512: 2024 Form 512 Oklahoma Corporation Income Tax Return Packet & Instructions (2024)

Who files this form

Any corporation doing business in Oklahoma or receiving income from Oklahoma sources must file an Oklahoma Corporation Income Tax Return, even if no tax is due.

Small Business Corporations (Subchapter S) must use Form 512-S instead of Form 512.

When it's due

For tax year 2024:

• Return deadline: Your Oklahoma return is due no later than 30 days after the federal return due date.
• Complete liquidation or dissolution: The return is due on or before the 15th day of the fourth month following the month in which the corporation is completely liquidated.
• Office closures: If a deadline falls on a day when Oklahoma Tax Commission (OTC) offices are closed, filing or performing the required act by the end of the next business day is timely.
• Oklahoma extension request: File Form 504-C on or before the return's due date if your federal return is not extended or you owe Oklahoma tax.

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 your Oklahoma return. To avoid late-payment penalty, pay 90% of the income tax liability with the extension. To avoid late-payment interest, pay 100% with the extension.

Estimated payments for tax year 2024 are due in four equal installments, subject to the packet's annualized-income provision:

• The 15th day of the fourth month of the taxable year.
• The 15th day of the sixth month of the taxable year.
• The 15th day of the ninth month of the taxable year.
• The 15th day of the first month of the succeeding taxable year.

What you'll need

Have your Federal Employer Identification Number (FEIN), a complete copy of your federal return, and all required schedules ready. If you expect a refund, provide direct deposit information.

Depending on your return, also include:

• Balance sheet and reconciliation schedules: Complete Form 512, pages 7 and 8, or attach federal Form 1120 Schedules L, M-1 and M-2. Corporations not required to complete those federal schedules must still complete the Oklahoma pages. If federal Schedule M-3 replaces federal Schedule M-1, complete Oklahoma Schedule M-1 or provide the federal Schedule M-3.
• Federal extension: A copy if you are relying on it to extend your Oklahoma filing deadline.
• Consolidated return: Form 512-TI, separate Form 512 pages 3–8 for each company, and the federal consolidated return with each member's income statement, balance sheet, M-1, M-2, M-3 and supporting schedules.
• Withholding claims: Form 500-A, 1099-MISC, 500-B, K-1 or other documentation supporting Oklahoma withholding.
• Deductions and credits: Required supporting forms and schedules, such as a detailed net operating loss carryforward schedule, Form 561-C with applicable federal capital gain documents, or Form 511-CR and applicable credit schedules.
• IRS adjustments: A copy of the finalized IRS revenue agent's report (RAR) with the amended return reporting the adjustments.

How to file

File Form 512 electronically. Electronic filing is required. Visit tax.ok.gov for approved electronic filing products.

All corporations start with Part 1, Column A. Complete the other applicable parts and include the required federal return and supporting schedules. Sign the return and keep copies of all documents for your records.

Pay separately from filing:

• Pay electronically through OkTAP at tax.ok.gov.
• Or mail a check or money order payable to “Oklahoma Tax Commission.” Include Form EF-V, the tax payment voucher, or Form OW-8-ESC, the estimated tax coupon, for proper account application.
• Make estimated income tax payments separately. Do not include a copy of your return with a mailed payment.

Mail payments to:

Oklahoma Tax Commission

PO Box 26890

Oklahoma City, OK 73126-0890

Common mistakes

• Missing direct deposit information: Refunds must be made by direct deposit. Missing information delays refund processing.
• Incorrect FEIN or calculations: Check your FEIN on every form and schedule, and review your calculations carefully.
• Missing fiscal-year or short-period dates: Enter the beginning and ending dates at the top of the return. Omitting them can significantly delay processing, and no interest will accrue on a pending refund.
• Incomplete attachments or missing signature: Include the complete federal return and required schedules, and sign your return.
• Duplicated depreciation: If you claimed 100% Oklahoma depreciation in a previous year, add back duplicated federal depreciation as directed in the packet.
• Missing Form 569: Transferred or allocated tax credits must be reported on Form 569. Failure to file it results in denial of the affected credits.
• Sending a return with a payment: Do not include a copy of your return with your mailed payment.

Questions people ask

What is the corporation income tax rate for 2024?

The income tax rate is 4%.

Does Oklahoma franchise tax still apply for tax year 2024?

The packet states that franchise tax is revoked effective for tax year 2024.

When must a corporation make estimated tax payments?

Estimated payments are required when the current year's tax liability can reasonably be expected to be $500 or more. The required payments are the lesser of 70% of the current year's tax liability or 100% of the tax liability shown on the preceding 12-month tax year's return.

Can I use Form 512 to amend my 2024 return?

Yes. Form 512 is used for amended returns. For an amended return, overpayments cannot be applied to next year's estimated tax, and line 13 cannot be changed once the original return has been processed.

Official sources

• https://oklahoma.gov/content/dam/ok/en/tax/documents/forms/businesses/corporate-income-tax/past-year/2024/512-Pkt-2024.pdf