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Fill in a Valid 504 Oklahoma Template

The 504 Oklahoma form is an application used to request an extension of time to file an Oklahoma income tax return. This form does not extend the time for tax payment; instead, it allows taxpayers to file their returns later, provided that 90% of the tax liability is paid by the original due date. To ensure compliance and avoid penalties, it's essential to fill out this form accurately.

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The 504 Oklahoma form serves as an application for individuals and entities seeking an extension of time to file their Oklahoma income tax return. It is crucial to understand that this form does not extend the deadline for payment of any taxes owed. The form requires basic personal information, including names, addresses, and Social Security numbers for individuals or Federal Identification numbers for corporations, partnerships, trusts, or estates. To qualify for an extension, at least 90% of the tax liability must be paid by the original due date. The form also includes a worksheet to help taxpayers calculate their tax balance and payment amount. Additionally, it outlines specific instructions regarding the duration of extensions—typically up to six months for individuals and seven months for corporations—and the conditions under which extensions can be granted. It is important to note that if a taxpayer is serving in the military or has other qualifying circumstances, they may receive an automatic extension. Overall, the 504 Oklahoma form is a key document for those needing extra time to prepare their tax returns while ensuring compliance with state tax regulations.

Document Properties

Fact Name	Details
Form Purpose	This form is used to apply for an extension of time to file an Oklahoma income tax return, not for payment of tax.
Governing Law	The application is governed by Section 216 of the State Tax Uniform Procedure Act and the Oklahoma Tax Commission regulations.
Eligibility for Extension	An extension is valid only if at least 90% of the tax liability is paid by the original due date.
Automatic Federal Extension	If a federal extension is granted, it is recognized for Oklahoma tax purposes, provided no additional state tax is due.
Extension Duration	Individuals can receive an extension for up to 6 months, while corporations may extend for a total of 7 months.
Military Service Provisions	Active military members serving outside the U.S. receive an automatic extension until the 15th day of the third month after their return.
Separate Applications	If filing separately, both spouses must submit individual applications for extensions.
Penalties for Late Payment	A penalty of 5% may apply if 90% of the tax liability is not paid by the due date, along with interest of 1.25% per month.
Franchise Tax Exclusion	This form cannot be used to request an extension for franchise tax payments; a different form is required for that purpose.
Submission Instructions	The completed form must be postmarked by the due date for the income tax return or by the expiration of any automatic federal extension.

Common mistakes

Incomplete Personal Information: Failing to provide full names, including middle initials, can lead to processing delays. Ensure all names are accurately filled out.
Incorrect Social Security Numbers: Entering incorrect Social Security Numbers for both the taxpayer and spouse can result in rejection of the application. Double-check these numbers for accuracy.
Missing Federal Identification Number: Corporations, partnerships, trusts, and estates must include their Federal Identification Number. Omitting this information can hinder processing.
Not Paying 90% of Tax Liability: Extensions are only valid if at least 90% of the tax liability is paid by the original due date. Ensure payment is made to avoid penalties.
Failure to Sign the Application: The application must be signed by the taxpayer and, if applicable, the spouse. A missing signature will invalidate the request.
Incorrectly Estimating Tax Liability: Providing an incorrect estimate on line 1 can cause issues. If unsure, it is better to enter zero than to leave it blank.
Not Submitting on Time: Applications must be postmarked by the due date. Late submissions will not be processed, resulting in potential penalties.

Misconceptions

Understanding the 504 Oklahoma form can be challenging, and several misconceptions often arise. Here are six common misunderstandings about this form:

Misconception 1: The 504 form is an extension for tax payment.

This form is strictly for requesting an extension to file your tax return, not to pay any taxes owed. If you need more time to pay, you must arrange that separately.

Misconception 2: You can get an extension without paying any taxes.

To qualify for an extension, you must pay at least 90% of your total tax liability by the original due date. Failing to do so can lead to penalties.

Misconception 3: An extension automatically applies to both state and federal taxes.

While the 504 form may honor a federal extension, it does not automatically extend the time for filing state taxes unless you specifically request it.

Misconception 4: You can file the 504 form anytime before the tax deadline.

The application for an extension must be postmarked by the original due date of your tax return. Late submissions will not be accepted.

Misconception 5: Only individuals can use the 504 form.

This form is also applicable for corporations, partnerships, estates, and trusts. Each entity type has specific requirements for filing.

Misconception 6: You do not need to keep records of the 504 form.

It is essential to retain a copy of the 504 form and any attachments for your records, especially when you file your actual tax return later.

