheld, the partnership must complete Form WTP-10003 (Oklahoma Nonresident
Distributed Income Withholding Tax Annual Return). The partnership will file Form WTP-10003 on or before the due date
(including extensions) of the partnership’s income tax return. The partnership must provide nonresident partners a Form

	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
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 (the amount withheld by a third party should be reported on Form K-1). Each nonresident partner must provide a
copy of the Form 500-B with their Oklahoma income tax return as verification for this withholding.
When a partnership files a composite return on behalf of its nonresident partners, the nonresident partner’s withholding
can be claimed on Form 514, Part 1, line 7. A copy of the nonresident partner’s Form 500-B must be provided with
Form 514.

AMENDED RETURNS
Form 514 is used for amended returns also. If this is an amended return, place an ‘X’ in the box located on Form 514,
page 1. 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. Complete Schedule 514-X on page 8. Provide Federal Amended
Form 1065 when applicable. Overpayments cannot be applied to next year’s estimated tax. Line 13 cannot be
amended or changed once the original return has been processed. See 68 OS Sec. 2373 for the statute of limitations
for refunds.

OKLAHOMA DEPLETION IN LIEU OF FEDERAL DEPLETION
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.

AGRICULTURAL COMMODITY PROCESSING FACILITY EXCLUSION
Owners of agricultural commodity processing facilities may exclude from Oklahoma taxable income 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.
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 partner. Do not include this exclusion in the Oklahoma distributive income. Each
partner shall report their allowable share of the exclusion on the designated line of their individual return.

ALLOCABLE INCOME OR LOSS
Part Two, Column A and Part Three, Column A are to be completed by all partnerships.
Part Two, Column B and Part Three, Column B are to be completed by partnerships deriving all of their income from
within Oklahoma and by partnerships whose business is oil and gas production, mining, farming, income from other passthroughs, or rental within and without Oklahoma, on a direct accounting basis.

APPORTIONMENT INCOME OR LOSS
Part Four is to be completed by partnerships 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 (commonly called unitary
business) 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.
Partnerships consisting of business other than oil and gas production, mining, farming or rentals operating in more than
one state should compute their Oklahoma income by using the three-factor formula 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 singlefactor formula consisting of the arithmetical average of the factors present. A factor is considered present if there is a
denominator. When a partnership has capital gains (or other allocable items such as depletion), a separate schedule must
be provided showing the Oklahoma portion and the total amount claimed on the federal return. 68 OS Sec. 2358(A)(4)
and Sec. 2358(A)(5).
	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
SAFETY PAYS OSHA CONSULTATION SERVICE EXEMPTION
(Part Two, Column B, line 20 or Part Four, 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 Two, Column B, line 7 or Part Four, line 2)
If the election was made to expense the cost of qualified refinery property located in Oklahoma 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 distributive income. This addition must be made regardless of whether the expense was claimed on the
partnership 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.
If You Are the Refinery
To make the election, provide a schedule of 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 costs allocated to
such owner. The notice must include your name and FEIN and the owner’s name and federal identification number.
If You Are the Owner
(Part Two, Column B, line 20, or Part Four, line 6 - as a deduction)
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.

INDIAN EMPLOYMENT EXCLUSION
(Part Two, Column B, line 20 or Part Four, 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 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 Two, Column B, line 20 or Part Four, line 3)
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 (available at tax.ok.gov).

DEDUCTION FOR QUALIFIED PROPERTY
(Part Two, Column B, line 20 or Part Four, line 3)
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.

	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
ELECTING PASS-THROUGH ENTITY
“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. 68 OS Sec. 2355.1P-1 through
2355.1P-4.
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 located at the top of Form 514, 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 514, Part 1, lines 1 and 2b and 2c.

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, Column B, line 4 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. Provide 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).

