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The Oklahoma 512E form serves as a crucial document for organizations that are exempt from federal income tax under Section 501(c) of the Internal Revenue Code. This form must be completed for each taxable year, detailing the organization's financial activities and any unrelated business income. It includes sections for identifying the organization, such as its name, address, and federal employer identification number. Additionally, it requires organizations to report their unrelated business taxable income, deductions, and compute any taxes owed. The form also allows for the declaration of any overpayments and provides options for direct deposit refunds. Furthermore, it includes opportunities for organizations to donate a portion of their tax refund to various Oklahoma programs, enhancing community support. Completing the 512E form accurately is essential for compliance with state tax regulations and ensures that organizations maintain their tax-exempt status while fulfilling their reporting obligations.
Different PDF Templates
Oklahoma Tax Commission Forms - For joint returns, both taxpayers’ Social Security Numbers must be provided.
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How Much Is Capital Gains Tax in Oklahoma - Adhering to the specific instructions outlined can facilitate a smoother tax filing experience for individuals.
Important Questions on Oklahoma 512E
What is the Oklahoma 512E form?
The Oklahoma 512E form, also known as the Return of Organization Exempt from Income Tax, is a tax document specifically designed for organizations that qualify for tax-exempt status under Section 501(c) of the Internal Revenue Code. This form is used to report any unrelated business income and calculate the corresponding tax, if applicable. Organizations must file this return annually, even if they do not owe any tax, to maintain their tax-exempt status.
Who is required to file the 512E form?
Any organization that is recognized as tax-exempt under Section 501(c) of the Internal Revenue Code and has unrelated business taxable income must file the Oklahoma 512E form. This includes charities, educational institutions, and other non-profit entities. If the organization has no unrelated business income, it may still be prudent to file the form to keep records current and demonstrate compliance with state tax laws.
What information is needed to complete the form?
To accurately complete the Oklahoma 512E form, organizations will need several key pieces of information. This includes the organization's name, Federal Employer Identification Number (FEIN), address, and the date when the organization qualified for tax-exempt status. Additionally, organizations must provide details about any unrelated business income and deductions, as well as any credits or payments made. Supporting documents, such as copies of federal tax returns, may also be required.
What is unrelated business taxable income (UBTI)?
Unrelated business taxable income refers to income generated by a tax-exempt organization from activities that are not substantially related to its exempt purpose. For example, if a charity runs a gift shop unrelated to its mission, the income from that shop would be considered UBTI. Organizations must report this income on the 512E form and may be subject to tax on it, even though they are otherwise exempt from income tax.
What are the penalties for failing to file the 512E form?
Failing to file the Oklahoma 512E form can lead to various penalties, including fines and interest on any taxes owed. Additionally, non-compliance may jeopardize the organization's tax-exempt status. It is crucial for organizations to file on time and accurately to avoid these consequences. If an organization needs to amend a previously filed return, it should do so promptly using the appropriate schedule included with the form.
How can organizations make donations from their tax refund?
The Oklahoma 512E form provides an opportunity for organizations to make donations directly from their tax refund. This section allows organizations to support various causes, such as public school classrooms or programs for veterans. To make a donation, organizations must indicate the amount and the corresponding line number for the specific program they wish to support. If donating to multiple programs, they should attach a schedule detailing the distribution of funds.
Where should the completed 512E form be sent?
Once completed, the Oklahoma 512E form should be mailed to the Oklahoma Tax Commission at the designated address: PO Box 26800, Oklahoma City, OK 73126-0800. It is advisable to send the form well before the filing deadline to ensure timely processing. Organizations should also keep copies of the submitted form and any supporting documents for their records.
How to Write Oklahoma 512E
Completing the Oklahoma 512E form is an essential step for organizations exempt from income tax. This process involves providing specific information about the organization, including income and deductions, to ensure compliance with state tax regulations. Once the form is filled out accurately, it should be submitted to the Oklahoma Tax Commission for processing.
