Oklahoma Form 512 X – Fill Out and Use This PDF

The Oklahoma 512 X form, also known as the Oklahoma Amended Corporation Income Tax Return, is a crucial document for corporations that need to amend their previously filed income tax returns within the state. This form includes sections for detailing changes in Oklahoma taxable income, investment or job credits, and other tax-related adjustments, adhering strictly to guidelines that require the enclosure of the original federal return, schedules, and, if applicable, the reporting of any federal return amendments. For those who need to update their corporation's tax information, ensuring accuracy and compliance on the Oklahoma 512 X form is essential; click the button below to learn more about filling out and submitting this form correctly.

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Oklahoma Form 512 X PDF Details

When corporations in Oklahoma find themselves in a situation where they need to amend a previously filed income tax return, the Oklahoma 512 X form becomes a critical document to address this need. This amended corporation income tax return allows entities to correct or update their financial information for a specific tax year, which could range from January 1 to December 31 or cover another taxable period as specified. The comprehensive form prompts for essential details such as the corporation's name, address, Federal Employer Identification Number, and the type of business, alongside the tax year that the amendment pertains to. Additionally, it requires information on whether an amended federal return was filed, embodying a firm connection between federal and state tax obligations. The form delves into adjustments in taxable income, tax credits like the Investment/New Jobs Credit and others, and calculates the revised tax or refund due. It also touches on direct deposit for refunds, showcasing an awareness of modern financial practices. The document's structure includes schedules for more detailed financial data, listing income, deductions, and adjustments that reflect the corporation's fiscal activities within Oklahoma and beyond. This requirement underscores the state's effort to precisely capture a corporation's financial footprint. The thorough nature of the Oklahoma 512 X form, coupled with its direct impact on a corporation's financial standing with both state and federal tax authorities, underlines its significance in ensuring accuracy and compliance in tax reporting.

Question	Answer
Form Name	Oklahoma Form 512 X
Form Length	4 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min
Other names	512 X 11 ok form 512x instructions

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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 the unitary business (by averaging the value at the beginning and ending of the tax period).

(a) Owned property (at original cost):

(I) Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(II) Depreciable property . . . . . . . . . . . . . . . . . . . . .

(III) Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(IV) Total of section “a” . . . . . . . . . . . . . . . . . . . . . . .

(b) Rented property (capitalize at 8 times net rental paid)

(a) Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) Less: Oficer salaries . . . . . . . . . . . . . . . . . . . . . .

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

corporation is not taxable (i.e. under Public Law 86-272) .

Column A

Total Within

Oklahoma

Column B

Total Within and

Without Oklahoma

A divided by B Percent Within Oklahoma

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)

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1. You have to complete the Oklahoma Form 512 X correctly, thus take care while filling in the parts that contain all these fields:

How one can prepare Oklahoma Form 512 X step 1

2. Your next step is usually to complete the next few blanks: Yes, If this return is being iled due, Direct Deposit Note All refunds, Is this refund going to or through, savings account, Routing Number Account Number, Tax Due line minus line Tax Due, If the Oklahoma Tax Commission may, Make check payable to the Oklahoma, Corporate, Seal, Signature of oficer, Date, Signature of preparer, and Date.

Ways to prepare Oklahoma Form 512 X step 2

3. In this particular stage, take a look at Printed name of oficer, Title, Area code and phone number, Preparers address, Phone number, Preparers ID Number, Mail to Oklahoma Tax Commission, and The Oklahoma Tax Commission is not. Every one of these should be taken care of with highest precision.

Filling out part 3 in Oklahoma Form 512 X

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Completing section 4 in Oklahoma Form 512 X

5. The pdf must be finished within this part. Here you will notice a full set of blank fields that require appropriate information for your form submission to be accomplished: Important All applicable lines and, Note Indicate method used to, and Oklahoma Depletion in Lieu of.

Oklahoma Form 512 X completion process explained (portion 5)

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