SPECIFIC LINE INSTRUCTIONS FOR DETERMINING DISTRIBUTIVE INCOME
PART TWO
To compute Oklahoma distributive income, all partnerships start with Part Two.
Lines 1-22, Column A
Part Two, Column A must be completed by all partnerships. List exact figures as reported on the front page of your
Federal Form 1065.
Lines 1-22, Column B
Part Two, Column B is to be used by all partnerships deriving all of their income from within Oklahoma. This column is
also to be used by all partnerships 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.
Partnerships 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 7 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 pursuant to 68 OS Sec. 2358.
PART THREE
If federal and Oklahoma distributive net incomes are the same, you may complete Part Three, Columns A and
B, line 15; then complete Part Five. A copy of your Federal Form 1065 and K-1s must be provided with your
Oklahoma return. An Oklahoma return must be filed by all partnerships having Oklahoma source income.
Lines 1-15, Column A
Part Three, Column A is to be used by all partnerships. List exact figures as reported on your Federal Form 1065,
Schedule K.
	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
Lines 1-15, Column B
Part Three, Column B is to be used by partnerships deriving all of their income from within Oklahoma. This column will be
the same as in Column A except for lines 4b and 4c.
This column is also to be used by partnerships whose business, both within and without Oklahoma, is oil and gas
production, mining, farming, and rental. Complete this column using the direct accounting method as shown below.
Partnerships conducting business of a unitary nature do not complete Column B, lines 1-14. Such partnerships shall
complete Part Four using the Apportionment Formula before completing Column B, line 15.
Column B
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. Use Page 3, Part Two, or provide schedule.
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 line 1 instructions on this page. All other intangible income
(loss) shall be allocated in accordance with the situs of the partnership.
Gains or losses from the sale of leases or from the sale of real and tangible personal property shall be allocated in
accordance with the situs of the property.
Line 4b
State and Municipal Bond Interest: Partnerships domiciled in Oklahoma who 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 bond, note 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
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
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 which
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 4b-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 which 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 & GNMA does not qualify.
	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
Line 4d and 4e
Intangible income is allocated to the situs of the partnership, except accounts receivable interest income and interest from
investments held to generate working capital. Such interest is allocated to Oklahoma on the basis of direct expense. See
line 1.
Line 5
Gains or losses from real or tangible personal property shall be allocated in accordance with the situs of the property.
Line 6
The gain on the sale, exchange, or other disposition of property for which a section 179 expense deduction was passed
through to partners is reported as Supplemental Information on the Federal K-1. For Oklahoma purposes, report such
gain on this line. 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 partnership’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 partner for the property and the
partnership’s tax year(s) in which the amount was passed through.
Lines 8 through 13
Expenses relative to the income shall be allocated directly to that income. Allowable oil and gas depletion, guaranteed
payments, and Oklahoma withholding will be stated in Part Five.
PART FOUR
Part Four is to be used by partnerships conducting a business within and without the state of Oklahoma that must be
apportioned.
Generally, unitary income is apportioned to Oklahoma based on the three-factor formula. The basis of the apportionment
is the arithmetical 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 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. Oklahoma distributable net income is figured by adding separately allocated
Oklahoma income with net Oklahoma apportioned income. 68 OS Sec. 2358.
Line 1
Enter net distributable income from Page 4, Part Three, Column A, line 15.
Line 2
Deductions relating to income that is separately allocated shall not be allowed 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 pursuant to 68 OS Sec. 2358.
Line 3
Income from U.S. obligations and income separately allocated (oil and gas production, mining, farming, or rentals and
other partnership income or loss) 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. Refer to top of Part Four instructions for more information on 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, income from other pass-throughs, or rentals, etc.).
Line 7
Oklahoma distributable income. Place this figure on Page 4, Part Three, Column B, line 15. Then complete Part Five.

