OW-8-ES: 2023 Form OW-8-ES Oklahoma Individual Estimated Tax Year 2024 Worksheet for Individuals (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Form OW-8-ES includes Oklahoma’s individual estimated income tax worksheet and payment coupon for tax year 2024. The worksheet calculates estimated taxable income, tax liability, and installment payments after accounting for deductions, exemptions, credits, and withholding.
Who files this form
For tax year 2024, you must make equal quarterly estimated tax payments if both conditions apply:
- You reasonably expect your Oklahoma tax liability to exceed your withholding by $500 or more.
- You expect your withholding to be less than the smaller of 70% of your current-year tax liability or the tax liability shown on your preceding tax year's return covering 12 months.
Estates and farmers are not required to make estimated payments. A farmer is someone who receives at least two-thirds of their gross income for the current or previous year from farming activities.
If your income is uneven during the year, the annualized income installment method may reduce or eliminate a required payment for one or more periods. See Form OW-8-ES-SUP.
When it's due
For tax year 2024, the form lists these due dates for calendar-year taxpayers:
- First quarter: April 15. File the estimated tax declaration and pay the first installment.
- Second quarter: June 15.
- Third quarter: September 15.
- Fourth quarter: January 15.
If a due date falls on a weekend or legal holiday when Oklahoma Tax Commission offices are closed, payment is due the next business day.
What you'll need
To complete the worksheet and payment coupon, have these records and details available:
- Your previous year's tax return showing your tax liability.
- Estimates of your income, Oklahoma standard or itemized deductions, exemptions, Oklahoma income tax credits, and withholding.
- The tax table in the Packet 511 or Packet 511-NR instructions.
- Your name, mailing address, and Social Security number. For a joint return, use the primary taxpayer's name and Social Security number.
- The tax year, payment quarter, due date, and payment amount.
The worksheet also includes a place to record estimated payments and amounts applied from your 2023 tax return.
How to file
Use the worksheet to calculate your estimated payment. If paying quarterly, line 12 is one-fourth of line 11. Follow the worksheet's stop rule if no estimated payment is required.
Pay by mail
Complete and detach the coupon. Make your check payable to Oklahoma Tax Commission and mail it with the coupon to:
Oklahoma Tax Commission
PO Box 269027
Oklahoma City, OK 73126-9027
Use only one check per coupon. After your payment is processed, use the pre-printed coupon you receive for later payments.
Pay electronically
Electronic estimated income tax payments are accepted at tax.ok.gov. Some electronic payment services charge a convenience fee. If you pay electronically, do not mail the coupon. Keep your confirmation number.
Common mistakes
- Sending a coupon without a payment: Do not send the coupon if no payment is required.
- Mailing a coupon after paying electronically: Do not mail it. Keep the electronic confirmation number instead.
- Sending cash or extra paperwork: Do not send cash or include other tax reports or correspondence in the payment envelope.
- Ignoring coupon handling instructions: Do not fold, staple, or paper clip the coupon. Detach it at the marked line and send only one check per coupon.
- Using the wrong taxpayer details on a joint return: Enter the name and Social Security number of the primary taxpayer, whose name will appear first on the income tax return.
- Missing an address change: Mark the address-change box with an X and enter the new mailing address.
- Using OW-8-ES for composite-return partner payments: Payments for nonresident partners electing to join a composite return must use Form OW-8-ESC under the partnership's name and Federal Employer Identification Number.
Questions people ask
When does the worksheet say I can stop without making estimated payments?
Stop if line 11 is zero or less, or if line 8 minus line 10 is less than $500. The worksheet says estimated payments are not required in either case.
What if I earn income unevenly throughout the year?
You may be able to lower or eliminate a required payment for one or more periods using the annualized income installment method. See Form OW-8-ES-SUP, available at tax.ok.gov.
How do part-year residents and nonresidents calculate the tax on line 6?
If you will file Form 511-NR, calculate lines 1 through 5 as if all income were earned in Oklahoma. Calculate the base tax using line 5. Then divide estimated Oklahoma-source income by line 1 and multiply that percentage by the base tax. Enter the result on line 6.
Can I owe interest for underpaying estimated tax?
In general, interest applies if your tax liability exceeds withholding by $500 or more and your timely quarterly payments plus withholding do not reach at least 70% of current-year tax liability or 100% of prior-year tax liability. The stated rate is 20% per year for the underpayment period. No underpayment interest is imposed if the tax shown on the return is less than $1,000.