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Fill in a Valid Oklahoma 512 X Template

The Oklahoma 512 X form is the Amended Corporation Income Tax Return used by businesses to correct previously filed tax returns. This form allows corporations to adjust their taxable income and claim any credits or deductions they may have missed. If you need to amend your return, click the button below to fill out the form.

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The Oklahoma 512-X form serves as the Amended Corporation Income Tax Return, a crucial document for businesses seeking to correct or update their previously filed tax returns. This form is specifically designed for corporations that need to amend their federal tax filings, whether due to an error, a change in financial circumstances, or the outcome of a federal audit. One of the primary requirements when submitting the 512-X is to include a copy of the amended federal return, such as IRS Form 1120X or 1139. Additionally, corporations must provide detailed financial information, including their taxable income, deductions, and any applicable credits. The form also includes sections for reporting various types of income and expenses, ensuring that all financial activities are accurately represented. It is important to note that the Oklahoma Tax Commission requires the use of direct deposit for any refunds issued, marking a shift towards more efficient processing. Moreover, the form mandates that corporations disclose any payments made with the original return and any adjustments that may affect the final tax calculation. By utilizing the 512-X, corporations can ensure compliance with state tax laws while rectifying any discrepancies in their tax filings.

Document Properties

Fact Name	Description
Purpose	The Oklahoma 512-X form is used for filing an amended corporation income tax return, allowing corporations to correct errors or make changes to their previously filed returns.
Governing Law	This form is governed by the Oklahoma Statutes, specifically Title 68, which outlines the state's tax laws and regulations.
Filing Requirement	Corporations must file the 512-X if they have amended their federal tax return, requiring a copy of the amended federal return to be submitted with the form.
Tax Year	The form is applicable for tax years beginning January 1 and ending December 31, or for any other taxable year as specified by the corporation.
Refund Process	Refunds are processed through direct deposit only, and taxpayers must provide their bank account information on the form to receive refunds efficiently.
Additional Documentation	Along with the 512-X, corporations must enclose supporting documents such as the IRS Form 1120X or 1139 and any necessary schedules to substantiate the amendments made.

Common mistakes

Inaccurate Information: One common mistake is providing incorrect corporate names or addresses. This can lead to processing delays or complications with the Oklahoma Tax Commission.
Failure to Enclose Required Documents: Many individuals neglect to attach necessary documents, such as copies of the federal return or IRS forms 1120X or 1139. This omission can result in the rejection of the amended return.
Incorrect Tax Year Dates: When filling out the form, it is crucial to accurately specify the beginning and ending dates of the tax year. Errors in these dates can lead to miscalculations of tax obligations.
Omitting Signature and Declaration: Some filers forget to sign the return or include the declaration of preparer. This oversight can invalidate the submission, requiring resubmission and further delays in processing.

Misconceptions

Understanding the Oklahoma 512 X form is crucial for corporations navigating their tax obligations. However, several misconceptions can lead to confusion. Here are six common misconceptions about this form:

Misconception 1: The 512 X form is only for corporations that have made errors on their original tax returns.

This form is not solely for correcting mistakes. It can also be used to claim additional deductions or credits that were not included in the original filing.

Misconception 2: Filing a 512 X form guarantees a refund.

While the form can lead to a refund if overpayments are identified, it does not guarantee one. The outcome depends on the specific circumstances of each case.

Misconception 3: Corporations do not need to submit supporting documents with the 512 X form.

In fact, it is essential to include all necessary documentation, such as copies of the federal return and any relevant schedules, to substantiate the changes being made.

Misconception 4: The 512 X form can be filed at any time without consequences.

There are deadlines for filing the amended return. Missing these deadlines can result in penalties or the inability to claim certain credits or deductions.

Misconception 5: Only large corporations need to worry about the 512 X form.

All corporations, regardless of size, may need to file this form if they have amended their federal returns or wish to adjust their state tax obligations.

Misconception 6: The 512 X form is the same as the federal Form 1120X.

While both forms serve similar purposes in amending tax returns, they are distinct and have different requirements specific to Oklahoma tax law.

Preview - 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)

FAQ

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

The Oklahoma 512-X form is used for filing an amended corporation income tax return in the state of Oklahoma. Corporations that need to correct errors on their original tax returns or update their tax information must use this form. It allows businesses to report changes in income, deductions, and credits, ensuring that their tax obligations are accurate and up to date. When filing this form, corporations must include a copy of their amended federal return, along with any necessary supporting documentation.

Who needs to file the 512-X form?

Any corporation that has previously filed a tax return in Oklahoma and needs to make amendments must file the 512-X form. This includes corporations that have received a federal audit, discovered errors in reported income or deductions, or need to claim additional credits. It is essential for corporations to file this form to avoid potential penalties and ensure compliance with state tax laws.