	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
PART FIVE
All partnerships must complete Part Five or may provide the Federal K-1s if Oklahoma information is stated separately on
the Federal K-1s. If completing Part 5, use Form 514-SUP if there are three or more partners. Complete as many Form(s)
514-SUP as needed to list all partners.
If your business is either wholly in Oklahoma or of an allocable nature, complete Part Five after you complete Part Three.
If your business is of a unitary nature, complete Part Five after you complete Part Four.
Partner’s Share of Income
Enter the names, addresses and SSNs/FEINs of the partners, and each partner’s share of the net income whether
distributed or not.
Distributable Federal and Oklahoma Income
Enter each partner’s share of net distributive income included in Part Three.
Guaranteed Payments
Enter each partner’s share of guaranteed payment from Partnership Return, Federal Schedule K.
Allowable Oil and Gas Depletion
Enter each partner’s allowable depletion. Provide detailed schedule.
Notice
The amount shown on page 7, Part Five, Distributable Oklahoma Income, may not be the amount to be entered on the
partner’s Oklahoma income tax return. This amount includes all allowable partnership income, losses and deductions.
However some of these partnership items may be limited on the partner’s Federal income tax return. If these items
are allowed in full or in part on the partner’s Federal income tax return, they will be allowed to the same extent on their
Oklahoma income tax return.
Partnerships Please Note:
Nonresident partners may be included in a composite return. For more information on filing a composite return, refer to
the “Composite Return Information” in the General Filing Information section on page 4. Your nonresident partners, who
are electing to be included in the composite return, will not file an Oklahoma income tax return. Any Oklahoma income
tax withheld from their Oklahoma distributed income, shown on Form 500-B, and their pro rata share of any withholding
passing through to them, shown on Part Five, line 12, will be claimed on the partnership return, Part One, line 7. The
nonresident’s pro rata share of any credits, shown on Part Five, line 10, will be claimed on the partnership return, Part
One, line 3. See the instructions for Part One on pages 11-13.
A complete copy of the Federal Partnership Return is required.
OKLAHOMA WITHHOLDING AND CREDITS
If a partner has more than one type of credit, enter the total amount in line 10 and enter “see schedule” in line 11. If a
partner has more than one type of withholding, enter the total amount in line 12 and enter “see schedule” in line 13.
Provide a detailed schedule showing the type and amount of each credit and/or withholding for the partner.
For nonresident partners who have elected to be included in the composite return or for partners of an electing
PTE, their share of Oklahoma credits and withholding will be reported here and on Part One, line 3 and line 7.
Withholding
Enter and describe each partner’s share of Oklahoma withholding. The partnership 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 partners.
Oklahoma income tax is withheld from oil royalties paid to nonresident partnerships. Enter each partner’s share of such
withholding.
The partner’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 partners 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 partners.
Credits
Enter and describe each partner’s portion of credits. Provide all forms and documentation required to substantiate the
credit(s). See the instructions for Part One “Oklahoma Credits” for more detail on the credits available.
	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
PART ONE
Part One is to be completed for those nonresident partners who have elected to be included in the composite return or for
an electing PTE. The tax liability will be paid on Part One of the partnership return. Part One is also to be completed by a
partnership claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities.
Line 1
Form 514-PT must be completed for nonresidents electing to be included in a composite return. Form 587-PTE must be
completed for an electing PTE. If the Oklahoma capital gain deduction (Form 561-P or 561-PTE) is included in Column C
or F of Form 514-PT, or Column C of Form 587-PTE, place an “X” in the box.
Line 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
For those nonresident partners who have elected to be included in the composite return or for the partners of an electing
PTE, enter their share of any credit on the applicable line. The partner’s share of the credit(s) is shown on Part 5, line 10.
Provide all forms and documentation required to substantiate any credits.
Note: Do not include the portion of the partnership’s credit(s) attributable to the partners not included in the composite
return or members of an electing PTE.
Line 3
Other Credits
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 you are 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. This form can be
obtained from our website at tax.ok.gov.
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 Conversion of a Motor Vehicle to Clean Burning Fuels
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.
Oklahoma Local Development and Enterprise Zone Incentive Leverage Act Credit
68 OS Sec. 2357.81.
Credit for Qualified Rehabilitation Expenditures
68 OS Sec. 2357.41 and Rule 710:50-15-108.

