Autofill Legal Oklahoma Partnerships Forms For Free

In Oklahoma, LLCs are taxed as pass-through entities by default, meaning the LLC passes its revenues and losses on to its members. Then members pay the state's graduated personal income tax rate ranging from 0.25% to 4.75% and the state's Pass-Through Entity Tax of 4%.

Each partner having Oklahoma source income sufficient to make a return, shall make such return as required by law. Partnerships filing Federal Form 1065-B will file Form 514. The taxable year and method of accounting shall be the same as the taxable year and method of accounting used for federal income tax purposes.

ANNUAL FILING REQUIREMENTS TO MAINTAIN AN OKLAHOMA NONPROFIT Note that the due date is 4 and a half months after the end of the fiscal year. Send to: Oklahoma Tax Commission 2501 Lincoln Blvd., Room 101 Oklahoma City, OK 73194-0009. There is no filing fee. For more information, Website: tax.ok.gov. Phone: (405) 521-3160.

A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" profits or losses to its partners.

As is the case with a sole proprietorship, a partnership is considered a pass-through entity for tax purposes. In other words, the partnership itself is not taxed, but each partner is responsible for reporting their own profits and losses from the business on their individual tax returns.

Use Form 514-PT to compute each of the nonresident partner's Oklahoma income tax. The instructions are on the back of form. The totals of the nonresidents' Okla- homa distributive income and their tax are carried from Form 514-PT to Form 514, Part One, lines 1 and 2.