- Obtain the Form: Download the Oklahoma 512E form from the Oklahoma Tax Commission website or request a physical copy.
- Fill in Organization Information: Enter the name of the organization, its Federal Employer Identification Number (FEIN), and the address, including city, state, and ZIP code.
- Select the Type of Return: Indicate whether this is an initial, final, or amended return by placing an ‘X’ in the appropriate box in Part 1.
- State the Tax Year: Specify the tax year for which you are filing, typically from January 1 to December 31, 2020, or another applicable year.
- Complete Part 2: If applicable, provide details about unrelated business taxable income, including total income and deductions from the relevant Federal Form 990.
- Calculate Oklahoma Taxable Income: Sum the unrelated business taxable income, other net income, and any deductions to determine the total Oklahoma taxable income.
- Compute Tax Due: Calculate the tax due at 6% of the total Oklahoma taxable income and complete the necessary lines to reflect any credits or payments.
- Provide Payment Information: If there is a tax due, ensure to indicate the amount and method of payment, including any estimated tax payments or withholding amounts.
- Signature Section: Have an authorized officer or trustee sign and date the form, affirming the information is true and correct.
- Submit the Form: Mail the completed form to the Oklahoma Tax Commission at the specified address.
Similar forms
The Oklahoma 512E form shares similarities with the IRS Form 990, which is the annual information return filed by tax-exempt organizations. Both forms require organizations to report their financial information, including income and expenses. The 990 form provides a detailed overview of an organization's activities, governance, and financial health, while the 512E focuses specifically on income tax exemptions and unrelated business income. Both forms serve to ensure transparency and compliance with tax regulations, fostering trust in the nonprofit sector.
Another document that parallels the Oklahoma 512E is the IRS Form 990-T. This form is used by tax-exempt organizations to report unrelated business income and calculate the tax owed on that income. Similar to the 512E, it requires organizations to detail their unrelated business taxable income and deductions. The primary function of both forms is to ensure that organizations are paying taxes on income that is not related to their exempt purpose, thus maintaining compliance with federal and state tax laws.
The IRS Form 1023, which is an application for recognition of exemption under Section 501(c)(3), is also comparable to the Oklahoma 512E. While the 512E is filed annually to report income and tax obligations, the Form 1023 is submitted by organizations seeking tax-exempt status. Both documents require detailed information about the organization’s structure, purpose, and financial activities. They are essential in establishing and maintaining compliance with tax-exempt status, ensuring that organizations operate within the legal framework set by the IRS.
The Oklahoma 512E form is akin to the IRS Form 990-EZ, a shorter version of the 990 designed for smaller tax-exempt organizations. Like the 512E, the 990-EZ requires organizations to report their financial activities and provides a streamlined approach for those with less complex financial situations. Both forms aim to facilitate compliance and transparency while recognizing the varying capacities of different organizations in terms of financial reporting.
Another important document related to trailer sales is the Trailer Bill of Sale form, which is essential for the legal transfer of ownership between the buyer and seller. This form provides clear evidence of transaction details and ensures that the change of ownership is recognized legally. For more information on how to properly fill this out, visit UsaLawDocs.com.
Additionally, the IRS Form 5500 is relevant as it pertains to employee benefit plans. While the 512E focuses on income tax for organizations, the Form 5500 is used to report information about employee benefit plans, including health and retirement plans. Both forms are essential for tax compliance and serve to protect the interests of stakeholders by ensuring that organizations provide accurate financial information regarding their operations.
Finally, the Oklahoma Form 511CR, which is used to claim tax credits, bears similarities to the 512E. Both forms are integral to the tax filing process for organizations in Oklahoma. The 511CR focuses on tax credits available to organizations, while the 512E addresses income tax obligations. Together, they provide a comprehensive view of an organization’s financial responsibilities and benefits under Oklahoma tax law, ensuring that organizations can maximize their resources while remaining compliant.
