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Oklahoma Estimated Tax Declaration for Individuals
Extracted from PDF file 2024-oklahoma-form-ow-8-es.pdf, last modified October 2013Estimated Tax Declaration for Individuals
Oklahoma Individual Estimated Tax ITE OW-8-ES Tax Year 2024 Worksheet for Individuals Revised 6-2023 See the general instructions for additional filing information. 00 1 Estimated total income for tax year (less income exempt by statute)................................................................ 2 Estimated deductions (Oklahoma standard or itemized)................................................ 00 3 Exemptions ($1,000 for each exemption)....................................................................... 00 4 Total deductions and exemptions (add lines 2 and 3)........................................................................................ 00 5 Estimated taxable income (subtract line 4 from line 1)..................................................................................... 00 6 Estimated Oklahoma tax *.................................................................................................................................. 00 7 Estimated Oklahoma income tax credits............................................................................................................ 00 8 Estimated Oklahoma income tax liability (subtract line 7 from 6)....................................................................... 00 9 A. Multiply line 8 by 70%............................................................................................... 00 B. Enter the tax liability shown on your previous year’s tax return................................ 00 C. Enter the smaller of line 9a or 9b................................................................................................................... 00 10 Estimated amount of withholding....................................................................................................................... 00 11 Subtract line 10 from line 9c............................................................................................................................... 00 12 Amount to be paid with each coupon (if paid quarterly, 1/4 of line 11)............................................................... 00 (Note: If zero or less, or if line 8 minus line 10 is less than $500, stop here. You are not required to make estimated tax payments.) * The following applies to part-year and nonresident taxpayers who will be filing Form 511-NR. Lines 1 through 5 shall be calculated as if all income were earned in Oklahoma. 1) Using the amount from line 5, calculate the tax; this is the base tax and will be prorated for line 6. 2) To calculate line 6, first estimate your income from Oklahoma sources. Divide your income from Oklahoma sources by the amount on line 1. 3) Multiply this percentage by the base tax and enter the result on line 6. This is your estimated Oklahoma tax liability. Complete the remainder of the worksheet as directed. Record of Estimated Tax Payments Quarter Date Paid Amount Applied from 2023 Tax Return............................. 1 2 3 4 Total The Oklahoma Tax Commission is not required to give actual notice of change in any state tax law. After this estimated tax payment is processed, you will receive a pre-printed coupon each quarter. Please use the pre-printed coupon to make further tax payments. Do not fold, staple, or paper clip Detach Here and Return Coupon with Payment Do not tear or cut below line ITE OW-8-ES Oklahoma Individual Estimated Tax Coupon Mailing Address Change (Enter new mailing address below) Taxpayer SSN ___________________________________________________ Name ___________________________________________________ Address ___________________________________________________ City State ZIP Tax Year 2024 Quarter Due Date - - - - - - - - - - Dollars - - - - - - - - - - - - Cents - - Amount of Payment: _____________________________ . ___________ Please remit only one check per coupon. Mail this coupon, along with payment, to: Oklahoma Tax Commission - PO Box 269027 - Oklahoma City, OK 73126-9027 Form OW-8-ES - page 2 Oklahoma Individual Estimated Tax Declaration General Instructions Who Must Make Estimated Payments You must make equal* quarterly estimated tax payments if you can reasonably expect your tax liability to exceed your withholding by $500 or more and you expect your withholding to be less than the smaller of: 1. 70% of your current year’s tax liability, or 2. The tax liability shown on your return for the preceding taxable year of 12 months. Estates and farmers are not required to make estimated tax payments. A farmer is an individual who derives at least twothirds of his/her gross income for the current year or the previous year from farming activities. * If you receive income unevenly throughout the year (e.g. you operate your business on a seasonal basis), you may be able to lower or eliminate the amount on your required estimated tax payment for one or more periods by using the annualized income installment method. See Form OW-8-ES-SUP for details. Form OW-8-ES-SUP may be downloaded at tax.ok.gov. NOTE: Do not use this form for estimated tax payments made on behalf of the nonresident partners electing to be included in the composite return. The estimated