512-S: 2024 Form 512-S Oklahoma Small Business Corporation Income Tax Return Packet & Instructions (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Form 512-S is the 2024 Oklahoma Small Business Corporation Income Tax Return for S corporations. The packet includes the return, instructions, a supplemental schedule and a nonresident shareholder agreement form.
Who files this form
File Oklahoma Form 512-S if your corporation:
- Has an election in effect under Subchapter S of the Internal Revenue Code;
- Does business in Oklahoma or receives income from property located in Oklahoma; and
- Is required to file federal Form 1120-S.
Use Form 512-S, not Form 512. An Oklahoma return is still required when federal and Oklahoma net distributable income are the same.
When it's due
For tax year 2024, the packet gives these filing rules:
- Regular return: Due no later than 30 days after the federal return due date.
- Complete liquidation or dissolution: Due on or before the 15th day of the fourth month following the month in which the corporation is completely liquidated.
- OTC office closures: If the last filing day falls on a day when Oklahoma Tax Commission offices are closed, filing by the end of the next business day is timely.
A valid federal filing extension automatically extends the Oklahoma filing deadline if no Oklahoma tax liability is owed. Include a copy of the federal extension with the Oklahoma return. If the federal return is not extended, or Oklahoma tax is owed, an Oklahoma filing extension may be granted using Form 504-C. Electing pass-through entities use Form 504-PTE.
What you'll need
Have these items ready:
- Federal return: A complete copy of Form 1120-S and all required schedules. The packet also calls for federal K-1 information.
- Balance sheets, if applicable: If the corporation is not required to complete federal Schedules L and M-1, provide copies of the balance sheets from its financial statement.
- Corporation and shareholder information: The corporation's FEIN, plus each shareholder's name, address, SSN or FEIN, and share of net income.
- Additional shareholder pages: Form 512-S-SUP if there are more than two shareholders. Use as many copies as needed to list everyone.
- Nonresident agreements, if applicable: Signed Forms 512-SA for nonresident shareholders, except shareholders of an electing PTE. Without an agreement submitted with the original return, the corporation is taxed on that nonresident shareholder's share of net income.
- Supporting forms and schedules: Provide the required documentation for any credits, deductions, depletion, or Oklahoma withholding claimed.
- PTE forms, if applicable: Electing PTEs complete Form 587-PTE. Include Form 586 when making a first-year PTE election on the return.
- Extension copy, if applicable: Include the federal extension when relying on it to extend the Oklahoma filing deadline.
- Direct deposit information: Refunds must be made by direct deposit.
How to file
Electronic filing is required for Form 512-S. Visit tax.ok.gov for approved electronic filing products.
To prepare the return:
- Start with Part 2 to compute Oklahoma net distributable income.
- Complete the applicable income sections. Part 4 applies to a unitary business, meaning a single integrated business operating in more than one state.
- Complete Part 5 for all shareholders. Every S corporation must complete this part.
- Complete Part 1 if reporting tax for nonresident shareholders without Form 512-SA, filing as an electing PTE, or claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities.
- Include the federal return and required supporting documents, sign the return, and keep copies for your records.
Common mistakes
- Using the wrong form: S corporations covered by these filing rules must use Form 512-S, not Form 512.
- Missing or incorrect information: Check the FEIN on every form and schedule, check calculations, and sign the return.
- Leaving out fiscal-year or short-period dates: Enter the beginning and ending dates at the top of the return. Missing dates can significantly delay processing.
- Omitting the federal return or required schedules: Missing documents can delay both the corporation's return and its shareholders' returns.
- Leaving out direct deposit information: This delays refund processing.
- Submitting nonresident agreements late: Except for shareholders of an electing PTE, Form 512-SA must accompany the original return to avoid corporate-level tax on the nonresident's share. Include the shareholder's SSN or FEIN for the agreement to be valid.
- Duplicating depreciation: If 100% Oklahoma depreciation was claimed in a previous year, duplicated depreciation must be added back as directed in the packet.
Questions people ask
Do I still file if federal and Oklahoma net distributable income are the same?
Yes. The packet says an Oklahoma return must still be filed. You may complete line 18 of Part 3 and then Part 5, and must provide copies of federal Form 1120-S and K-1.
What if the corporation has more than two shareholders?
Complete Form 512-S-SUP. Use as many supplemental forms as needed to list all shareholders.
How do I amend a return?
Use Form 512-S and mark the amended-return box at the top of page 1. Complete Schedule 512-S-X and provide federal amended Form 1120-S when applicable. An overpayment on an amended return is refunded rather than credited to estimated tax.
How will the corporation receive a refund?
Refunds must be made by direct deposit. Failing to supply direct deposit information will delay processing.