Example - Oklahoma 512E Form
Oklahoma Return of Organization Exempt from Income Tax
Form
Section 501(c) of the Internal Revenue Code
PART 1
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For the year January 1 - December 31, 2022, or other taxable year beginning: |
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2022 ending: |
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Name of Organization |
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Federal Employer Identification Number |
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Date Qualified for Tax Exempt Status |
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Address (Number and street) |
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Place an ‘X’ if: (1) |
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Initial Return |
(2) |
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Final Return |
(3) |
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Amended Return (See Schedule |
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PART 2: STATEMENT OF UNRELATED BUSINESS TAXABLE INCOME |
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Total Federal |
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Allocable Oklahoma |
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(Please read instructions on pages |
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A Total unrelated trade or business income - applicable Federal Form(s) 990 |
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Total unrelated trade or business deductions - applicable Fed. Form(s) 990 .......
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Unrelated business taxable income - enter here and on line 1 below ..................
INCOME SUBJECT TO TAX
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Unrelated business taxable income - from statement above (allocable to Oklahoma) |
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Other net income - provide schedule |
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Oklahoma Capital Gain deduction (provide Form |
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Oklahoma taxable income (total of lines 1, 2 and 3) |
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TAX COMPUTATION |
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Tax at 4% of line 4. If trust, see rate schedule on page 3 and place an “1” in the box. |
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If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here and |
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enter a “2” in the box. If making an Okla. installment payment pursuant to IRC Sec. 965(h) and |
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68 OS Sec. 2368(K), add the installment payment here and enter a “3” in the box |
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Less: Other Credits Form (total from Form |
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Balance of tax due (line 5 minus line 6, but not less than zero) |
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2022 Oklahoma estimated tax and extension payments and prior year carryforward |
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Oklahoma withholding (provide Form 1099, Form 500A, Form 500B or other withholding statement) |
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Amount paid with original return and amount paid after it was filed (amended return only) |
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Any refunds or overpayment applied (amended return only) |
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Overpayment (if line 12 is larger than line 7 enter amount overpaid) |
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Amount of line 13 to be credited to 2023 estimated tax (original return only) |
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2022 Form
Oklahoma Return of Organization Exempt from Income Tax
Name of Organization::
Federal Employer Identification Number:
Amount from line 14 on page 1 |
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Line 15 provides you the opportunity to make a financial gift from your refund to a variety of Oklahoma organizations. Place the line number of the organization from page 4 of this form in the box below and enter the amount you are donating. If giving to more than one organization, put a “99” in the box and attach a schedule showing how you would like your donation split.
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Donations from your refund |
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$ ________________ |
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Add lines 14 and 15 and enter amount |
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Amount to be refunded to you (line 13 minus line 16) |
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Refund |
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Direct Deposit Note:
All refunds must be by direct deposit. See Direct Deposit Information on page 5 for details.
Is this refund going to or through an account that is located outside of the United States? 
Yes 
No
Deposit my refund in my: |
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Checking Account |
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Savings Account |
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Routing Number:
Account Number:
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Tax Due |
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Tax Due (if line 7 is larger than line 12 enter tax due) |
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Donation: Public School Classroom Support Fund (For information regarding this fund, see page 4, #5) |
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For delinquent payment, add penalty of 5% plus interest at 1.25% per month |
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Underpayment of estimated tax interest |
Annualized |
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Total tax, penalty and interest due - Add lines |
Balance Due |
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Under penalty of perjury, I declare the information contained in this document, attachments and schedules are true and correct to the best of my knowledge and belief.
Signature of Office or Trustee |
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Printed Name |
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Phone Number |
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Check this box if the Oklahoma Tax Commission may discuss this return with your tax preparer.
