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Fill Your Oklahoma 512 X Form

The Oklahoma 512 X form is an amended corporation income tax return used by businesses to correct previously filed tax returns. This form allows corporations to report changes in their taxable income and claim any applicable credits or deductions. Completing the 512 X form accurately is essential for ensuring compliance with Oklahoma tax regulations and for receiving any potential refunds.

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The Oklahoma 512-X form is an essential document for corporations seeking to amend their income tax returns in the state of Oklahoma. This form allows businesses to make necessary adjustments to their previously filed returns, ensuring compliance with state tax laws. It requires corporations to provide key information, including their federal employer identification number, business code, and type of business. Additionally, the form necessitates the inclusion of a copy of the federal return, especially if the amended return is a result of a federal audit. Taxpayers must calculate their Oklahoma taxable income, which involves detailing gross income and applicable deductions. The form also outlines various credits available to reduce tax liability, such as the Investment/New Jobs Credit and the Credit for Biomedical Research Contribution. Furthermore, it mandates the reporting of any tax due or refunds expected, with specific instructions for direct deposit of refunds. Completing the 512-X form accurately is crucial, as it requires a declaration of truthfulness under penalties of perjury, emphasizing the importance of diligence in the amendment process.

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Important Questions on Oklahoma 512 X

What is the purpose of the Oklahoma 512-X form?

The Oklahoma 512-X form is used by corporations to file an amended income tax return in Oklahoma. This form allows businesses to correct previously filed returns, whether due to changes in income, deductions, or credits. It is essential for ensuring that the tax obligations are accurately reported and that any overpayments or underpayments are addressed. By filing this form, corporations can maintain compliance with state tax laws and possibly receive refunds for overpaid taxes.

Who needs to file the Oklahoma 512-X form?

What documents must be submitted along with the 512-X form?

How can a corporation receive a refund after filing the 512-X form?

What are the consequences of not filing an amended return when required?

How to Write Oklahoma 512 X

Filling out the Oklahoma 512 X form is an essential process for corporations needing to amend their income tax return. Completing this form accurately ensures compliance with state tax regulations. Below are the steps to guide you through the process of filling out the form.

Obtain the Oklahoma 512 X form from the Oklahoma Tax Commission website or other authorized sources.
Fill in the Tax Year by indicating the beginning and ending dates.
Enter the Corporate Name, Street Address, City, State, and Zip in the designated fields.
Provide the Federal Employer Identification Number and the Business Code Number.
Indicate the Type of Business in the space provided.
Answer the question regarding whether an amended Federal return was filed. If yes, enclose copies of IRS Form 1120X or 1139 and the “Statement of Adjustment” along with any IRS refund documentation.
If the return is due to a Federal audit, include a complete copy of the Revenue Agent Report (RAR).
Calculate Oklahoma taxable income as shown on Schedule A or B and enter the amount on the form.
Compute the tax at 6% of the taxable income and enter the amount.
List any applicable credits on the form, such as the Investment/New Jobs Credit and others, and provide the total of these credits.
Determine the balance of tax due by subtracting the total credits from the calculated tax.
Fill in any amounts paid on estimates, extensions, or withholding, and calculate the total payments made.
Determine if a refund is due or if there is a tax due, and fill in the appropriate amounts.
Complete the direct deposit information if a refund is due, including the routing number and account number.
Sign and date the form in the designated areas. If applicable, have the preparer sign and provide their information.
Mail the completed form along with any required attachments to the Oklahoma Tax Commission at the specified address.

Similar forms

The Oklahoma 512-X form is similar to the IRS Form 1120X, which is the Amended U.S. Corporation Income Tax Return. Both forms allow corporations to amend their previously filed tax returns. When a corporation discovers errors or omissions in its original return, it can use Form 1120X to correct those mistakes at the federal level. This form requires the corporation to explain the reasons for the amendment and provide any supporting documentation, similar to the requirements of the Oklahoma 512-X form.

