Form OW-8-P Fillable Worksheet for Underpayment of Estimated Tax

(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)(checkbox) Unchecked (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) *If the due date falls on a weekend or holiday adjust the due date to the next business day Also adjust the quarter due date as needed for 1 Income tax shown on your current year s tax return 1 10 a Tax withheld (see instructions) 10a 11 Enter amount if any from line 17 of previous column 11 12 Add lines 10c and 11 12 13 Add amounts on lines 15 and 16 of the previous column 13 14 For Column A only enter the amount from line 10c 14For Columns B C and D subtract line 13 from line 12 15 If the amount on line 14 is zero subtract line 12 from 16 Underpayment If line 9 is equal to or more than line 14 17 Overpayment If line 14 is equal to or more than line 9 18 Interest due for each quarter (from Part 3) 18 19 Total Interest Add line 18 Columns A B C and D 19 2 Oklahoma credits (refundable and nonrefundable) 2 2014 Form OW 8 P 3 Oklahoma tax liability Subtract line 2 from line 1 3 4 Multiply line 3 by 70% (0 70) 4 5 Withholding taxes 5 6 Subtract line 5 from line 3 6 7 Tax liability shown on your previous year s tax return 7 8 Required annual payment Enter the smaller of line 4 or line 7 8 9 Required annual payment 9 After Amount of April 15thFirst Quarter b Estimated tax paid (see instructions) 10b Balance Due c Add lines 10a and 10b 10c Check the box to the left if you are using the annualized income installment method If your income varied during the year because for Column A Column A Enter the date the estimated tax payment(s) was actually paid Estimated tax payments and withholding payments whichare paid on or before the quarterly due date are considered timely paid; therefore the date is preprinted on the form If thepreprinted date falls on a weekend or holiday adjust the date to the next business day Any balance due paid with your tax Column B Column B Enter payments according to the date paid or deemed paid the earliest date of payment being applied first Only use the Column C Column C Compute the balance due after each payment If there are no payments entered on the withholding and estimated taxlines bring the required payment down to the estimated tax line in Column C and complete Columns D & E Column D Column D Column C balance for each line is considered past due until the next payment is made Compute the number of days pastdue from the date of this payment until the date of the next payment or the original due date of the return if no payment ismade Column E Column C x Number of days in Column D x 20% Complete each quarter before going to the next quarter Complete lines 11 17 of one column before continuing Complete lines 18 and 19 after completion of Part 3 Date of Days Interest divided by 365 Do not include any estimated tax payments on this line Due Date of Installments* Enter 1/4 of line 8 in each column unless you have checked the box in Section 1 Enter any estimated tax not used in prior quarter 1/15 Enter any estimated tax not used in prior quarter 6/15 Enter any estimated tax not used in prior quarters 9/15 Enter any estimated tax payment 4/15 Enter any withholding 4/15 Enter any withholding not used in prior quarter 1/15 Enter any withholding not used in prior quarter 6/15 Enter any withholding not used in prior quarters 9/15 Enter apply from previous year if any 4/15 Enter on the estimated tax line estimated tax payments paid on or before the quarterly due date which have not been applied Enter on the tax payment line(s) any payment made after the quarterly due date If more lines are needed for tax payments Enter required payment from Part 2 line 9 Column A Enter required payment from Part 2 line 9 Column B Enter required payment from Part 2 line 9 Column C Enter required payment from Part 2 line 9 Column D Enter tax payment made after 1/15 Enter tax payment made after 4/15 Enter tax payment made after 6/15 Enter tax payment made after 9/15 example you operated your business on a seasonal basis you may be able to lower or eliminate the amount of one or more required First Quarter Due Date 4/15 fiscal year taxpayers FORMOW 8 P Fourth Quarter Fourth Quarter Due Date 1/15 If checked enter the amounts from Form OW 8 P SUP I or OW 8 P SUP C If less than $1 000 stop here; you do not owe the interest If less than $500 stop here; you do not owe the interest If line 10c is equal to or more than line 9 for all payment periodsstop here; you do not owe the interest If zero or less enter 0 In the first line of each quarter Part 3 Column C enter the required payment from Part 2 line 9 Then complete each line across before Include in the first quarter any overpayment of tax from your previous tax year s return that you elected to apply to this year s estimated tax installments by using the annualized income installment method If you checked the box you must complete and enclose with your return this form andForm OW 8 P SUP I for individuals or OW 8 P SUP C for corporations and trusts These forms can be obtained from our website at www tax ok gov Instructions to Part 3 Jan 15th June 15th Line 10: You are considered to have paid one fourth of your withholding on each payment due date unless you can show otherwise Estimated tax must beentered in the quarter in which it was paid (ie Column A payments made by 4/15; Column B payments made 4/16 through 6/15; Column C payments made6/16 through 9/15; and Column D payments made 9/16 through 1/15 of the following year) Payments made after the due date of the fourth quarter estimate shallnot be included on this line as an estimated tax payment but shall be used in the underpayment worksheet as a prepayment of tax (see instructions for Part 3) line 13 Otherwise enter 0 15 Line 19: Enter total interest here and on your income tax return list each payment separately on an attached schedule using Columns A through E Name as shown on return Note: If line 5 is equal to or more than line 8 stop here; you do not owe the interest Number of Oklahoma Underpayment of Estimated Tax Worksheet Page 2 Part 1: Required Annual Payment Part 2: Figure Your Underpayment Part 3: Computation of Interest Column A Column B Column C Column D Column E Payment Payment portion of a payment necessary to bring the balance due to zero Previous year s return must be for 12 months If you were not required to file anincome tax return for the previous tax year stop here; you do not owe the interest proceeding to the next line Column C in each quarter must be brought to zero unless all payments have already been applied before proceeding to the next quarter return is considered a payment for this purpose and should be listed using the date you filed your return or the originaldue date whichever is earlier Second Quarter Second Quarter Due Date 6/15 Section One: Annualized Method Section Two: Worksheet Sept 15thThird Quarter SSN or FEIN State of Oklahoma subtract line 14 from 9 Then go to line 11 of next column 16 subtract line 9 from 14 Then go to line 11 of next column 17 Third Quarter Due Date 9/15 to a previous quarter Total interest due for first quarter Total interest due for fourth quarter Total interest due for second quarter Total interest due for third quarter Underpayment of Estimated Tax Worksheet Withholding payments are deemed paid on the quarterly due date(s) Enter on the withholding line tax(es) withheld on orbefore the quarterly due date that have not been applied to a previous quarter