Signature of Preparer |
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Printed Name of Preparer |
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Preparer’s PTIN |
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SCHEDULE
A
B
C
Did you file an amended Federal income tax return? |
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Yes |
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Provide a copy of the amended Federal return and a copy of “Statement of Adjustment”, IRS refund check or deposit slip.
If this return is being filed due to a Federal audit, provide a complete copy of the RAR.
Explanation or reason for amended return (Provide all necessary schedules):
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The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
2022 Form
Instructions for Filing an Amended Return
When filing an amended return, place an “X” in the Amended return
11. Complete the Amended Return Schedule, Schedule
Provide the amended Federal return and proof of disposition by the Internal Revenue Service (IRS) when applicable.
An overpayment on an amended return may not be credited to estimated tax, but will be refunded. The amount applied to estimated tax on the original return cannot be adjusted.
General Instructions
Every organization shall make a return for each year. 68 Oklahoma Statutes (OS) Section 2368.
Part 1 and the signature section must be completed by all organizations. If you were required to file an annual information return with the IRS, enclose a copy of the information return including any supporting schedules (e.g. Form 990,
Part 2 is to be completed by organizations who have unrelated trade or business income. If you were required to file an income tax return with the IRS, enclose a copy of the tax return including any supporting schedules (e.g. Form
Corporate returns shall be due no later than 30 days after the due date established under the Internal Revenue Code (IRC).
Exempt Organizations are subject to tax on unrelated business income. 68 OS Sec. 2359.
Investment income of exempt organizations subject to federal excise tax is not subject to Oklahoma income tax; however, any income subject to income tax under the IRC is subject to Oklahoma income tax.
Complete the Oklahoma Statement of Unrelated Business Income and attach a schedule of any other taxable income.
Total unrelated trade or business deductions includes the “specific deduction” allowed on the Federal return.
If you do not have a Federal Employer Identification Number, you may obtain one by visiting the IRS website at irs.gov.
If you are a member, either directly or indirectly, of an electing
PTE, federal identification number, the year of the election, federal taxable income (loss) and Oklahoma taxable income (loss) that is covered by the election pursuant to this Act. Also provide a copy of the OTC acknowledgement letter received by the PTE. 68 OS Sec.
Line 5 - TAX
The income tax rate is 4%.
Trust: If the exempt organization is a trust, the following rates apply. Enter a “1” in the box on Form
If taxable income is: At least |
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But less than |
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1,000 |
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1,001 |
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2,500 |
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Pay |
2.50 |
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0.75% |
over |
............. 1,000 |
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2,501 |
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3,750 |
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Pay |
13.75 |
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1.75% |
over |
............. 2,500 |
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3,751 |
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4,900 |
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35.63 |
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2.75% |
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............. 3,750 |
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4,901 |
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7,200 |
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............. 4,900 |
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7,201 |
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Recapture of the Oklahoma Affordable Housing Tax Credit:
If under IRC Section 42 a portion of any federal
to such project shall also be required to recapture a portion of such credits. The amount of Oklahoma Affordable Housing Tax Credits subject to recapture is proportionally equal to the amount of federal
Making an Oklahoma installment payment pursuant to IRC Section 965(h):
If a taxpayer elected to make installment payments of tax due pursuant to the provisions of subsection (h) of Section 965 of the IRC, such election may also apply to the payment of Oklahoma income tax, attributable to the income upon which such installment payments are based. Add the installment payment to the Oklahoma income tax and enter a “3” in the box on Form
Mail to: Oklahoma Tax Commission • PO Box 26800 • Oklahoma City, OK
2022 Form
Donations from Refund
1 - Support of Programs for Volunteers to Act as Court Appointed Special Advocates for Abused or Neglected Children
You may donate from your tax refund to support programs for volunteers to act as Court Appointed Special Advocates for abused
or neglected children. Donations will be placed in the Income Tax Checkoff Revolving Fund for Court Appointed Special Advocates.