Another document that resembles the Oklahoma 512-X form is the IRS Form 1139, which is used to apply for a quick refund of an unused credit. Corporations that have overpaid their taxes or have credits that were not utilized can file this form to receive a refund. Like the 512-X, Form 1139 requires supporting documentation, including a copy of the original return, to substantiate the claim for a refund.

The Oklahoma Corporate Franchise Tax Return (Form 200) is also similar to the 512-X form. While the 512-X is specifically for amending income tax returns, Form 200 is used to report corporate franchise taxes. Both forms require detailed financial information about the corporation and may involve adjustments based on prior filings. Both documents emphasize the importance of accurate reporting and compliance with state tax laws.

Form 501 is another related document, as it is the Oklahoma Corporation Income Tax Return. Corporations must file this form annually to report their income and calculate their tax liability. Similar to the 512-X, Form 501 requires detailed financial information and may involve adjustments if the corporation has made errors in its previous filings.

The IRS Schedule A, which is part of the Form 1120, is akin to the Oklahoma 512-X as it outlines the income and deductions for corporations. Both documents require a breakdown of gross income and allowable deductions, allowing for a clear picture of the corporation's financial status. Accurate reporting on both forms is essential to determine the correct tax liability.

Form 511CR is another similar document that pertains to Oklahoma tax credits. Corporations can claim various credits that may reduce their tax liability. Like the 512-X, this form requires documentation to support the claims for credits, ensuring that the corporation complies with state tax regulations.

Form 1099 is also relevant, as it reports various types of income other than wages, salaries, and tips. Corporations may need to include information from Form 1099 when filing the 512-X if they have received income that affects their tax calculations. Both forms require careful attention to detail to ensure accurate reporting of income.

Additionally, the Oklahoma Schedule B is comparable to the 512-X, as it is used to compute taxable income for unitary businesses. Both documents require detailed calculations and may involve apportioning income based on the corporation's operations within and outside of Oklahoma. This ensures that the tax liability is accurately determined based on the corporation's activities.

The Oklahoma Business Personal Property Tax Return is similar in that it requires businesses to report their personal property for tax purposes. While the 512-X focuses on income tax, both forms necessitate accurate reporting of a business's financial situation and compliance with state tax laws, ensuring that all applicable taxes are paid.

For those looking to document their trailer transactions effectively, the convenient Trailer Bill of Sale template is an excellent resource. This document is designed to ensure a smooth transfer of ownership while safeguarding the interests of both the buyer and seller involved.

Lastly, the Oklahoma Sales Tax Return can be seen as analogous to the 512-X form. Both documents require businesses to report financial information and comply with state tax obligations. While the 512-X focuses on income tax, the Sales Tax Return addresses sales tax, yet both require a clear understanding of the business's financial activities and accurate reporting to avoid penalties.

Example - Oklahoma 512 X Form

OKLAHOMA AMENDED CORPORATION INCOME TAX RETURN

Enclose a copy of Federal Return

For the year January 1 - December 31, or other taxable year

TAX YEAR

beginning:

ending:

Corporate Name:

Street Address:

City, State and Zip:

A. Federal Employer Identiication Number: B. Business Code Number:

C. Type of Business:

Form 512-X Revised 2011

Ofice Use Only

A Did you ile an amended Federal return?	Yes	No	Enclose a copy of IRS Form 1120X or 1139 and a copy of

			“Statement of Adjustment”, IRS refund check or deposit slip.

B If this return is being iled due to a Federal audit, please furnish a complete copy of the RAR.

