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Form OW-8-P-SUP-I Fillable Oklahoma Annualized Income Installment Method for Individuals
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
(Part year and nonresidents see the Note on page 2) (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) 1/1 12/31 1/1 3/31 1/1 5/31 1/1 8/31 10 Add lines 8 and 9 11 Adjustments to Oklahoma Adjusted Gross Income 11 12 Taxable income 13 Oklahoma Income Tax from Tax Table 13 14 Oklahoma credits (refundable & non refundable) 14 15 Subtract line 14 from line 13 If zero or less enter 0 15 16 Applicable percentage 16 17 5% 35% 52 5% 70% 17 Multiply line 15 by line 16 17 18 Add amounts in all previous columns of line 24 18 19 Annualized income installments Subtract line 18 20 Enter 1/4 of line 8 from Section Two Part 1 2014 Form OW 8 P SUP I Page 2 21 Enter the amount from line 23 of the previouscolumn 21 22 Add lines 20 and 21 22 23 Subtract line 19 from line 22 24 Required installments Enter the smaller of line 19or line 22 here and in applicable column onForm OW 8 P Section Two Part 2 line 9 24 4 2 4 1 5 1 4 FORM2 Annualization amounts 2 Annualization amounts 5 Annualized Income Installment Method Annualized Income Installment Method for Individuals Annualized Oklahoma adjusted gross incomeMultiply line 1 by line 2 3 base tax and will be prorated for line 13 (If you qualify for the Oklahoma child care/child tax credit reduce the amount based on either your annualized income or expenses incurred during the period These are the deductions and based on your annualized Federal adjusted gross income for the period enter the reduced amount on line6 To help you determine the reduced amount you can use the instructions for Federal Form 2210 or Federal by Individuals Estates and Trusts or Federal Publication 505 Tax Withholding and Estimated Tax calculate line 13 divide your income from Oklahoma sources by the amount on line 1 Multiply this percentage by thebase tax (line 12) and enter the result on line 13 This is your Tax from Tax Table Complete the remainder of the form as Column A Column B Column C Column D deduction and qualified adoption expense For a complete list of these adjustments see the instructionsfor Form 511 Schedule 511 C or Form 511NR Schedule 511NR C in the individual income tax packet directed Do not annualize any credit When figuring your credits you must annualize any item of income or deduction Enclose this form and Form OW 8 P with your return Check the annualized installment method box on Form 511 or Form 511NR Enter the larger of line 6 or line 7 (Note: If line 6 is lessthan the Federal Standard Deduction see instructions) 8 Enter your itemized deductions for the periodshown in each column If you do not itemizeenter 0 and skip to line 7 4 Enter your Oklahoma adjusted gross incomefor each period 1 exclusions to which you are entitled to as adjustments from Oklahoma adjusted gross income to arrive at Oklahoma for Individuals from line 17 If zero or less enter 0 19 General Information If you use this form for any payment due date you must use it for all payment due dates To figure the amount of each If zero or less enter 0 23 In each column enter the full amount In each column multiply $1 000 by the totalnumber of exemptions claimed 9 Individuals installment (increased by the amount saved by using the annualized income installment method in figuring any earlier installments) You must complete Section Two Part 1 of Form OW 8 P before you can complete this form Line 1 Enter your Oklahoma adjusted gross income for each period This is your gross income including your share Line 10 Add lines 8 and 9 and enter the result on line 10 If you had out of state income during the period you must firstprorate your deductions and exemptions before entering the total on line 10 The method of proration will be the Line 11 Enter the full amount of the Adjustments to Oklahoma Adjusted Gross Income to which you would be entitled Line 14 Include all credits (other than withholding credits) you may claim because of events that occurred during that period Line 6 Multiply line 4 by line 5 and enter the result on line 6 However if your itemized deductions would have been limited Line 8 Enter the larger of line 6 or line 7 If line 6 is less than the Federal standard deduction then enter line 7 However Line Instructions Multiply line 4 by line 5 6 Name as shown on return Note: If you have out of stateincome see instructions 10 NOTE: The following applies to part year and nonresident taxpayers who will be filing Form 511NR Lines 1 through 12 of Form OW 8 P in each column 20 of partnership(s) or S corporation(s) income or loss for the period minus your adjustments to income for thatperiod of your Oklahoma Standard Deduction 7 on line 12 by the Oklahoma child care/child tax credit before you calculate line 13; do not enter this credit on line 14 ) To OW 8 P SUP IFORM2 prorated amount on line 10 Publication 505 required installment the schedule automatically selects the smaller of the annualized income installment or the regular same as used on Form 511 and can be found in the instructions of the individual income tax packet Enter the shall be calculated as if all income were earned in Oklahoma Using the amount from line 12 calculate the tax; this is the Social Security Number State of Oklahoma Subtract line 10 and 11 from line 3 12 taxable income These adjustments include but are not limited to military pay exclusion qualifying disability The annualization method for Oklahoma estimated tax purposes is the same as that prescribed in the Internal RevenueCode Therefore for additional information use the Federal instructions for Form 2210 Underpayment of Estimated Tax used to figure the credit; include any credit(s) you are carrying over from a previous year you have the option to elect to itemize in each period If you choose this option enter IE next to the amount