Okla. Admin. Code § 710:50-13-6

Current through Vol. 42, No. 6, December 2, 2024

Section 710:50-13-6 - Payment of estimated tax

(a) OTC Form OW-8-ES (individual) and OTC Form OW-8-ESC (corporations, fiduciaries and partnerships) should be used to report and pay estimated Oklahoma Income Tax. Print or type taxpayer's name, Social Security Number or Federal I.D. Number, address and the amount of the payment on each voucher

(b) Oklahoma Estimated Income Tax is to be paid on or before the following dates: April 15 of the current taxable year, June 15 of the current taxable year, September 15 of the current taxable year, and January 15 of the following taxable year. Fiscal year filers will pay Oklahoma Estimated Income Tax on or before the following dates: the 15th day of the fourth month of the fiscal year, the 15th day of the sixth month of the fiscal year, the 15th day of the ninth month of the fiscal year, and the 15th day of the first month in the succeeding fiscal year.. The estimated tax is to be applied to the applicable tax year's Oklahoma Income Tax liability, and may be claimed on the applicable tax year's Oklahoma Income Tax Return.

(c) Refunds will be applied, at the taxpayer's request, to Oklahoma Estimated Income Tax for the following year, on the original return only.

(d) If a taxpayer elects to have an overpayment credited to the following year's Oklahoma Estimated Income Tax in error, the taxpayer may request, in writing, any or all of the estimated tax payment be refunded to the taxpayer. The request must be filed no later than October 15 of the year in which the refund was to be applied. For example, if a 2015 refund was applied to 2016 estimated tax, the written request for a refund of the estimated tax payment must be received by October 15, 2016.

(e) Provided, however, that when a refund is applied, at the Taxpayer's request, to the following year's Oklahoma Estimated Income Tax and either the Tax Commission or the Internal Revenue Service subsequently determines that additional tax is due for the original tax year, no delinquent interest shall be due on the difference between the original tax paid and the subsequently-determined amount of tax, so long as the refund applied exceeds the additional tax due and the taxpayer makes payment of the additional tax within sixty (60) days of the notice of assessment. In the event that the additional tax due exceeds the refund applied, delinquent interest shall be assessed on the amount of additional tax due from the date the original tax was due, until the total additional tax is paid.

(f) All estimated tax payments should be paid under the Social Security Number listed first on the Oklahoma Income Tax Return.

Okla. Admin. Code § 710:50-13-6

Amended at 18 Ok Reg 2810, eff 6-25-01; Amended at 21 Ok Reg 2571, eff 6-25-04

Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/11/2017