Oklahoma taxable income (as shown on Schedule A or B)
Tax: 6% (for Tax Years beginning on or after January 1, 1990)
Less: lines 3-6		Investment/New Jobs Credit (please enclose Form 506)		3		00
		Gas Used in Manufacturing (see instructions & enclose schedule)	...	4		00
		Credit for Biomedical Research Contribution		5		00
		Other Credits (total from Form 511CR) (see instructions)	...	6		00
		Other Credits (total from Form 511CR) (see instructions)	...	6		00
Total of lines 3 through 6
Balance of tax due (line 2 less line 7, but not less than zero)
A	Amount paid on estimate			9A		00
B Amount paid with extension request				9B		00
C Oklahoma withholding (enclose Form 1099, 500A or 500B)				9C		00
Amount paid with original return and amount paid after it was iled				10		00

Less any refunds or overpayment applied				11		00
.......................................................................................................Total of lines 9 through 11
Refund (line 12 less line 8) (cannot be applied to estimated tax)					Refund

1		00

2		00


7		00

8		00


12		00

13		00

Direct Deposit Note:

All refunds must be by direct deposit. With limited exceptions, paper checks will no longer be issued.

Is this refund going to or through an account that is located outside of the United States?			Yes	No
			Yes	No
Deposit refund in my:		Routing
Deposit refund in my:
	checking account
	checking account	Number:
	savings account	Account
		Account
		Number:

Tax Due (line 8 minus line 12)	Tax Due
Interest from ______________________to	________________________
Total tax and interest	Balance Due

If the Oklahoma Tax Commission may discuss this return with your tax preparer, please check here:

Under penalties of perjury, I declare I have iled an original return, and I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, this amended return is true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Make check payable to the Oklahoma Tax Commission

Corporate

Seal

Signature of oficer	Date	Signature of preparer	Date

Printed name of oficer		Preparer’s address

Title

		Phone number	Preparer’s ID Number
Area code and		Phone number	Preparer’s ID Number
Area code and
phone number

Mail to: Oklahoma Tax Commission, Post Ofice Box 26800, Oklahoma City, OK 73126-0800

The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.

Form 512-X - Page 2 - Oklahoma Amended Corporation Income Tax Return

SCHEDULE A			Schedule A Column A is for all corporations. Schedule A, Column B is for corporations whose income
			is all within Oklahoma and/or for corporations whose income is partly within and partly without Okla-
Important: All applicable lines and			homa (not unitary). Enclose a complete copy
Important: All applicable lines and			homa (not unitary). Enclose a complete copy		Column A	Column B
schedules must be illed in.			of your Federal return. (1120X,1139 or amended 1120)		As reported on	Total applicable
Gross Income (lines 1 through 11)					Federal Return	to Oklahoma
			..........	1
1	Gross receipts or gross sales __________ (less: returns and allowances)			1
2	Less: Cost of goods sold			2
3	Gross proit (line 1 minus line 2)			3
4	Dividends			4
5	Interest on obligations of the United States and U.S. Instrumentalities			5
6	(a)	Other interest		6a
	(b)	Municipal interest		6b
7	Gross rents			7
8	Gross royalties			8
9	(a)	Net capital gains		9a
	(b)	Ordinary gain or [loss]		9b
10	Other income (enclose schedule)			10
11	Total income (add lines 3 through 10)			11
	Deductions (lines 12 through 27)
12	Compensation of oficers			12
13	Salaries and wages			13
14	Repairs			14
15	Bad debts			15
16	Rents			16
17	Taxes			17
18	Interest			18
19	Charitable contributions			19
20	Depreciation			20
21	Depletion (see instructions below)			21
22	Advertising			22
23	.Pension, proit-sharing plans, etc			23
24	Employee beneit programs			24
25	Domestic production activities deduction			25
26	Other deductions (enclose schedule)			26
27	Total Deductions (add lines 12 through 26)			27
Totals (lines 28 through 30)
28	Taxable income before net operating loss deductions and special deductions ...			28
29	Less: (a) Net operating loss deduction (schedule)			29a
		(b) Special deductions	.............................................................................	29b
30	Taxable income (line 28 minus lines 29a & b) Enter Column B on page 1, line 1			30

Note: Indicate method used to allocate expenses to Oklahoma and enclose schedule of computations.