	

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2023 OKLAHOMA PARTNERSHIP TAX PACKET
Line 3 Other Credits (continued)
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.
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.
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.
Credit for 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. 2357.7 & 8 and Rule 710:50-15-77 & 78.
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.
Line 5
Oklahoma Estimated Tax Payments
Enter the Oklahoma estimated tax payments paid on behalf of the nonresident partners who have elected to be included
in this composite return or on behalf of an electing PTE. The payments should have been made under the partnership’s
name and FEIN.
Do not include on this line any withholding paid for your nonresident partners on Form WTP-10005 or Form WTP-10003.
Such withholding will be reported to your nonresident partners on Form 500-B. If the nonresident partner elects to be
included in the composite return, their share of such withholding will be reported on Line 7 “Oklahoma Withholding”.

	

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12

2023 OKLAHOMA PARTNERSHIP TAX PACKET
Line 7
Oklahoma Withholding
Enter the portion of Oklahoma withholding that is passing through the partnership to those nonresident partners that have
elected to be included in the composite return or to partners of an electing PTE. The partner’s share of such withholding
is shown in Part 5, line 12. Provide the Form 1099-MISC, Form 500-A, or Form 500-B received by the partnership to
substantiate the Oklahoma withholding.
Enter the Oklahoma income tax withheld from Oklahoma distributions made to your nonresident partners that have
elected to be included in this composite return. The partner withholding is shown on the Form 500-B. Provide a copy of
the Form 500-B for each such nonresident partner. Do not show such withholding in Part 5, line 12.
Note: Do not include the Oklahoma withholding for partners that are not included in the composite return or are
not partners in an electing PTE.
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.
Line 14
All refunds must be directly deposited into a bank account. See page 14 “Direct Deposit Information” for details.
Line 16
Place an “X” in the box if the underpayment of estimated tax was computed using the annualized income installment
method.
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.

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 completed Form EF-V (Business Filers Income
Tax Payment Voucher) or Form OW-8-ESC (Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Coupon) 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

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13

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

SAMPLE

For

:120120012 : 2020268620

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
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

Stay Connected

	

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14

Form 514
2023

Oklahoma Partnership Income Tax Return

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
For the year January 1 - December 31, 2023, or other taxable year beginning:		ending:	
2023
Name of Partnership

FEIN

Street Address

Place an ‘X’ if: 	

City

(1)

Initial
Return

(2)

Final
Return

Business Code Number County in Which Located

State or Province

(3)

Amended Return
(See Schedule 514-X on page 8)

Country

(4)

ZIP or Foreign Postal Code

Electing PTE
(Form 586 was filed)

PART 1: TAX COMPUTATION FOR NONRESIDENT COMPOSITE FILERS AND ELECTING PASS-THROUGH
ENTITIES -OR- FOR PARTNERSHIPS CLAIMING THE REFUNDABLE CREDIT FROM FORM 578.
	1	
		
		

Nonresident share of income (514-PT, Column F, line J) -or- electing pass-through entity’s taxable
income (587-PTE, Part 3, line 3). If the Oklahoma Capital Gain Deduction (Form 561P or 561-PTE)
is included in Form 514-PT, Column C or F or in 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 (Form 514-PT, Column H, line K)................................. 	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

	2	
		
		
		

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

00

	3	Less: Other Credits from Form 511-CR (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

	5	
		

2023 Oklahoma estimated tax payments (e.g Form(s) OW-8-ESC and
prior year overpayment carryforward)..................................................................... 	5

00

	6	

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

00

	7	

Oklahoma withholding (provide Forms 1099, 500-A, 500-B, etc.).............................	7

00

	8	

Refundable credit 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

(	)

	11	

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

00

	12	

Overpayment (line 11 minus line 4).............................................................................................................................	12

00

	13	

Amount of line 12 to be credited to 2024 estimated tax (original return only)................	13

	14	

Amount of line 12 to be refunded to you (line 12 minus line 13)................................................................. Refund	14

00
00

2023 Form 514 - Partnership Income Tax Return - Page 2

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name of Partnership:

FEIN:

Refund amount from line 14 on page 1

Direct Deposit Note:

00

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 14 of the 514 Packet for details.

