2016 Oklahoma Partnership Income Tax . - Oklahoma.gov Home
Includes Forms 514, 514-SUP,514-PT and 514-PT-SUP2016 OklahomaPartnershipIncome Tax Formsand InstructionsThis packet contains: Instructions for completing the Form 514.www.tax.ok.gov 514 partnership income tax form. 514-SUP supplemental schedule forForm 514, Part 5. 514-PT partnership composite incometax supplement. 514-PT-SUP supplemental schedule forForm 514-PTFiling date: Your Oklahoma return is due 30 daysafter the due date of your Federal return.For assistance or forms: See page 11 for methods of contactingthe Oklahoma Tax Commission. Download Forms 24/7 View FAQs or Email theOTC a Question Latest Tax Newshttp://oktap.tax.ok.govOne Site with ManyOklahoma Filing Options
2016 Oklahoma Partnership Income Tax ReturnWhat’s New in the 2016 Oklahoma Tax Packet? The due date has changed. See “When and Where theReturn Must Be Filed” below. The instructions for the Indian Employment Exclusionare included in the packet for 2016. See page 5 for furtherinformation. The Oklahoma Affordable Housing Tax Credit has beenadded to Form 511CR. Schedule 514-X “Amended Return Schedule” has beenadded to the return. See Form 514, page 5.General Filing InformationGeneral Information.When and Where the Return MustBe Filed - continued.Title 68 Oklahoma Statutes (OS)Returns by Partnerships.Returns by Limited Liability Companies (LLCs) and LimitedLiability Partnerships (LLPs).When the last date for filing any document or performingany act required by the OTC falls on a day when the offices are not open for business, the filing of the documentor performance of the act shall be considered timely if it isperformed by the end of the next business day.Any reference to partnership partners in the instructionsand on Form 514 also relate to LLC and LLP members.Business Code Number.Notice: If this is a fiscal year or period return, please enterboth the beginning and ending dates.Oklahoma business codes are the same as federal business codes.Every partnership, including syndicates, groups, pools,joint ventures or other unincorporated organizations(exclusive of trusts, estates or corporations defined by theact), having Oklahoma source income, shall make a returnof income on Form 514, for the calendar year or fiscal yearended on the last day of any month other than December.Composite Return Information.(Rule 710:50-19-1) Any partnership required to file anOklahoma income tax return may elect to file a compositereturn for its nonresident partners. The income tax liabilityfor such nonresident partners will be computed and paidon the partnership return. Any nonresident partner may beincluded in the composite return. When filing a compositereturn, the Form 514-PT “Partnership Composite IncomeTax Supplement” and Form 514, Part One “Tax Computation for Nonresident Composite Filers Only” must becompleted. If there are more than 15 partners included inthe composite return, complete Form(s) 514-PT-SUP.Each partner having Oklahoma source income sufficient tomake 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 thesame as the taxable year and method of accounting usedfor federal income tax purposes.Use Form 514-PT and, if applicable, Form 514-PT-SUPto compute each of the nonresident partner’s Oklahomaincome tax. The instructions are on the back of Form514-PT. The totals of the nonresidents’ Oklahoma distributive income and their tax are carried from Form 514-PTto Form 514, Part One, lines 1 and 2. See page 8 for theinstructions for Part One.When and Where the ReturnMust Be Filed.Partnership returns shall be due no later than 30 daysafter the due date established under the Internal RevenueCode (IRC). The return must be filed with the OklahomaTax Commission (OTC), PO Box 26800, Oklahoma City,Oklahoma 73126-0800 or via an electronic filing product.Estimated tax payments made on behalf of the nonresidentpartners electing to be included in the composite returnmust be made under the partnership’s name and FederalEmployer Identification Number.An extension of time for the filing of the return may begranted, but in no case to exceed six months. If you havean approved extension of time from the Internal RevenueService in which to file your federal return, an Oklahomaextension is automatic. However, a copy of the federalapproved extension must be enclosed with your Oklahomatax return. File Form 504-C to extend the due date to thefull six months.Table of ContentsGeneral Filing Information.2-5Amended Returns.3OkTAP Information.4Specific Line Instructions.5-10When You Are Finished.10Direct Deposit Information. 11How to Contact the OTC. 11Common Abbreviations Found in this PacketOS - Oklahoma StatutesOTC - Oklahoma Tax CommissionSec. - Section(s)2