Oklahoma Depletion in Lieu of Federal Depletion

Oklahoma depletion on oil and gas may be computed at 22% of gross income derived from each Oklahoma property during the taxable year but limited to 50% of the

net income from such property (computed without the allowance for depletion). Provided, for tax years beginning on or after January 1, 1997 and ending on or before December 31, 1999, and for tax years beginning on or after January 1, 2001 and ending on or before December 31, 2011, only major oil companies, as deined in 68 Oklahoma Statutes Section 288.2, when computing Oklahoma depletion shall be limited to 50% of the net income form each property. A depletion schedule by property must be enclosed with the return. Note: General and administrative expense (computed on basis of Oklahoma direct expense to total direct expense) must be deducted before applying the 50% test.

EXPLANATION OR REASON FOR AMENDED RETURN

(Enclose all necessary schedules, including RAR’s)

Form 512-X - Page 3 - Oklahoma Amended Corporation Income Tax Return
SCHEDULE B			Schedule B is for computation of Oklahoma taxable income
			of a unitary enterprise. [Section 2358(A) (5)] Enclose a complete
			copy of your Federal return. (1120X, 1139 or amended 1120)

1	Net taxable income from Schedule A, Column A, line 30

2	Add: (a) Taxes based on income			. . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$
	(b)	. . . . . . . . . . . . . . . . . . . . . . . . .Federal net operating loss deduction
	(c)	. . . . . . . . . . . . . . . . . . . .Unallowable deduction (enclose schedule)
	. . . . . . . . . . . . . . . . . . . . . . . . . .(d) ____________________________
	. . . . . . . . . . . . . . . . . . . . . . . . . .(e) ____________________________
	. . .(f) Total of lines 2a through 2e			. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3	Deduct all items separately allocated
	. . . . . . . . . . . . . . . . . . . . . . . . . .(a) ____________________________				$
	. . . . . . . . . . . . . . . . . . . . . . . . . .(b) ____________________________
	. . . . . . . . . . . . . . . . . . . . . . . . . .(c) ____________________________
	. . . . . . . . . . . . . . . . . . . . . . . . . .(d) ____________________________
	. . . . . . . . . . . . . . . . . . . . . . . . . .(e) ____________________________
	(f)	. . .Total of lines 3a through 3e		. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	(Note: Items listed in 2 and 3 above must be net amounts supported
	by schedules showing source, location, expenses, etc.)
4	Net apportionable income . .		. . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5	. . . .Oklahoma’s portion thereof __________________%, from schedule below
6	Add or deduct items separately allocated to Oklahoma (enclose schedule)
	. . . . . . . . . . . . . . . . . . . . . . . .(a) ____________________________________				$
	. . . . . . . . . . . . . . . . . . . . . . . .(b) ____________________________________
	. . . . . . . . . . . . . . . . . . . . . . . .(c) ____________________________________
	(d) Oklahoma net operating loss deduction (enclose schedule)

7	. . . . . . . . . . . . . . . . . . . . .Oklahoma net income before tax (add lines 5 and 6)
8	Oklahoma accrued tax (divide line 7 by number for applicable year.)
9	Oklahoma taxable income, line 7 less line 8 (enter on page 1, line 1)

APPORTIONMENT FORMULA

Value of real and tangible personal property used in		Column A	Column B	A divided by B
the unitary business (by averaging the value at the		Total Within	Total Within and	Percent Within
beginning and ending of the tax period).		Oklahoma	Without Oklahoma	Oklahoma
(a) Owned property (at original cost):
(I)	Inventories
(II)	Depreciable property
(III)	Land
(III)	Land
(IV)	Total of section “a”
(IV)	Total of section “a”

(b)Rented property (capitalize at 8 times net rental paid)

(c)	Total of sections “a” and “b” above	$	$	%
(a)	Payroll
(b)	Less: Oficer salaries
(c)	Total (subtract oficer salaries from payroll)	$	$	%
Sales :

(a)Sales delivered or shipped to Oklahoma purchasers: (I) Shipped from outside Oklahoma . . . . . . . . . . . .