What documentation must accompany the 512-X form?

When submitting the Oklahoma 512-X form, corporations must include several key documents. A copy of the amended federal return, such as IRS Form 1120X or 1139, is required. Additionally, if the amendment is due to a federal audit, a complete copy of the Revenue Agent Report (RAR) must be provided. Corporations should also include any relevant schedules and statements that support the changes being reported on the amended return.

How is the tax calculated on the 512-X form?

The tax calculation on the 512-X form involves determining the Oklahoma taxable income, which is reported on Schedule A or B. Corporations must first calculate their gross income and then deduct allowable expenses. The tax rate is typically 6% for tax years beginning on or after January 1, 1990. After calculating the total tax, corporations can apply any applicable credits, such as the Investment/New Jobs Credit, to reduce their tax liability. The final balance due or refund is then calculated based on these figures.

What should corporations do if they expect a refund?

If a corporation expects a refund after filing the Oklahoma 512-X form, it must select the option for direct deposit on the form. All refunds are issued via direct deposit, and paper checks are generally not provided. Corporations should ensure that they provide accurate banking information, including the routing number and account number for either a checking or savings account. It is important to note that refunds cannot be applied to estimated taxes.

⇓ Oklahoma 512 X PDF Form

Documents used along the form

The Oklahoma 512-X form is an essential document for corporations seeking to amend their income tax returns in Oklahoma. When filing this form, several other documents may also be necessary to ensure compliance with state tax regulations. Below is a list of additional forms that are often used alongside the Oklahoma 512-X form, along with brief descriptions of each.

IRS Form 1120X: This form is the Amended U.S. Corporation Income Tax Return. Corporations use it to correct errors on their original Form 1120, which reports income, gains, losses, deductions, and credits.
Texas Quitclaim Deed: A form used to transfer property rights without guaranteeing ownership validity. It's often employed in family transactions or to resolve title issues. For more details, visit UsaLawDocs.com.
IRS Form 1139: This form is used by corporations to apply for a quick refund of taxes due to a net operating loss carryback. It allows businesses to expedite their refund process.
Oklahoma Form 511CR: This form is for claiming various tax credits available to Oklahoma taxpayers. It provides a detailed account of any credits the corporation is eligible to receive, which can reduce the overall tax liability.
Oklahoma Form 506: This form is specifically for claiming the Investment/New Jobs Credit. Corporations can use it to report qualifying investments and new jobs created within the state, which may entitle them to tax credits.
Oklahoma Form 1099: This form reports various types of income received by the corporation, such as payments made to contractors or other non-employees. It is essential for accurately reporting withholding taxes.
Oklahoma Schedule A or B: These schedules are used to report Oklahoma taxable income. Schedule A is for all corporations, while Schedule B is specifically for unitary enterprises. Both require detailed income and deduction information.

Understanding these additional forms can aid corporations in navigating the complexities of tax amendments in Oklahoma. Proper documentation not only ensures compliance but also helps in maximizing potential tax benefits.

Guide to Using Oklahoma 512 X

Completing the Oklahoma 512 X form requires careful attention to detail. Ensure you have all necessary documents, including a copy of your federal return, before you start. Follow these steps to fill out the form accurately.

Enter the tax year at the top of the form, specifying the beginning and ending dates.
Fill in the corporate name, street address, city, state, and zip code.
Provide your Federal Employer Identification Number (FEIN) and Business Code Number.
Indicate the type of business you operate.
Mark “Yes” or “No” for whether you filed an amended federal return. If yes, enclose a copy of IRS Form 1120X or 1139 along with a “Statement of Adjustment.”
If the return is due to a federal audit, attach a complete copy of the Revenue Agent's Report (RAR).
Complete Schedule A or B to calculate Oklahoma taxable income, ensuring all applicable lines are filled out.
Calculate the tax due at 6% of your taxable income, as indicated on the form.
Deduct any applicable credits from your tax amount, including Investment/New Jobs Credit and others as listed.
Determine the balance of tax due by subtracting total credits from the tax calculated.
Complete the refund section if applicable, ensuring you select direct deposit for any refunds.
Fill in any amounts paid with estimates, extensions, or original returns, and calculate the total payments made.
Sign and date the form, ensuring that both the corporate officer and the preparer sign where required.
Mail the completed form and any required attachments to the Oklahoma Tax Commission at the specified address.

After completing the form, review it carefully to ensure all information is accurate. Gather all supporting documents, and submit your return promptly to avoid penalties. You may wish to consult with a tax professional if you have any uncertainties about the process.