Preview - 504 Oklahoma Form

#1695# ITE

APPLICATION FOR EXTENSION

OF TIME TO FILE AN OKLAHOMA INCOME TAX RETURN

(This is NOT an extension of time for payment of tax)

For the year January 1 - December 31, or other taxable year beginning ________________ , 2010 ending ______________, ______.

FORM

504

INDIVIDUALS: Your irst name, middle initial and last name

INDIVIDUALS: If joint return, spouse’s irst name, middle initial and last name

CORPORATIONS: Corporate, Partnership, Trust or Estate Name

Present address (number and street, including apartment number or rural route)

City, State and Zip

Your Social

Security Number:

Spouse’s Social

Security Number:

CORPORATIONS, PARTNERSHIPS, TRUSTS, ESTATES:

Federal

Identiication

Number:

IMPORTANT: EXTENSION IS VALID ONLY IF 90% OF THE TAX LIABILITY IS PAID BY THE ORIGINAL DUE DATE.

An Extension of Time to File with the IRS has been granted to:	DATE ________________________
Extension of Time to File with the Okla. Tax Commission is requested to:	DATE ________________________

If requesting a total of more than 6 months for corporations or more than 5 months for partnerships, estates or trusts, please state reason here: ________________________________________________________________________

SIGNATURE Under penalty of perjury, I declare that the information contained in this document, attachments and schedules are true and correct to the best of my knowledge and belief.

Your Signature (* If corporation, partnership, estate, or trust, see below)	Date	Paid Preparer’s Signature

Spouse’s Signature (if iling jointly, BOTH must sign even if only one had income)	Date	Date

Amount you are paying: (from line 7).

*If corporation, partnership, estate, or trust (oficer, partner, member, iduciary signature is required)

This is NOT an extension of time for payment of tax!!

APPLICATION FOR EXTENSION OF TIME

TO FILE AN OKLAHOMA INCOME TAX RETURN WORKSHEET

The bottom portion of this form is a worksheet to compute your payment. Please retain for your records. Enter the total from line 7 of the worksheet on the coupon above. Return the top portion with your payment, if applicable.

OKLAHOMA INCOME TAX COMPUTATION (Do not use to remit franchise tax; see instruction number 7 on back)

1.Total income tax liability (you may estimate this amount).........................................

Note: You must enter an amount on line 1. If you do not expect to owe tax, enter zero.

2.Oklahoma income tax withheld...............................................

3.Estimated tax payments (include prior year overpayment allowed as a credit).................................................................

4.Other payments and credits you expect to claim

on your return .........................................................................

5.Add lines 2, 3 and 4..................................................................................................

6.Income tax balance due (subtract line 5 from line 1)................................................

7.Amount you are paying. (Enter here and on the coupon above)...........................

Important: Extension is valid only if 90% of the tax liability is paid by the original due date

FORM 504 - APPLICATION FOR EXTENSION OF TIME TO FILE AN OKLAHOMA INCOME TAX RETURN

GENERAL INFORMATION

An extension of time to ile your income tax return shall not be granted unless 90% of the tax liability is paid on or before

the original due date of the return.

Since the Oklahoma return cannot be completed until the Federal return is completed, the Oklahoma Tax Commission has

administratively adopted the policy of honoring the automatic Federal extension, when no additional state tax is due, as an extension of time to ile the Oklahoma return. When you ile your Oklahoma return, simply enclose a copy of the Federal

extension.

You only need to use this form to apply for additional time to ile your income tax return when you owe additional Okla-

homa income tax or do not have a Federal extension. Also, corporations, partnerships, estates and trusts need to use this form when iling for additional time beyond that granted by the Federal extension. When you ile your Oklahoma return,

enclose a copy of the Oklahoma Extension.

Remember, you cannot get an extension of time to pay your income tax, but only to ile your return. Delinquent pen- alty of 5% may be charged, if at least 90% of your total tax liability has not been paid by the original due date. Delinquent

interest, at the rate of 1.25% per month, may be charged if 100% of your tax liability is not paid by the original due date of the return.

INSTRUCTIONS

1.An extension cannot be granted for more than one-half the accounting period covered by the individual, partnership, estate or trust return (i.e. 6 month extension for a 12 month tax year). In the case of a corporate return, an extension may not exceed a total of 7 months.

2.Applications for extensions of time must be postmarked on or before the due date for iling the income tax return, or before the expiration of the automatic Federal extension.

3.An automatic extension, without request, is granted to members of the active military service serving outside the

United States or conined to a hospital. Such extension is granted to the 15th day of the third month following their return to the United States, or their release from a hospital.

4.This application may not be used to request an extension of time for the payment of tax. Interest will be charged at the rate of 1.25% per month from the original due date of the return until paid.