(II) Shipped from within Oklahoma . . . . . . . . . . . . .

(b)	Sales shipped from Oklahoma to:
	(I) The United States Government
	(II) Purchasers in a state or country where the
	(II) Purchasers in a state or country where the
	corporation is not taxable (i.e. under Public Law 86-272) .

(c)	Total of sections “a” and “b”	$	$		%
If Revenue, Trafic Units or Miles Traveled is used rather than Sales, indicate here:

Total percent (sum of items 1, 2 and 3)			.	. . . . . . . . . . . . . . . . .		%
Average percent (1/3 of total percent) (Carry to Schedule B, line 5)						%

Form 512-X - Page 4 - Oklahoma Amended Corporation Income Tax Return

This page must be completed.
BALANCE SHEETS		Beginning of taxable year		End of taxable year

		(A) Amount	(B) Total	(C) Amount	(D) Total
1	Cash

2	Trade notes and accounts receivable
	(a) Less allowance for bad debts

3	Inventories
4	Gov’t obligations:
4	Gov’t obligations:
	(a) U.S. and instrumentalities
	(a) U.S. and instrumentalities
	(b) State, subdivision, thereof, etc
	(b) State, subdivision, thereof, etc
5	Other current assets (enclose schedule) . .
5	Other current assets (enclose schedule) . .
6	Loans to shareholders
6	Loans to shareholders
7	Mortgage and real estate loans
7	Mortgage and real estate loans
8	Other investments (enclose schedule) . . . .
8	Other investments (enclose schedule) . . . .

9Buildings and other ixed depreciable assets

(a) Less accumulated depreciation . . . . . . .

10	. . . . . . . . . . . . . . . . . . . .Depletable assets
	(a) Less accumulated depletion

11	Land (net of any amortization)
12	. . . . .Intangible assets (amortization only)
	(a) Less accumulated amortization
13	Other assets (enclose schedule)
13	Other assets (enclose schedule)
14	Total assets

15	Accounts payable
16	Mtgs-notes-bonds payable in less than1 yr.
17	Other current liabilities (enclose schedule) .
18	Loans from shareholders
19	Mtgs-notes-bonds payable in 1 yr. or more .
20	Other liabilities (enclose schedule)

21	. . . . . . .Capital stock: (a) preferred stock
	(b) common stock

22Paid-in capital surplus (enclose reconciliation) . .

23Retained earnings-appropriated (enclose sch.)

24Retained earnings-unappropriated . . . . . . .

25Adjustments to shareholder’s equity (enclose sch.)

26 Less cost of treasury stock

(

)

(

)

Total liabilities and shareholders equity . . . .

SCHEDULE OK M-1: RECONCILIATION OF INCOME PER BOOKS WITH INCOME PER RETURN

Net income (loss) per books

Income recorded on books this year not

. . . . . . . . . . . . . . . . . . .Federal income tax

included in this return (enclose schedule)

Excess of capital losses over capital gains .

(a) Tax exempt interest $________________

Taxable income not recorded on books this

(b) Other

$________________

. . . . . . . . . . . . . . .year (enclose schedule)

. . . . . . . . . . . . . . .(c) Total of lines 7a and 7b

Expenses recorded on books this year not

Deductions in this tax return not charged

deducted in this return (enclose schedule) .

against book income this year (enclose schedule)

(a) Depreciation

$ ___________________

(a) Depreciation $_____________________

(b) Depletion

$ ___________________

(b) Depletion

$_____________________

________________________________

. . . . . . . . . . . . .(d) Total of lines 8a, 8b and 8c

. . . . . . . . . . .(d) Total of lines 5a, 5b and 5c

Total of lines 7c and 8d

. . . . . . . . . .Total of lines 1 through 4 and 5d

Net income: line 6 less line 9

SCHEDULE OK M-2: ANALYSIS OF UNAPPROPRIATED RETAINED EARNINGS PER BOOKS (line 24 above)

