514: 2024 Form 514 Oklahoma Partnership Income Tax Return Packet & Instructions (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Form 514 is the 2024 Oklahoma Partnership Income Tax Return used to report partnership income. This packet includes the return, filing instructions, supplemental schedules and a partnership composite income tax supplement.
Who files this form
Every partnership with Oklahoma-source income must file Form 514. This includes syndicates, groups, pools, joint ventures and other unincorporated organizations, but excludes trusts, estates and corporations as defined by the Act.
Partnerships filing federal Form 1065-B also file Form 514. References to partnerships and partners apply to LLCs and LLPs and their members.
Each partner with enough Oklahoma-source income to require a return must also file as required by law, unless included in the partnership’s composite return.
When it's due
- 2024 Form 514: Your Oklahoma return is due no later than 30 days after the federal return’s due date.
- Extensions for the 2024 return: An IRS filing extension automatically extends the Oklahoma filing deadline, but you must include a copy of the federal extension with your Oklahoma return. The Oklahoma extension cannot exceed six months. To extend the deadline to the full six months, partnerships that are not electing pass-through entities use Form 504-C; electing pass-through entities use Form 504-PTE.
- 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.
What you'll need
Have these records and forms ready:
- A complete copy of your federal partnership return, federal K-1s and required schedules.
- Your Federal Employer Identification Number (FEIN).
- Each partner’s name, address, SSN or FEIN, and share of income, guaranteed payments, credits and withholding.
- A copy of your federal filing extension, if applicable.
- Direct deposit information if you are receiving a refund.
Depending on your return, you may also need:
- Part 5: Form 514-SUP if you complete Part 5 and have three or more partners.
- Composite return: Form 514-PT, plus Form 514-PT-SUP if more than 15 partners are included.
- Electing pass-through entity: Form 587-PTE to calculate the tax. Include Form 586 for a first-year election made on the return.
- Credits and withholding: Supporting forms and documentation, including Form 500-B when claiming a nonresident partner’s withholding on a composite return.
- Oklahoma adjustments: Any schedules and supporting records required for the deductions, exclusions or other adjustments you claim.
How to file
Form 514 must be filed electronically. Visit tax.ok.gov for approved electronic filing products.
Use the same tax year and accounting method as on your federal income tax return. For a fiscal-year or short-period return, enter both the beginning and ending dates.
Start the income calculation with Part 2. Complete the applicable income schedules, including Part 4 if your business income must be apportioned between Oklahoma and other states.
All partnerships must complete Part 5 or provide federal K-1s with the Oklahoma information stated separately. Complete Part 1 if filing a composite return, filing as an electing pass-through entity, or claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities.
Include required supporting documents, sign the return and keep copies for your records.
Common mistakes
- Missing direct deposit information: Refunds must be made by direct deposit. Missing information delays refund processing.
- Incorrect or missing FEIN: Check your FEIN on every form and schedule.
- Missing federal returns or schedules: Failure to provide required copies can slow processing.
- Unsigned returns or calculation errors: Sign your return, double-check calculations and keep copies.
- Duplicating depreciation deductions: If you claimed 100% Oklahoma depreciation in a previous year, follow the required add-back instructions to avoid duplication.
- Missing Form 569: Transferred or allocated tax credits must be reported on Form 569. Otherwise, the affected credits will be denied.
Questions people ask
Can the partnership file one return for its nonresident partners?
Yes. A partnership required to file an Oklahoma return may elect to file a composite return for nonresident partners. Complete Form 514-PT and Form 514, Part 1. Partners included in the composite return do not file a separate Oklahoma income tax return.
What if federal and Oklahoma distributive net income are the same?
You may complete Part 3, Columns A and B, line 15, then complete Part 5. Include your federal Form 1065 and K-1s. Having the same income figures does not remove the Oklahoma filing requirement.
How do I amend a return?
Use Form 514 and mark the amended-return box on page 1. Complete Schedule 514-X on page 8 and provide federal amended Form 1065 when applicable. For an amended return, overpayments cannot be applied to next year’s estimated tax, and line 13 cannot be changed after the original return has been processed.
Can a partnership elect to pay tax as a pass-through entity?
Yes. An eligible partnership may make the election using Form 586 or on Form 514. For a first-year election on Form 514, mark the “First-year PTE Election” box and include Form 586. The PTE election takes priority over and revokes a composite-return election for the same tax year.