512-E: 2024 Form 512-E Oklahoma Return of Organization Exempt from Income Tax (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Form 512-E is the 2024 Oklahoma income tax return for organizations exempt under Section 501(c) of the Internal Revenue Code. It reports organization information and, when applicable, unrelated business taxable income, other taxable income, credits, payments, and any tax due or r
Who files this form
Form 512-E is Oklahoma’s return for organizations exempt from income tax under Section 501(c) of the Internal Revenue Code.
The general instructions say every organization must file a return each year. All organizations must complete Part 1 and the signature section. Organizations with unrelated trade or business income must also complete Part 2.
When it's due
For tax year 2024, corporate returns are due no later than 30 days after the due date established under the Internal Revenue Code. The form does not print a specific calendar filing deadline.
What you'll need
Have the organization’s federal employer identification number and date it qualified for tax-exempt status ready.
Provide these documents when they apply:
- A copy of the required federal annual information return, including supporting schedules, such as Form 990, 990-EZ or 990-PF.
- A copy of the required federal income tax return, including supporting schedules, such as Form 990-T.
- A schedule of other taxable income.
- Form 561-C for an Oklahoma capital gain deduction, and Form 511-CR for other credits claimed.
- Form 1099, Form 500A, Form 500B or another withholding statement supporting Oklahoma withholding.
- For an amended return, the amended federal return and proof of IRS disposition when applicable. For a return filed because of a federal audit, provide the complete Revenue Agent’s Report (RAR).
- For income excluded under an electing pass-through entity’s election, the required entity and income schedule plus the Oklahoma Tax Commission acknowledgment letter, or Form 586 for a first-time election for the current tax year.
- A tax-computation schedule if making an Oklahoma installment payment under IRC Section 965(h).
For direct deposit, have the account type, routing number and account number ready.
How to file
- Complete Part 1 and the signature section. Complete Part 2 if the organization has unrelated trade or business income.
- Include the required federal returns and supporting schedules.
- Complete the direct deposit section if receiving a refund, subject to the form’s limited exceptions.
- Pay the total tax, penalty and interest due in full with the return.
- Mail the return to:
Oklahoma Tax Commission
PO Box 26800
Oklahoma City, OK 73126-0800
Use a paper clip to attach documents. Do not staple them to the form.
Common mistakes
- Stapling attachments: The form says to use a paper clip instead.
- Entering an invalid routing number: It must have nine digits. Direct deposit will fail if the first two digits are not 01 through 12 or 21 through 32.
- Formatting the account number incorrectly: Use up to 17 characters, including numbers and letters. Include hyphens, but omit spaces and special symbols.
- Requesting direct deposit through a foreign financial institution: The Oklahoma Tax Commission does not allow this and will issue a paper check instead.
- Expecting a deposit notification: The instructions say you will not receive one.
Questions people ask
Does tax-exempt status mean the organization owes no Oklahoma income tax?
Not necessarily. Exempt organizations are subject to tax on unrelated business income. Investment income subject to federal excise tax is not subject to Oklahoma income tax, but income subject to income tax under the Internal Revenue Code is subject to Oklahoma income tax.
What tax rate applies?
The income tax rate is 4%. If the exempt organization is a trust, use the trust rate schedule on page 3 and enter “1” in the box on line 5.
Does the unrelated business deduction total include the federal specific deduction?
Yes. Total unrelated trade or business deductions include the specific deduction allowed on the federal return.
How do I amend a return?
Mark the amended-return box on page 1 and complete Schedule 512-E-X on page 2. Enter payments made with and after the original return on line 10, and prior refunds or overpayments applied on line 11. Provide the applicable federal documents and necessary schedules. An amended-return overpayment must be refunded, not credited to estimated tax.
How will the organization receive its refund?
Refunds generally must be made by direct deposit. A paper check will be issued if the financial institution refuses the deposit or if you use a foreign financial institution. A check for a refused deposit goes to the address shown on the return.