General Filing InformationInformation at Source.Withholding on Nonresident Members continued.Every partnership making payments of salaries, wages,premiums, annuities or other periodical gains, profits orincome, amounting to 750 or more, paid or payable during the year, to any taxpayer, shall make a complete reportthereof, under oath, to the OTC on Forms 500 and 501 toreach the OTC on or before February 28 of the calendaryear. 68 OS Sec. 2369(A) and Rule 710:50-3-50(A).Distributions made from the partnership.Partnerships, that make distributions subject to Oklahomawithholding, must register with the OTC. Register by completing Form OW-11 “Registration for Oklahoma Withholding for Nonresident Members”. This form is available fromour website at www.tax.ok.gov.To file and pay the income tax withheld, the partnershipmust complete Form WTP10003 “Oklahoma NonresidentDistributed Income Withholding Tax Annual Return”. Thepartnership will file Form WTP10003 on or before the duedate (including extensions) of the partnership’s income taxreturn. The partnership must provide nonresident partnersa Form 500-B, by the due date (including extensions) of itsincome tax return, showing their respective amount of income and tax withheld. Copies of Form 500-Bs, along withthe cover Form 501, must be sent to the OTC by the samedate. Each nonresident partner must enclose a copy ofthe Form 500-B to their Oklahoma income tax return asverification for this withholding.Adjustments by the IRS.Taxpayers who file “consents” extending the time for making federal adjustments, automatically extend the time formaking State adjustments. Also, the taxpayer is required tofurnish copies of all Internal Revenue Service adjustments.Withholding on Nonresident Members.Pass-through entities (partnerships, S Corporations, limited liability companies or trusts) are required to withholdOklahoma income tax at a rate of 5% of the Oklahomashare of taxable income distributed to each nonresidentmember (partner, member, shareholder or beneficiary).A pass-through entity is not required to withhold incometax with regard to any nonresident member who submits aForm OW-15 “Nonresident Member Withholding Exemption Affidavit”. 68 OS Sec. 2385.29, 2385.30 and 2385.31.When a partnership files a composite return on behalf of itsnonresident partners, the nonresident partner’s withholdingcan be claimed on Form 514, Part 1, line 7. A copy of thenonresident partner’s Form 500-B must be enclosedwith Form 514.Withholding is not required on distributions made topersons, other than individuals, who are exempt fromfederal income tax; organizations granted an exemptionunder Section 501(c)(3) of the Internal Revenue Code;insurance companies subject to the Oklahoma GrossPremiums Tax and therefore exempt from Oklahomaincome tax under 68 OS Sec. 2359(c); and nonresidentmembers who have filed Form OW-15 “NonresidentMember Withholding Exemption Affidavit”. Withholding isnot required on any distribution of royalty income on whichthe nonresident royalty interest income tax has alreadybeen withheld, on any distribution made to another passthrough entity or on any distribution of income not subjectto Oklahoma income tax.Amended Returns.Form 514 is used for amended returns also. If this is anamended return, place an ‘X’ in the box located in the upper left section of Form 514, page 1. Enter on line 9 anyamount paid with the original return plus any amount paidafter it was filed. Enter on line 10 any refund previouslyreceived or overpayment applied. Complete Schedule 514X on page 5. Enclose Federal Amended Form 1065 whenapplicable. Overpayments cannot be applied to nextyear’s estimated tax. Line 13 cannot be amended orchanged once the original return has been processed.Oklahoma Depletion in Lieuof Federal Depletion.The following pass-through entities are not required towithhold:Oklahoma depletion on oil and gas well production, at theoption of the taxpayer, may be computed at 22% of grossincome derived from each Oklahoma property duringthe taxable year. Major oil companies, as defined in Title52 OS Sec. 288.2, when computing Oklahoma depletion shall be limited to 50% of the net income (computedwithout the allowance for depletion) from each property.If Oklahoma options are exercised, the federal depletionnot used due to 65% limit may not be carried over. Leasebonus received is considered income subject to depletion.If depletion is claimed on a lease bonus and no incomeis received as a result of non-producing properties, uponexpiration of the lease, such depletion must be restored. Acomplete schedule by property must be furnished.· An entity electing to be treated as adisregarded entity for federal income taxpurposes. A disregarded entity is an eligibleentity that is treated as an entity that is notseparate from its single owner.· An entity that does not have a requirement,or properly elects out of the requirement, tofile a federal income tax return.· An entity making distributions of income notsubject to Oklahoma income tax.3
