OW-8-P-SUP-C: 2024 Form OW-8-P-SUP-C Annualized Income Installment Method Corporations and Trusts (2024)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024
Form OW-8-P-SUP-C calculates required Oklahoma estimated tax installments using the annualized income installment method for corporations, S corporations, exempt organizations, partnerships, and trusts. It uses taxable income for specified periods, Oklahoma income tax, and credit
Who files this form
Form OW-8-P-SUP-C is used to figure required installments under Oklahoma’s annualized income installment method. The form covers corporations, S corporations, exempt organizations, partnerships, and trusts.
If you use this form for any payment due date, you must use it for all payment due dates. Use Schedule One for corporations and Schedule Two for trusts.
For corporations, computing estimated taxes on an annualized basis is permitted only for a taxable year of 12 months.
What you'll need
Have the following information ready:
- Form OW-8-P with Section Two, Part 1 completed.
- Your name as shown on the return and Federal Employer Identification Number.
- Oklahoma taxable income for each annualization period shown in your schedule.
- Oklahoma refundable and nonrefundable credits.
Trusts also need the exemption amount shown on their tax return and the individual income tax table. Schedule Two asks for income before exemptions.
How to file
Provide both Form OW-8-P-SUP-C and Form OW-8-P with your return. The supplied form does not give a mailing address or e-file instructions.
Complete Section Two, Part 1 of Form OW-8-P before completing this form. After calculating the required installments, transfer Schedule One, line 15, or Schedule Two, line 17, to the applicable columns of Form OW-8-P, Section Two, Part 2, line 9.
Common mistakes
- Using the method for only some payment due dates. If you use this form for one payment due date, you must use it for all payment due dates.
- Starting before completing Form OW-8-P. Complete Section Two, Part 1 of that form first.
- Moving between columns too soon. On Schedule One, complete lines 9–15 of one column before starting the next column. On Schedule Two, complete lines 11–17 of one column before starting the next.
- Leaving out the supporting forms. Provide this form and Form OW-8-P with your return.
Questions people ask
Which schedule should I use?
The form directs corporations to use Schedule One and trusts to use Schedule Two.
How does the form choose the required installment?
The schedule selects the smaller of the annualized income installment or the regular installment, increased by the amount saved by using the annualized method for earlier installments.
Do corporations and trusts calculate tax the same way on this form?
No. Schedule One directs corporations to multiply annualized taxable income by 4%. Schedule Two directs trusts to subtract their exemption amount from annualized taxable income, then calculate tax using the individual income tax table.
Where does the form direct me for more information?
For corporations, it points to the federal instructions for Form 2220. For trusts, it points to the federal instructions for Form 2210 or Federal Publication 505.