. . . . . . . . . . . .Balance at beginning of year

Distributions:

(a)

Cash

. . . . . . . . . . . .Net income (loss) per books

(b)

Stock

Other increases (enclose schedule) _____

(c)

. . . . . . . . . . . . . . .Property

__________________________________

Other decreases (enclose sch.)___________

__________________________________

____________________________________

. . . . . . . . . . . . . . . .Total of lines 1, 2 and 3

. . . . . . . . . . . . . . . . . . . .Total of lines 5 and 6

Balance at end of year (line 4 less line 7)

Documents used along the form

The Oklahoma 512-X form is an essential document for corporations looking to amend their income tax returns in Oklahoma. However, it often accompanies several other forms and documents to ensure a complete and accurate submission. Understanding these additional documents can make the process smoother and help avoid potential issues with the Oklahoma Tax Commission.

IRS Form 1120X: This form is used to amend a previously filed federal corporate income tax return. If changes were made to the federal return, it must be submitted with the 512-X to reflect those amendments accurately.
IRS Form 1139: This form allows corporations to apply for a quick refund of an overpayment of taxes due to a net operating loss. It is particularly useful for corporations that have experienced losses and need to recover taxes paid in prior years.
Oklahoma Form 506: This form is used to claim the Investment/New Jobs Credit. If a corporation is eligible for this credit, it should be included with the 512-X to reduce the overall tax liability.
Oklahoma Form 511CR: This is the Credit Claim Form for various credits available to corporations in Oklahoma. It summarizes all credits the corporation is claiming, which can significantly affect the tax amount due.
Oklahoma Form 1099: This form reports various types of income other than wages, salaries, and tips. If the corporation has received payments reported on a 1099, it may need to be included with the 512-X.
Articles of Incorporation: This essential document is required for establishing a corporation in the state, encompassing details such as the corporation's name, purpose, and key information about incorporators and registered agents. For guidance on filling out this form, visit legalpdf.org.
Oklahoma Form 500A or 500B: These forms are used to report Oklahoma withholding tax. If the corporation has withheld taxes from employees or other payees, these forms should accompany the 512-X.
Revenue Agent Report (RAR): If the amended return is due to a federal audit, a complete copy of the RAR must be provided. This report details the findings of the IRS audit and can help clarify changes made to the return.
Balance Sheets: Corporations must provide balance sheets that detail assets and liabilities at the beginning and end of the taxable year. This information is crucial for understanding the financial position of the corporation.
Schedule M-1: This schedule reconciles the income reported on the books with the income reported on the tax return. It highlights any discrepancies and ensures that all income is accounted for accurately.

Submitting the Oklahoma 512-X form along with the appropriate supporting documents is vital for a successful amendment. By ensuring that all necessary forms are included, corporations can navigate the amendment process more effectively and minimize the risk of complications with their tax filings.

Key takeaways

Filling out the Oklahoma 512 X form is a critical process for corporations needing to amend their income tax returns. Here are five key takeaways to keep in mind when using this form:

Amendment Requirements: Ensure that a copy of the original federal return is enclosed. If the amended return is due to a federal audit, a complete copy of the Revenue Agent's Report (RAR) must also be provided.
Tax Calculation: The form requires detailed calculations of Oklahoma taxable income. Be sure to include all applicable lines and schedules, as incomplete submissions may lead to processing delays.
Credits and Deductions: Take advantage of available credits, such as the Investment/New Jobs Credit and other specific deductions. It is essential to enclose the necessary forms, like Form 506, when claiming these credits.
Refunds and Direct Deposits: All refunds must be issued via direct deposit. If you prefer this option, ensure that you provide accurate bank account details on the form.
Declaration of Accuracy: The form requires a declaration under penalties of perjury. This means that the person signing the return must confirm that the information provided is true and complete to the best of their knowledge.

Understanding these key points can streamline the process of filing an amended return and help avoid potential issues with the Oklahoma Tax Commission.

▼ Oklahoma 512 X