Deposit my refund in my:

Checking Account

Yes

No

Savings Account

Routing Number:
Account Number:

	15	

Tax Due (line 4 minus line 11)....................................................................................................................Tax Due	15

00

	16	

Underpayment of estimated tax interest......................................................................................... Annualized	16

00

	 7	
1
	

For delinquent payment add penalty of 5%................................ $_________________________________ plus
interest of 1.25% per month.......................................................... $________________________________............	17

00

	18	

Total tax, penalty and interest (add lines 15, 16 and 17)................................................................... Balance Due	18

00

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 Partner or Member				

Printed Name of Partner or Member

Title	

Date

Partner or Member Email Address

Phone Number

Signature of Preparer				Date

Printed Name of Preparer

Preparer Email Address

Phone Number				Preparer’s PTIN

The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
Note: Provide a complete copy of your Federal Form 1065 or 1065-B.

This form is due 30 days after the due date of the Federal return.

2023 Form 514 - Partnership Income Tax Return - Page 3

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name of Partnership:

FEIN:

PART 2: ORDINARY INCOME FROM TRADE OR BUSINESS
CAUTION: Include only trade or business income and expenses on lines 1a through 22 below.

Column A

Column B

As reported on Federal Return

Total applicable to Oklahoma

	1	
	

a. Gross receipts or sales...........................$_______________
00
b. Minus returns and allowances...............$_______________ ...................	1

	2	

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

2

00

	3	

Gross profit (subtract line 2 from line 1)..........................................................	3
00

00

	4	
		

Ordinary income (loss) from other partnerships
and fiduciaries (provide schedule).................................................................	4
00

00

	5	

Net farm profit (loss) (provide Sch. F, Form 1040).........................................	5
00

00

	6	

Net gain (loss) (Form 4797, line 18)................................................................	

6

00

	7	

Other income (loss) (provide schedule).........................................................	7
00

00

	8	

Total income (loss) (add lines 3 through 7)....................................................	8
00

00

	9	

Salaries and wages (other than to partners)...................................................	9
00

00

10	

Guaranteed payments to partners...................................................................	10
00

00

11	

Repairs and maintenance...............................................................................	11
00

00

12	

Bad debts........................................................................................................	12
00

00

13	Rent.................................................................................................................	13
00

00

Taxes and licenses..........................................................................................	14
00

00

15	Interest............................................................................................................	15
00

00

16	Depreciation....................................................................................................	16
00

00

17	

Depletion (do not deduct oil and gas depletion)..............................................	17
00

00

18	

Retirement plans, etc......................................................................................	18
00

00

19	

Employee benefit program..............................................................................	19
00

00

20	

Other deductions (provide schedule).............................................................	20
00

00

21	

Total deductions (add lines 9 through 20).....................................................	21
00

00

22	
		

Ordinary income (loss) from trade or business:
Subtract line 21 from line 8..............................................................................	22
00

00

14	

00

00

00

2023 Form 514 - Partnership Income Tax Return - Page 4

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name of Partnership:

FEIN:

PART 3: DISTRIBUTIVE SHARE ITEMS

Column A

Column B

As reported on Federal Return

Total applicable to Oklahoma

Ordinary income (loss) from trade or business activity(ies) (Part 2, line 22)...	1
00

00

2	

Net income (loss) from rental real estate activity(ies) (provide schedule).....	2
00

