Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 50 - Income
Subchapter 13 - Estimated Tax
Section 710:50-13-9 - Estimated tax using annualized income method

Universal Citation: OK Admin Code 710:50-13-9

Current through Vol. 42, No. 1, September 16, 2024

(a) Corporate taxpayers whose Oklahoma Taxable Income was not earned evenly throughout the year may use the annualized method as described in this Section, or in the case of individual taxpayers, in accordance with the provisions of the Internal Revenue Code.

(b) The interest for the underpayment of estimated tax is not applicable if the estimated tax paid at the respective installment dates is at least an amount equal to seventy percent (70%) of the tax for the taxable year, computed by placing, on an annualized basis, the Oklahoma taxable income:

(1) For the first three months of the taxable year in the case of the installment due on the 15th day of the fourth month;

(2) For the first three months of the taxable year in the case of the installment due on the 15th day of the sixth month;

(3) For the first six months of the taxable year in the case of the installment due on the 15th day of the ninth month; and

(4) For the first nine months of the taxable year in the case of the installment due on the 15th day of the first month of the succeeding taxable year.

(c) To annualize income, multiply the Oklahoma Taxable Income for the applicable period by 12 and divide by the number of months in the applicable period.

Added at 14 Ok Reg 390, eff 11-27-96 (emergency); Added at 14 Ok Reg 2699, eff 6-26-97; Amended at 18 Ok Reg 2810, eff 6-25-01; Amended at 28 Ok Reg 935, eff 6-1-11

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