Monies will be expended by the Office of the Attorney General for the purpose of providing grants to the Oklahoma CASA Association. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma CASA Association, Inc., PO Box 54946, Oklahoma City, OK 73154.
2 - Y.M.C.A. Youth and Government Program
You may donate from your tax refund to support the Oklahoma chapter of the Y.M.C.A. Youth and Government program. Monies donated will be expended by the State Department of Education for the purpose of providing grants to the Program so young people
may be educated regarding government and the legislative process. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma State Department of Education, Y.M.C.A. Youth and Government Program, Office of the Comptroller, 2500 North Lincoln Boulevard, Room 415, Oklahoma City, OK
3 - Support the Wildlife Diversity Fund
You may donate from your tax refund to support the conservation of rare or declining fish and wildlife along with common species not hunted or fished. Donations to the Oklahoma Department of Wildlife Conservation’s Wildlife Diversity program supports field surveys
of animals considered to be of greatest conservation need, as well as educational wildlife programs for all Oklahomans. Tax deductible donations to the Wildlife Diversity Fund also can be made at wildlifedepartment.com or by mail: Oklahoma Department of Wildlife Conservation, Re: Wildlife Diverstiy Fund, PO Box 53465, Oklahoma City, Oklahoma 73152.
4 - Support of Programs for Regional Food Banks in Oklahoma
You may donate from your tax refund to support the Regional Food Bank of Oklahoma and the Community Food Bank of Eastern
Oklahoma (Oklahoma Food Banks). The Oklahoma Food Banks are the largest
food to the more than 500,000 Oklahomans at risk of hunger on a daily basis. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Human Services, Revenue Processing Unit, Re: Programs for OK Food Banks, PO Box 248893, Oklahoma City, OK 73124.
5 - Public School Classroom Support Fund
You may donate from your tax refund to support the Public School Classroom Support Revolving Fund, which will be used by the State Board of Education to provide one or more grants annually to public school classroom teachers. Grants will be used by the classroom
teacher for supplies, materials, or equipment for the class or classes taught by the teacher. Grant applications will be considered on a statewide competitive basis. You may also mail a donation to: Oklahoma State Board of Education, Public School Classroom Support Fund, Office of the Comptroller, 2500 North Lincoln Boulevard, Room 415, Oklahoma City, OK
6 - Oklahoma Pet Overpopulation Fund
You may donate from your tax refund to support the Oklahoma Pet Overpopulation Fund. Monies placed in this fund will be expended
for the purpose of developing educational programs on pet overpopulation and for implementing spay/neuter efforts in this state. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Agriculture, Food and Forestry,
Animal Industry Division, 2800 North Lincoln Boulevard, Oklahoma City, OK 73105.
7 - Support the Oklahoma AIDS Care Fund
You may donate from your tax refund to support the Oklahoma AIDS Care Fund. Monies will be expended by the Department of Human
Services for the purpose of providing grants to the Fund for purposes of emergency assistance, advocacy, education, prevention and collaboration with other entities. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Human Services, Revenue Processing Unit, Re: OK Aids Care Fund, PO Box 248893, Oklahoma City, OK 73124.
8- Oklahoma Silver Haired Legislature and Alumni Association Programs
You may donate from your tax refund to support the Oklahoma Silver Haired Legislature and their Alumni Association activities. The Oklahoma Silver Haired Legislature was created in 1981 as a forum to educate senior citizens in the legislative process and to highlight the needs of older persons to the Oklahoma State Legislature. Monies generated from donations will be used to fund expenses of
the Silver Haired Legislators, training sessions, interim studies and advocacy activities. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Silver Haired Legislature and Alumni, PO Box 25352, Oklahoma City, OK 73125.
2022 Form
Direct Deposit Information
Complete the direct deposit section on the tax return to have the refund directly deposited into your account at a bank or financial institution. Refunds, with limited exceptions, must be made by direct deposit.
1Place an ‘X’ in the appropriate box as to whether the refund will be going into a checking or savings account. Please keep in mind you will not receive notification of the deposit.