00

3	

Net income (loss) from other rental activity(ies) (provide schedule).............	3
00

00

4	

	a. Interest on loans, notes, mortgages, bonds, etc................................	4a
00

00

	

	b. Interest on obligations of a state or political subdivision....................	4b

00

	

	c. Interest on obligations of the United States........................................	4c
00

Portfolio Income (loss)

1	

	 d. Other interest income.........................................................................	4d
00

00

	e. Dividend income.................................................................................	4e
00

00

	f. Royalty income (patent or copyright)..................................................	4f
00

00

	

	g. Net short-term capital gain (loss).......................................................	4g
00

00

	

	h. Net long-term capital gain (loss).........................................................	4h
00

00

	

	i. Other portfolio income (loss) (provide schedule)...............................	4i
00

00

	
	

Net gain (loss) under section 1231 (other than due to casualty or theft).........	

5

00

6	

Other (provide schedule)................................................................................	6
00

00

7	

Total income (Add lines 1 through 6).............................................................	7
00

00

8	

	Contributions...........................................................................................	8
00

00

9	

Expense deductions for recovery property (Section 179) (provide sch.)...	9
00

00

	Deductions related to portfolio income....................................................	10
00

00

	Depletion (other than oil and gas)...........................................................	11
00

00

12	

	Intangible drilling costs............................................................................	12
00

00

13	

	Other deductions authorized by law (provide schedule)........................	13
00

00

14	

Total deductions (Add lines 8 through 13)....................................................	14
00

00

15	

Net distributive income (line 7 minus line 14)..............................................	15
00

00

10	
11	

Deductions

5	

00

If Federal and Oklahoma distributive net income is the same, you may complete Part 3, line 15, then complete Part 5.
Provide a copy of your Federal Form 1065 and K-1s.

2023 Form 514 - Partnership Income Tax Return - Page 5

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name of Partnership:

FEIN:

PART 4: COMPUTATION OF OKLAHOMA TAXABLE INCOME OF A UNITARY ENTERPRISE WHOSE INCOME IS
PARTLY WITHIN AND PARTLY WITHOUT OKLAHOMA
1	

Net distributable income from Page 4, Part 3, Column A, line 15 ...........................................	1

2	

Add:	

(a) __________________________________________________ ......................2a

			

(b) Unallowable deduction (provide schedule)......................................................2b

			

(c) Other income (provide schedule)..................................................................... 2c

			

(d) Total of lines 2a through 2c...................................................................................	

3	

2d

Deduct all items separately allocated:

			

(a) Interest on obligations of the United States......................................................3a

			 (b) __________________________________________________ ......................3b
			 (c) __________________________________________________ ...................... 3c
			

(d) Total of lines 3a through 3c ..................................................................................	3d

	
(Note: Items listed in 2 and 3 above must be net amounts supported by
			
schedules showing source, location, expenses, etc.)
4	

Net apportionable income (line 1 plus line 2d, minus line 3d)..................................................	4

5	

Oklahoma’s portion thereof__________________________ %, from schedule below............	5

6	

Add items separately allocated to Oklahoma:

			 (a) __________________________________________________ ....................6a
			 (b) __________________________________________________ ......................6b
			 (c) __________________________________________________ ...................... 6c
			 (d) __________________________________________________ ......................6d
			

(e) Total of lines 6a through 6d...................................................................................	6e

7	 Oklahoma distributable net income
		 (add lines 5 and 6e; enter here and on Page 4, Part 3, Column B, line 15)....................... 	

7

2023 Form 514 - Partnership Income Tax Return - Page 6

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name of Partnership:

FEIN:

APPORTIONMENT FORMULA (Note: Provide a complete copy of your federal return.)

1	

	
	

Value of real and tangible personal property used in
the unitary business (by averaging the value at the
beginning and ending of the tax period).

