OW-8-ESC: 2023 Form OW-8-ESC Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Year 2024 Worksheet for Corporations, Partnerships and Ttusts (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Form OW-8-ESC includes Oklahoma’s 2024 estimated income tax worksheet and payment coupon for corporations, partnerships and trusts. The worksheet calculates estimated tax liability and installment payments using tax credits, prior-year tax liability and estimated withholding.
Who files this form
A corporation or trust with an estimated Oklahoma income tax liability of $500 or more for tax year 2024 must file a declaration and pay quarterly estimated tax.
- Estates do not have to file an estimated tax declaration.
- Estimated payments for nonresident partners who elect to be included in a composite return must use the partnership’s name and Federal Employer Identification Number (FEIN).
- The worksheet says payments are not required if line 3 is less than $500, line 6 is less than zero, or line 3 minus estimated withholding on line 5 is less than $500.
When it's due
For tax year 2024, the form lists these calendar-year installment due dates:
- 1st quarter: April 15. File the declaration and pay the first installment.
- 2nd quarter: June 15.
- 3rd quarter: September 15.
- 4th quarter: January 15, in the following year.
For fiscal-year taxpayers, installments are due on the fifteenth day of the fourth, sixth and ninth months of the taxable year, and the fifteenth day of the first month of the succeeding taxable year.
If a due date falls on a weekend or legal holiday when Oklahoma Tax Commission (OTC) offices are closed, payment is due the next business day.
What you'll need
Have these figures and details ready to complete the worksheet and payment coupon:
- Estimated Oklahoma income tax for 2024, income tax credits and estimated withholding.
- The tax liability shown on the previous year’s tax return.
- Any amount applied from the 2023 tax return, for the payment record.
- Taxpayer name, mailing address, FEIN, payment quarter and payment amount.
Trusts should refer to the Form 513 or 513-NR instructions for tax rates. Partnerships should refer to Form 514-PT and its instructions to determine their tax.
How to file
Complete the worksheet by subtracting credits from estimated income tax. Compare 70% of that liability with the previous year’s tax liability, use the smaller amount, and subtract estimated withholding. If paying quarterly, line 7 is 25% of line 6. Check the worksheet’s exceptions for when no payment is required.
Pay by mail
Use the page 1 coupon for each quarterly payment. Enter your name, mailing address, FEIN, quarter and payment amount. If your address changed, mark an “X” in the indicated box and enter the new address.
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
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 the confirmation number for your records.
Common mistakes
- Do not send a coupon if no payment is required.
- Do not mail a coupon for a payment made electronically. Retain the confirmation number.
- Do not send cash. Send only one check per coupon.
- Do not include other tax reports or correspondence in the payment envelope.
- Do not fold, staple or paper clip the coupon, or tear or cut below the indicated line.
- Do not omit required identification numbers. The coupon asks for the taxpayer’s FEIN.
Questions people ask
What tax rate should I use?
The corporate income tax rate is 4% of taxable income. Trust tax rates are in the Form 513 or 513-NR instructions. Partnerships should use Form 514-PT and its instructions.
Can payments be adjusted if income is uneven during the year?
The annualized income installment method may lower payments for one or more periods when income is received unevenly. The form refers to OTC Rule 710:50-13-9 and the Internal Revenue Code, but prohibits using the provisions in Sections 6655(e)(2)(C) and 6655(e)(3). Annualization is permitted only for a twelve-month taxable year.
When can underpayment interest apply?
In general, interest applies if tax liability is $500 or more and timely quarterly payments do not meet either 70% of current-year tax liability or 100% of prior-year tax liability. For this purpose, tax liability is tax due minus credits, except withholding, estimated tax and extension payments. Interest is computed at 20% per year for the underpayment period. The form also says no underpayment interest is imposed if the tax shown on the return is less than $1,000.
Where can I ask about underpayment interest?
Call the Oklahoma Tax Commission’s Income Tax Accounts Division, Corporate Section, at 405.521.3126.