2Fill out the routing number. The routing number must be nine digits. Using the sample check shown below, the routing number is 120120012. If the first two digits are not 01 through 12 or 21 through 32, the direct deposit will fail to process.
3Enter your account number. The account number can be up to 17 characters (both numbers and letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right. On the sample check shown below, the account number is 2020268620.
Please Note: The OTC is not responsible if a financial institution refused a direct deposit. If a direct deposit is refused, a check
will be issued to the address shown on the tax return.
WARNING! Due to electronic banking rules, the OTC will NOT allow direct deposits to or through foreign financial institutions. If you use a foreign financial institution, you will be issued a paper check.
ABC Corporation |
1234 |
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123 Main Street |
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Anyplace, OK 00000 |
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DOLLARS |
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ANYPLACE BANK |
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Anyplace, OK 00000 |
SAMPLE |
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:120120012 : 2020268620 |
1234 |
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Documents used along the form
The Oklahoma 512E form, known as the Return of Organization Exempt from Income Tax, is essential for organizations seeking tax-exempt status under Section 501(c) of the Internal Revenue Code. Along with this form, several other documents may be required or helpful in the filing process. Below is a list of commonly used forms and documents associated with the Oklahoma 512E form.
- Form 990: This is the annual information return required for tax-exempt organizations. It provides detailed financial information and operational data to the IRS.
- Form 990-T: Used by tax-exempt organizations to report unrelated business income. This form is necessary if the organization has income from activities not related to its exempt purpose.
- Form 511CR: This form is used to claim credits against Oklahoma income tax. Organizations can use it to reduce their tax liability.
- Form 561-C: This document is utilized to claim the Oklahoma Capital Gain deduction. It is relevant for organizations that have capital gains subject to taxation.
- Schedule 512E-X: This schedule is for organizations filing an amended return. It includes necessary adjustments and explanations for the changes made.
- Washington Articles of Incorporation: This essential document is used to establish a corporation in Washington and includes crucial details such as the corporation's name and purpose. For more information, visit legalpdf.org.
- Federal Employer Identification Number (EIN): This number is required for tax identification purposes and must be obtained from the IRS for tax-exempt organizations.
- Form 1099: This form is used to report various types of income, including payments made to contractors or freelancers, which may be relevant for organizations with such expenses.
- Form 500A and Form 500B: These forms are used for reporting withholding tax in Oklahoma. They may be necessary for organizations that withhold taxes on certain payments.
- State Tax Exemption Certificate: This document certifies that an organization is exempt from state sales tax, which can be beneficial for purchasing goods and services.
- IRS Determination Letter: This letter confirms an organization’s tax-exempt status and is often required to validate the organization’s claims on the 512E form.
It is crucial for organizations to ensure they have all necessary forms and documents prepared and submitted accurately to comply with Oklahoma tax regulations. Missing or incorrect information can lead to delays or penalties. Therefore, timely and thorough preparation is essential.
Key takeaways
- The Oklahoma 512E form is used by organizations exempt from income tax under Section 501(c) of the Internal Revenue Code.
- It is important to indicate whether the form is an initial, final, or amended return by placing an ‘X’ in the appropriate box at the top of the form.
- Organizations must provide their name, Federal Employer Identification Number, and address on the form.
- Part 2 of the form requires a statement of unrelated business taxable income if the organization has such income.
- Organizations should attach any necessary supporting documents, such as copies of federal returns, if applicable.
- Taxable income is calculated at a rate of 6%, and specific deductions may apply for unrelated business income.
- Refunds must be processed via direct deposit, and organizations should complete the direct deposit section of the form carefully.
- Donations can be made from tax refunds to various Oklahoma organizations, and organizations can specify how they wish to allocate these donations.
- Filing deadlines for corporate returns are typically 30 days after the due date established under the Internal Revenue Code.