Column A

Column B

Total Within
Oklahoma

Total Within and
Without Oklahoma

Column C
(A divided by B)
Percent Within
Oklahoma

	
(a) Owned property (at original cost):
		 (i)	Inventories ..................................................................1ai
		

(ii)	 Depreciable property.................................................. 1aii

		

(iii) Land.......................................................................... 1aiii

		

(iv)	Total of section “a”..................................................... 1aiv

	

(b)	 Rented property (capitalize at 8 times net rental paid).......1b

	

(c)	 Total of sections “a” and “b” above.........................................	1c
$
$
2	

(a)	 Payroll................................................................................2a

	

(b)	 Less: Officer salaries.........................................................2b

	

(c)	 Total (subtract officer salaries from payroll)...........................	2c
$
$
3	

Sales:

%

%

	
(a)	 Sales delivered or shipped to Oklahoma purchasers:
		 (i)	 Shipped from outside Oklahoma.................................3ai
		

(ii)	 Shipped from within Oklahoma.................................. 3aii

	
(b)	 Sales shipped from Oklahoma to:
		 (i)	 The United States government....................................3bi
		
		
	

(ii)	 Purchasers in a state or country where the
partnership is not taxable (e.g. under Public Law 86-272)..... 3bii

(c)	 Total all of sections “a” and “b”...............................................	3c
$
$

%

4	 If revenue, traffic units or miles traveled is
		
used rather than sales, indicate here:____________________________________________________________
5	

Total percent (sum of items 1c, 2c and 3c)........................................................................................................................... 5

%

6	

Average percent (Total percent divided by the number of factors present. Carry to Part 4, line 5 above)........................... 6

%

2023 Form 514 - Partnership Income Tax Return - Page 7

FOR INFORMATIONAL PURPOSES ONLY - MUST BE FILED ELECTRONICALLY
Name of Partnership:

FEIN:

PART 5: ALL PARTNERSHIPS MUST COMPLETE PART 5 OR MAY PROVIDE THE FEDERAL K-1S IF OKLAHOMA
INFORMATION IS STATED SEPARATELY ON THE FEDERAL K-1.
If completing Part 5, use Form 514-SUP when there are more than two
partners. Use as many Forms 514-SUP as needed.

Enter number of partners:

Partner 1
		 1	 Name and Address
			 of Each Partner

Partner 2

Name:
Address:
City, State, ZIP:

		 2	 SSN or FEIN
		 3	 Percentage of Partnership Owned
		 4	 Distributable Federal Income
		 5	 Distributable Oklahoma Income
			 (see instructions)
		 6	 Guaranteed Payments (Federal)
		 7	 Guaranteed Payments (Oklahoma)
		 8	 Oil and Gas Depletion (Federal)
		 9	 Oil and Gas Depletion (Oklahoma)
	10	 Amount of Credit
		11	 Type of Credit
		12	 Amount of Withholding
13		 Type of Withholding

Nonresident Partner (If the Electing PTE box is checked on page 1, leave line 14 blank)
Is the Partner being included in Composite
14	 filing? (If Yes, complete Form 514-PT)

Yes

No

Yes

No

Notice: Forms required to compute withholding and credits must be provided with partnership return. Examples of these include:
Form 1099 MISC, Form 500-A: Nonresident Royalty Withholding, Form 511-CR: Other Credits, Form 506: Investment/New Jobs Credit,
and Form 529: Small Business Guaranty Fee Credit. Schedules or authorization must be furnished.

NOTE: PROVIDE A COMPLETE COPY OF YOUR FEDERAL FORM 1065 OR 1065-B.
PART 6: ADDITIONAL INFORMATION

Extension: If you have applied for an extension from the IRS,
place an ‘X’ here and provide a copy.

Location of Principal Accounting Records
Address							City			State		Zip

Has the IRS redetermined your tax liability for prior years?	
Did you file amended returns for the years stated above?	
Has the statute of limitations been