tax payments must be made under the partnership’s name and Federal Employer Identification Number using Form OW-8-ESC. When To File and Pay A declaration of estimated tax should be filed and the first installment paid by April 15th for calendar year taxpayers. Other installments for calendar year taxpayers should be paid by the due dates shown below. Interest for Underpayment In general, you will owe underpayment of estimated tax interest if your tax liability exceeds your withholding by $500 or more and your timely paid quarterly estimated tax payments and withholding are not at least 70% of your current year tax liability or 100% of your prior year tax liability. The tax liability is the tax due less all credits except amounts paid on withholding, estimated tax and extension payments. The amount of underpayment of estimated tax interest is computed at a rate of 20% per annum for the period of underpayment. Note: No underpayment of estimated tax interest shall be imposed if the tax shown on the return is less than $1,000. For additional information, see 68 OS Sec. 2385.7-2385.13 or call the Oklahoma Tax Commission’s Taxpayer Resource Center at 405.521.3160. Due Dates (Calendar year) ** • 1st Quarter - April 15 • 2nd Quarter - June 15 • 3rd Quarter - September 15 • 4th Quarter - January 15 ** If the due date falls on a weekend or legal holiday when the Oklahoma Tax Commission offices are closed, your payment is due the next business day. How to Compute Estimated Tax A worksheet is included with the coupon for use in computing estimated tax liability. To compute the tax, refer to the tax table included with Packet 511 or Packet 511-NR instructions. How to Complete Your Tax Declaration Coupon Name and Address: Enter your name and mailing address. • On a joint return, enter the name of the primary taxpayer. The primary taxpayer is the person whose name will be entered first on the income tax return. • If your address has changed, place an ‘X’ where indicated in the upper left corner of the coupon. Taxpayer SSN: Enter the primary taxpayer’s social security number. Quarter: Enter the quarter for which you are making the estimated tax payment. Due Date: Enter the quarterly due date. See below for the due date for each quarter. Amount of Payment: Enter the amount of estimated tax being paid with the estimated tax coupon. Do not send coupon if no payment is required. Additional Information Make checks payable to: Oklahoma Tax Commission. Do NOT send cash. Mail the coupon, along with payment, to: Oklahoma Tax Commission PO Box 269027 Oklahoma City, OK 73126-9027 Do not enclose any other tax reports or correspondence in this envelope. See below for electronic payment information. You will receive a pre-printed coupon to make your next quarterly payment. Electronic Payment Options: Electronic payments are accepted for estimated income tax payments at tax.ok.gov. There is a convenience fee charged for utilizing some of the electronic payment services. Note: If you make your estimated tax payment electronically, do not mail this payment coupon. Please retain the confirmation number for your records.
2024 Form OW-8-ES Oklahoma Individual Estimated Tax Year 2021 Worksheet for Individuals
More about the Oklahoma Form OW-8-ES Individual Income Tax Nonresident TY 2024
You must pay estimated income tax if you are self employed or do not pay sufficient tax withholding. Estimated tax payments must be sent to the Oklahoma Department of Revenue on a quarterly basis.
We last updated the Estimated Tax Declaration for Individuals in January 2024, so this is the latest version of Form OW-8-ES, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form OW-8-ES directly from TaxFormFinder. You can print other Oklahoma tax forms here.
Related Oklahoma Individual Income Tax Forms:
TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Oklahoma Form OW-8-ES.
| Form Code | Form Name |
|---|---|
| Form OW-8-P-SUP-I | Oklahoma Annualized Income Installment Method for Individuals |
| Form OW-8-ES-SUP | Annualized Estimated Tax Worksheet |
| Form OW-8-ESC | Estimated Tax Declaration for Corporations |
| Form OW-8-P-SUP-C | Oklahoma Annualized Income Installment Methods forCorporations and Trusts |
| Form OW-8-P | Worksheet for Underpayment of Estimated Tax |
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 OW-8-ES from the Tax Commission in January 2024.
Form OW-8-ES is an Oklahoma Individual Income Tax form. Many states have separate versions of their tax returns for nonresidents or part-year residents - that is, people who earn taxable income in that state live in a different state, or who live in the state for only a portion of the year. These nonresident returns allow taxpayers to specify which which income is subject to the state's taxes, and which is not.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Oklahoma Form OW-8-ES
We have a total of twelve past-year versions of Form OW-8-ES in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2024 Form OW-8-ES
2024 Form OW-8-ES Oklahoma Individual Estimated Tax Year 2021 Worksheet for Individuals
2023 Form OW-8-ES
2023 Form OW-8-ES Oklahoma Individual Estimated Tax Year 2021 Worksheet for Individuals
2022 Form OW-8-ES
2022 Form OW-8-ES Oklahoma Individual Estimated Tax Year 2021 Worksheet for Individuals
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