OW-8-ES-SUP: 2023 Form OW-8-ES-SUP Annualized Estimated Tax Year 2024 Worksheet (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Oklahoma Form OW-8-ES-SUP is the 2024 Annualized Estimated Tax Worksheet for individuals. It calculates estimated tax payments for each period using income, deductions, credits, withholding, and estimated payments.
Who files this form
The 2024 Form OW-8-ES-SUP is for figuring annualized estimated tax payments when you do not receive income evenly throughout the year. This method may let you pay less for one or more periods than the regular installment method.
The form does not state who must file it. It says to complete this worksheet to see whether you can pay less for a period. First, complete the regular “Tax Worksheet for Individuals” included on Form OW-8-ES.
Part-year residents and nonresidents who will file Form 511-NR must follow the special note on page 2.
What you'll need
To complete the worksheet, have these forms and figures available:
- Your completed regular “Tax Worksheet for Individuals” on Form OW-8-ES. Line 20 uses one-fourth of line 9c from that worksheet.
- Income and adjustments for each period, including your share of partnership or S-corporation income or loss.
- Oklahoma itemized deductions, your full Oklahoma standard deduction, and the number of expected exemptions.
- Adjustments to Oklahoma adjusted gross income and Oklahoma tax credits, including credits carried over from a previous year.
- Oklahoma estimated tax payments actually made and your expected Oklahoma income tax withholding.
- The tax table used to calculate line 13.
For the full list of adjustments, the worksheet refers to the previous tax year's individual income tax packet instructions for Schedule 511-C or Schedule 511-NR-C. For out-of-state income, it also refers to that packet's Form 511 instructions for prorating deductions and exemptions.
Common mistakes
- Skipping the regular worksheet. You must complete the regular “Tax Worksheet for Individuals” on Form OW-8-ES first.
- Using only the income from the latest period. The periods are cumulative. Each column covers the beginning of the tax year through the end of the period shown.
- Overlooking the deduction rule on line 8. If line 6 is less than the federal standard deduction, enter line 7 unless you elect to itemize for that period. If you elect to itemize, write “IE” next to the amount.
- Annualizing credits. Do not annualize credits on line 14. Do annualize any income or deduction used to figure a credit, and do not include withholding credits on that line.
- Ignoring the special Form 511-NR note. Part-year residents and nonresidents filing Form 511-NR must calculate lines 1 through 12 as if all income were earned in Oklahoma, then follow the note to prorate the base tax for line 13.
Questions people ask
What periods does the 2024 worksheet cover?
Column A covers January 1 through March 31, 2024; Column B covers January 1 through May 31, 2024; Column C covers January 1 through August 31, 2024; and Column D covers January 1 through December 31, 2024. Complete each column after its period ends. These are worksheet periods, not printed payment due dates.
Which amount goes on my payment voucher?
Use line 24d. Subtract line 24c from line 24b and enter the result, but not less than zero, on line 24d and your payment voucher.
What if I do not itemize deductions?
Enter “0” on line 4 and skip to line 7. On line 7, enter the full amount of your Oklahoma standard deduction.
How do I account for withholding on line 24c?
Withholding is considered paid in four equal installments. Multiply your total expected withholding for the current year by 25% for the first period, 50% for the second, 75% for the third, and 100% for the fourth. Line 24c also includes Oklahoma estimated tax payments actually made through the payment due date for the period.