5.If husband and wife ile separate returns, each must ile application for an extension. Attorneys or agents for the tax- payer must prepare separate applications for each extension requested.

6.Any extension granted is pursuant to the provisions of Section 216 of the State Tax Uniform Procedure Act and the Oklahoma Tax Commission.

7.Do not use this form to remit franchise tax. The remittance of estimated franchise tax must be made on a ten- tative (estimated) franchise tax return (Form 200 or 215).

8.Cut Form 504 along the dotted line and submit the top portion of the Application for Extension of Time to File an Okla- homa Income Tax Return.

Mail to: Oklahoma Tax Commission

Income Tax P.O. Box 26890

Oklahoma City, Oklahoma 73126-0890

FAQ

What is the purpose of the 504 Oklahoma form?

The 504 Oklahoma form is used to apply for an extension of time to file your Oklahoma income tax return. It is important to note that this form does not extend the time for paying any tax owed. It allows individuals, corporations, partnerships, estates, and trusts to request additional time to file their returns, provided certain conditions are met.

Who needs to file the 504 Oklahoma form?

What are the requirements for obtaining an extension?

How do I calculate the amount I need to pay?

What happens if I miss the deadline for filing the form?

Can I use this form to request an extension for payment of tax?

What if I am in the military?

Where do I send the completed form?

⇓ 504 Oklahoma PDF Form

Documents used along the form

When filing your Oklahoma income tax return, you may encounter several other forms and documents that complement the 504 Oklahoma form. Understanding these documents can help streamline the filing process and ensure compliance with tax regulations. Below is a list of commonly used forms and documents that you might need.

Form 511: This is the Oklahoma Individual Income Tax Return form. It is used to report your annual income and calculate your tax liability.
Form 500: This form is for the Oklahoma Corporation Income Tax Return. Corporations use it to report their income and calculate taxes owed.
Form 200: This is the Oklahoma Franchise Tax Return. It is used by corporations and limited liability companies to report their franchise tax liability.
Form 215: Similar to Form 200, this is another version of the Oklahoma Franchise Tax Return for certain types of entities.
Form 1099: This form is used to report various types of income other than wages, salaries, and tips. You may receive it from clients or other payers.
Standard Promissory Note: For those in need of a formal agreement, the Standard Promissory Note can serve as a reliable template to ensure proper documentation of loan terms.
Form W-2: Employers provide this form to report annual wages and the taxes withheld from employee paychecks. You will need it when filing your income tax return.
Form 1040: This is the federal income tax return form. It is necessary for reporting your federal income and determining your federal tax liability.
Form 4868: This is the application for a federal extension of time to file your income tax return. It can be used alongside the Oklahoma extension if you need more time.
Schedule C: This form is used to report income or loss from a business you operated or a profession you practiced as a sole proprietor.
Form 8889: If you have a Health Savings Account (HSA), this form is used to report contributions, distributions, and any tax owed on excess contributions.

Being familiar with these forms can make the tax filing process smoother. Always ensure you have the correct documents ready to avoid any delays or complications with your tax return. If you have any questions about which forms you need, consider reaching out to a tax professional for guidance.

Guide to Using 504 Oklahoma

Once you have gathered all necessary information, you can begin filling out the 504 Oklahoma form. This form is essential for requesting an extension of time to file your income tax return. Ensure that you have your financial details ready, as you will need them to complete the form accurately. Follow the steps below to fill it out correctly.

Start by entering the year for which you are requesting the extension in the designated space.
If you are an individual, fill in your first name, middle initial, and last name. If filing jointly, also provide your spouse's first name, middle initial, and last name.
For corporations, partnerships, trusts, or estates, enter the name of the entity in the appropriate section.
Provide your present address, including the number and street, apartment number (if applicable), city, state, and zip code.
Input your Social Security Number and, if applicable, your spouse’s Social Security Number.
For corporations, partnerships, trusts, or estates, enter the Federal Identification Number.
Indicate the date an extension of time to file with the IRS has been granted.
Fill in the date you are requesting the extension for filing with the Oklahoma Tax Commission.
If you are requesting more than six months for corporations or more than five months for partnerships, estates, or trusts, provide a brief explanation for the request.
Sign the form under penalty of perjury, confirming that the information provided is true and correct to the best of your knowledge.
If filing jointly, ensure that both you and your spouse sign the form, even if only one had income.
Complete the payment section by entering the amount you are paying, which should correspond to line 7 of the worksheet.
Finally, cut along the dotted line to separate the top portion of the form and keep the bottom portion for your records.

After completing the form, it must be mailed to the Oklahoma Tax Commission. Remember to send it before the due date to ensure your extension is valid. Keep a copy for your records, as it may be needed for future reference when you file your return.