514: 2025 Form 514 Oklahoma Partnership Income Tax Return Packet & Instructions (2025)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2025
Form 514 is the 2025 Oklahoma Partnership Income Tax Return used to report a partnership’s Oklahoma source income. This packet includes the return, instructions, supplemental schedules, and a composite income tax supplement for nonresident partners.
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 Oklahoma Income Tax Act.
Partnerships filing federal Form 1065-B also file Form 514. References to partnerships and partners in this packet also apply to LLCs, LLPs, and their members.
Each partner with enough Oklahoma-source income to require a return must also file as required by law. Nonresident partners who elect to be included in the partnership’s composite return do not file a separate Oklahoma income tax return.
When it's due
- Tax year 2025 return: Your Oklahoma partnership return is due no later than 30 days after the federal return’s due date. The packet does not give a specific calendar date.
- Extensions: If you have a federal extension and no Oklahoma tax is due, your Oklahoma return is automatically extended. Attach federal Form 7004. If tax is due, no federal extension was filed, or you need more time than the federal extension allows, file Form 504-C, or Form 504-PTE if you made the PTE election. Extensions cannot exceed six months.
- Payment: An extension does not extend the time to pay. At least 90% of the tax must be paid by the original due date to avoid a penalty.
- Office closures: If the last filing or payment day falls when OTC offices are closed, completing the required action by the end of the next business day is considered timely.
What you'll need
Complete your federal income tax return before starting Form 514. Have these items ready:
- A complete copy of your federal partnership return, federal Schedule K-1s, and all required schedules.
- Your partnership’s FEIN and each partner’s name, address, SSN or FEIN, and share of income.
- Direct deposit information if you expect a refund.
- Partner reporting: Form 514-SUP if you complete Part 5 and have three or more partners. You may instead provide federal Schedule K-1s with Oklahoma information stated separately.
- Composite returns: Form 514-PT, plus Form 514-PT-SUP if more than 15 partners are included.
- Electing PTEs: Form 587-PTE to compute the tax, and Form 586 for a first-year election.
- Withholding and credits: Required supporting forms and schedules. Examples include Form 500-B for a nonresident partner’s withholding claimed on a composite return, and Form 511-CR with applicable supporting forms for credits claimed there.
- Amended returns: Schedule 514-X and federal amended Form 1065 when applicable.
Additional schedules or documentation may be required for the deductions, exclusions, and adjustments you claim.
How to file
File electronically. Oklahoma requires electronic filing of Form 514 under Rule 710:50-19-1. Visit tax.ok.gov for approved electronic filing products. The supplied text does not provide a mailing address for filing this return.
To prepare the return:
- Complete your federal return first. Use the same tax year and accounting method for Oklahoma.
- Start the Oklahoma distributive income calculation with Part 2, then follow the instructions for Part 3. Partnerships with a unitary business operating inside and outside Oklahoma use Part 4 to apportion income.
- Complete Part 5, or provide federal Schedule K-1s with Oklahoma information stated separately.
- Complete Part 1 if filing for nonresident composite partners, filing as an electing PTE, or claiming the Refundable Credit for Electricity Generated by Zero-Emission Facilities.
- Include the required federal return and supporting documents, check your calculations, sign the return, and keep copies for your records.
Common mistakes
- Leaving out tax-year information. Mark the applicable fiscal-year, short-year, or 52/53-week-year checkbox. Missing information may significantly delay processing. For fiscal-year or short-period returns, enter both beginning and ending dates.
- Missing or incorrect identification. Check your FEIN on every form and schedule.
- Omitting attachments or signatures. Missing federal returns or required schedules can slow processing. Remember to sign your return.
- Leaving out direct deposit information. Refunds must be made by direct deposit. Missing information delays refund processing.
- Rounding too early. When adding amounts for a line, include cents in the calculation and round only the final total to the nearest dollar.
- Netting depreciation adjustments. Report the federal depreciation add-back and Oklahoma bonus depreciation subtraction in full, not as a single net amount.
- Failing to report transferred or allocated credits on Form 569. The packet warns that the affected credits will be denied if this form is not filed.
Questions people ask
Can the partnership file a composite return for nonresident partners?
Yes. A partnership required to file an Oklahoma income tax return may elect to file a composite return for nonresident partners. Complete Form 514-PT and Form 514, Part 1. If more than 15 partners are included, also complete Form 514-PT-SUP.
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. You must still provide federal Form 1065 and Schedule K-1s with the Oklahoma return.
How do I amend a partnership return?
Use Form 514 and mark the amended-return box on page 1. Complete Schedule 514-X and provide federal amended Form 1065 when applicable. Report prior payments on line 9 and any refund previously received or overpayment applied on line 10.
Can the partnership elect to pay tax as a pass-through entity?
Yes. An eligible PTE may elect by filing Form 586 or making the election on Form 514. For a first-year election on Form 514, mark the “First-year PTE Election” box and provide Form 586. The PTE election takes priority over and revokes a composite-return election for the same tax year.