General Filing InformationAgricultural Commodity ProcessingFacility Exclusion.Safety Pays OSHA ConsultationService Exemption.Owners of agricultural commodity processing facilities mayexclude 15% of their investment in a new or expandedagricultural commodity processing facility located withinOklahoma.(Part Two, Column B, line 20 or Part Four, line 3)An employer that is eligible for and utilizes the Safety PaysOSHA Consultation Service provided by the OklahomaDepartment of Labor shall receive a 1,000 exemptionfor the tax year the service is utilized. Employers must beable to substantiate their participation in the OklahomaDepartment of Labor’s Safety Pays Consultation Serviceupon request.Agricultural commodity processing facility means buildings,structures, fixtures and improvements used or operatedprimarily for the processing or production of agriculturalcommodities to marketable products. The investment isdeemed made when the property is placed in service.Qualified Refinery Property.(Part Two, Column B, line 7 or Part Four, line 2)Attach a separate schedule showing the type ofinvestment(s), the date placed in service, the cost, the totalexclusion and the exclusion available for each partner.Do not include this exclusion in the Oklahoma distributiveincome. Each partner shall report their allowable shareof the exclusion on the designated line of their individualreturn.If the election was made to expense the cost of qualifiedrefinery property located in Oklahoma on a previous year’sOklahoma return, the depreciation deduction claimed onthe federal return for such property must be added back toarrive at Oklahoma distributive income. This addition mustbe made regardless of whether the expense was claimedon the partnership return or allocated to its owners. 68 OSSec. 2357.204.Allocable Income or Loss.Part Two, Column A and Part Three, Column A are to becompleted by all partnerships.OkTAP: More Than YourFiling SolutionPart Two, Column B and Part Three, Column B are to becompleted by partnerships deriving all of their income fromwithin Oklahoma and by partnerships whose business isoil and gas production, mining, farming, or rental withinand 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 isone whose income is derived from the conduct, in morethan one state, of a single business enterprise (commonlycalled unitary business) all the factors of which are essential to the realization of an ultimate gain derived from theenterprise as a whole, and not from its component partswhich are too closely connected and necessary to eachother to justify division or separate allocation.Access to file, pay, update, interact all on your time, anytime!With OkTAP you can: File and pay taxes for your sales, withholding,franchise and mixed beverage accounts alongwith many more tax types View OTC returns, letters and notices Engage in secure messaging with OTCrepresentatives Order coin-operated device decals Register new businesses with the OTC Register a third-party preparer to manage youraccountPartnerships consisting of business other than oil and gasproduction, mining, farming or rentals operating in morethan one state should compute their Oklahoma income byusing the three factor formula consisting of Sales, Payrolland Property. 68 OS Sec. 2358 (A) (4) and Sec. 2358 (A)(5). If less than 3 factors are present, the resulting amountis apportioned to Oklahoma on a 2-factor or single factorformula 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 otherallocable items such as depletion), a separate schedulemust be furnished showing the Oklahoma portion and thetotal amount claimed on the federal return.http://oktap.tax.ok.gov4
General Filing InformationCost of Complying with Sulfur Regulations (continued)If you are the Owner (Part Two, Column B, line 20, or Part Four, line 6 - as adeduction)Deduct the portion of the cost of complying with sulfurregulations which have been allocated to you. Attach thewritten notice of the allocation received from the refinery.Cost of Complying with SulfurRegulations.(68 OS Sec. 2357.205)A qualified refinery may make an irrevocable electionto allocate all or a portion of the cost of complying withsulfur regulations issued by the Environmental ProtectionAgency as a deduction allowable to its owners. Theallocation for each person is equal to the ratable shareof the total amount allocated, determined on the basis ofthe ownership interest of the person. The taxable incomeof the refinery shall not be reduced by the reason of anyamount allowed under this section.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, shallbe deducted from taxable income. Deduct on the Oklahoma return, an amount equal to the reduction of salariesand wages reported on the federal return as a result ofForm 8845 “Indian Employment Credit”. The deductionallowed shall only be permitted for the tax years in whichthe federal credit is allowed, even if not used in such yearbecause of tax liability limitations. Enclose a copy of thefederal return, Form 8845 and if applicable, Form 3800.If you are the Refinery To make the election, attach a schedule of a list of thecosts of complying with sulfur regulations some or all ofwhich are being allocated to your owners and the portionof such costs allocated to each owner, including theowner’s name and federal identification number. You shallalso provide each owner with written notice of the amountof costs allocated to such owner. The notice must includeyour name and Federal Employer Identification