Oklahoma PTE Information - 1120S - Tax Year 2022

  • Article Type:
  • QA
  • Last Modified:
  • 04/08/2023

Question

What are some common questions and answers regarding Iowa PTE-C with tax year 2022?

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • S Corporation - 1120S
  • Oklahoma - OK
  • 2022

Answer

QuestionAnswer
-Form Name
  • Form 586 (Election/Revocation Form), Form 587 PTE and 587 PTE - SUP
-State Links
  • https://oklahoma.gov/content/dam/ok/en/tax/documents/forms/businesses/corporate-income-tax/current/512-S-Pkt.pdf
  • https://oklahoma.gov/content/dam/ok/en/tax/documents/forms/businesses/corporate-income-tax/current/587-PTE.pdf
  • https://oklahoma.gov/content/dam/ok/en/tax/documents/forms/businesses/corporate-income-tax/current/586.pdf
Election for PTE
-Is an Election Required?
  • Yes
-Made when?
  • Deadline for the election will be the second month after the beginning of the taxable year.
-Good for?
  • Deadline for the election will be the second month after the beginning of the taxable year.
-How do we make this election?
  • Election can be made on Common State/City > State PTE Generation > Oklahoma, diagnostics will generate if date is not entered on Oklahoma > Other > Pass-Through Entity Election > Line 3
    • PTE-ST1, Box 206, diagnostics will generate if date is not entered on OK2, Box 102
  • Oklahoma > Other > Pass-Through Entity Election > Line 1, diagnostics will generate if date is not entered on Oklahoma > Other > Pass-Through Entity Election > Line 3
    • OK2, Box 100, diagnostics will generate if date is not entered on OK2, Box 102
-Separate Form needed?
  • No
-Option  to Opt-Out?
  • Yes, by not electing PTE.
Generation of State PTE Return
-How do we generate the form above?
  • Common State/City > State PTE Generation > Oklahoma
    • PTE-ST1, Box 206
  • Oklahoma > Other > Pass-Through Entity Election > Line 1
    • OK2, Box 100
-Is this a separate filing from the main form, part of the main form, or filed on it's own?
  • Form 586 is just the election/revocation form stating that they want to be PTE.
  • Form 587PTE/587PTE-SUP is the form where your tax gets calculated. Information from here flows to the main for 512S
Estimates
-Are there estimates for this form?
  • N/A
-How do we generate them?
  • N/A
    -Can you apply an overpayment from the current year form?
    • N/A
    Interest/Penalties
    -Do interest/penalties apply?
    • N/A
    -Is there an underpayment penalty?
    • N/A
    Additional PTE Information
    Common State > State PTE Generation worksheet >Grid 23  (Interview PTE-ST1, boxes 300-364)
    -Does this section apply to this state?
    • No
    Additional Input Available
    - Does new input options under State and City Tax Refund flow to the state?
    • Yes, the amount flows to form 512S, it does not matter if it came from a PTE or not so the new input (PTE Checkbox and State box) does not apply
    - Does new input options under Taxes and Licenses flow to the state?
    • Yes, the amount flows to form 512S, it does not matter if it came from a PTE or not so the new input (PTE Checkbox and State box) does not apply
    - Does new input options under Rent/Royalty flow to the state?
    • Yes, the amount flows to form 512S, it does not matter if it came from a PTE or not so the new input (PTE Checkbox and State box) does not apply
    - Does the new input options under Farm flow to the state?
    • Yes, the amount flows to form 512S, it does not matter if it came from a PTE or not so the new input (PTE Checkbox and State box) does not apply

    Additional Information

    N/A

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