504-PTE: 2024 Form 504-PTE Application for Extension of Time to File and Oklahoma Income Tax Return for Electing Pass-Through Entities (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form 504-PTE is an application for an extension of time to file a 2024 Oklahoma income tax return for an electing pass-through entity. It reports income tax liability, withholding, payments, credits and any extension payment. It does not extend the time to pay tax.
Who files this form
Form 504-PTE is for electing pass-through entities requesting additional time to file an Oklahoma income tax return. Use it when you:
- Owe additional Oklahoma income tax.
- Do not have a federal extension.
- Need more time than your federal extension allows.
If you have an automatic federal extension and owe no additional Oklahoma tax, Oklahoma honors that extension. Provide a copy of the federal extension when you file your Oklahoma return.
Individuals use Form 504-I. Corporations, partnerships and fiduciaries that are not electing pass-through entities use Form 504-C.
What you'll need
Have the following information ready to complete Form 504-PTE:
- Corporate or partnership name, mailing address and Federal Employer Identification Number.
- Tax year beginning and ending dates.
- Federal extension date, if granted, and the Oklahoma extension date you are requesting.
- A reason if you are requesting time beyond the federal extension.
- Total income tax liability, which may be estimated.
- Oklahoma income tax withheld, estimated tax payments, prior-year overpayment allowed as a credit, and other expected payments and credits.
When you file your Oklahoma return, provide a copy of the federal extension or Oklahoma extension, as applicable. If you pay electronically, retain the payment confirmation number and provide a copy of Form 504-PTE with your income tax return.
How to file
- Enter the entity’s identifying information, tax year and extension dates. Explain any request for time beyond the federal extension.
- Complete the tax computation. On line 1, use Column A for the 4% tax on members that are corporations, pass-through entities and financial institutions subject to Section 2370. Use Column B for the 4.75% tax on members that are individuals, trusts and estates. Each rate applies to the member’s Oklahoma distributive share of the PTE’s Oklahoma net income.
- Enter withholding, estimated payments and other payments or credits. Follow the form’s calculations to determine the balance due and payment amount.
- Complete the signature area, which includes spaces for the officer, partner, member or fiduciary and the paid preparer.
Mail: Send Form 504-PTE with payment, if applicable, to:
Oklahoma Tax Commission
PO Box 26890
Oklahoma City, OK 73126-0890
Electronic payment: Extension payments are accepted at tax.ok.gov. Some electronic payment services charge a convenience fee. Keep your confirmation number. If you pay electronically, do not mail Form 504-PTE. Instead, provide a copy when you file your income tax return.
Common mistakes
- Treating the extension as extra time to pay. It only extends the time to file. The extension is valid only if at least 90% of the tax liability is paid by the original due date.
- Overlooking penalties and interest. A 5% delinquent penalty may be charged if less than 90% is paid by the original due date. Interest is charged at 1.25% per month on unpaid tax from the original due date until paid.
- Leaving line 1 blank. You must enter an amount. Enter “0” if you do not expect to owe tax.
- Mailing the form after paying electronically. The form says not to mail Form 504-PTE if you make the extension payment electronically. Keep the confirmation number and provide a copy of the form with your income tax return.
- Forgetting the extension copy. Provide a copy of the applicable federal or Oklahoma extension when you file your Oklahoma return.
Questions people ask
Will Oklahoma honor my federal extension?
Yes. Oklahoma honors the automatic federal extension when no additional state tax is due. Provide a copy of the federal extension when you file your Oklahoma return.
How much extra filing time can I request?
For a partnership return, an extension cannot exceed one-half of the accounting period covered by the return, such as six months for a 12-month tax year. For a corporate return, the total extension cannot exceed seven months.
Does Form 504-PTE give me more time to pay?
No. It only requests more time to file. At least 90% of the tax liability must be paid by the original due date for the extension to be valid. Interest applies to unpaid tax from the original due date until paid.
Can I estimate my tax liability?
Yes. The form allows an estimate on line 1, but you must enter an amount. If you do not expect to owe tax, enter “0”.