Numberand the owner’s name and federal identification number.Specific Line Instructions for Determining Distributive IncomePart TwoPart ThreeTo compute Oklahoma distributive income, all partnerships start with Part Two.If federal and Oklahoma distributive net incomes arethe same, you may complete Part Three, Columns A& B, line 15; then complete Part Five. A copy of yourFederal Form 1065 and K-1s must be enclosed withyour Oklahoma return. An Oklahoma return must befiled by all partnerships having Oklahoma sourceincome.Lines 1-22, Column APart Two, Column A must be completed by all partnerships. List exact figures as reported on the front page ofyour Federal Form 1065.Lines 1-22, Column BPart Two, Column B is to be used by all partnerships deriving all of their income from within Oklahoma. This columnis also to be used by all partnerships whose business, bothwithin and without Oklahoma, is oil and gas production,mining, farming or rental. This should be completed usingthe direct accounting method. Partnerships conductingbusiness of a unitary nature do not complete Column B.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.Lines 1-15, Column B:Part Three, Column B is to be used by partnerships deriving all of their income from within Oklahoma. This columnwill be the same as in Column A except for lines 4b and 4c.Rents and interest expenses paid to a captive real estateinvestment trust and deducted on your federal return mustbe added back on Column B, line 7 to compute Oklahomadistributable income. Such add-back is not required if thecaptive real estate investment trust is subject to the addback for the dividends-paid deduction pursuant to 68 OSSec. 2358.This column is also to be used by partnerships whosebusiness, both within and without Oklahoma, is oil andgas production, mining, farming, or rental. Complete thiscolumn using the direct account method as shown below.Partnerships conducting business of a UNITARY naturedo not complete Column B, lines 1-14. Such partnershipsshall complete Part Four using the Apportionment Formulabefore completing Column B, line 15.Income from discharge of indebtedness deferred underIRC Section 108(i)(1), which was added back to computeOklahoma taxable income in tax year 2010, may be partially deducted. In Column B, line 20, deduct an amountequal to the portion of such deferred income included infederal taxable income for tax year 2016. Partnerships with the “Federal Indian Employment Credit”should refer to the “Indian Employment Exclusion” above.5Tax Tips:Check your calculations carefully.Don’t forget to sign your tax returns.Always copy your return for your records.
Specific Line Instructions for Determining Distributive IncomeLine 4b - continuedEnclose a schedule of all municipal interest receivedby source and amount. If the income is from a mutualfund which invests in state and local governmentobligations, enclose documentation from the mutual fundto substantiate the percentage of income derived fromobligations exempt from Oklahoma tax.Column BLine 1Income (loss) shall be allocated in accordance with thesitus of such property. Overhead expense shall be allocated on the basis of direct expense in Oklahoma to thetotal direct expense everywhere. Use Page 2, Part Two, orenclose schedule.Note: If the interest is exempt, the capital gain/loss fromthe sale of the bond may also be exempt. The gain/lossfrom sale of a state or municipal bond, other than thoseprovided for in 1, is exempt only if so provided by thestatute authorizing its issuance.Lines 2 and 3Income (loss) from real and tangible personal property shallbe allocated in accordance with the situs of such property.Line 4Accounts receivable interest income and interest incomefrom investments held to generate working capital shall
www.tax.ok.gov 2016 Oklahoma Partnership Income Tax Forms and Instructions This packet contains: Instructions for completing the Form 514. 514 partnership income tax form. 514-SUP supplemental schedule for Form 514, Part 5. 514-PT partnership composite income tax supplement. 514-PT-SUP supplemental schedule for Form 514-PT .
Income Tax Act 2007 2007 No 97 BC 6 Income tax liability of filing taxpayer 106 BC 7 Income tax liability of person with schedular income 106 BC 8 Satisfaction of income tax liability 108 Subpart BD—Income, deductions, and timing BD 1 Income, exempt income, excluded income, non- 108 residents' foreign-sourced income, and assessable income
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Partnership income is reported as one category of income on the partner's New Jersey Income Tax return rather than in multiple categories. For example, interest, dividends, rents, gains, or losses earned by a partnership are combined with federal ordinary income (loss) to determine New Jersey partnership income (loss). This bulletin
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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". E-file your 514 right now! Visit tax.ok.gov for approved electronic filing products. 3
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