The Oklahoma Return of Organization Exempt from Income Tax Form 512E is a crucial document for organizations seeking tax-exempt status under Section 501(c) of the Internal Revenue Code. This form helps ensure compliance with state tax laws by reporting any unrelated business income and calculating the associated tax obligations. Understanding how to properly complete and submit the 512E form is essential for maintaining tax-exempt status and fulfilling legal requirements.
The Oklahoma 512E form is essential for organizations that are exempt from federal income tax under Section 501(c) of the Internal Revenue Code. This form serves multiple purposes, including the reporting of unrelated business taxable income, which may be subject to Oklahoma income tax. Organizations must indicate whether the return is an initial, final, or amended return, and provide key details such as their name, address, and federal employer identification number. The form requires organizations to report their unrelated trade or business income, deductions, and ultimately calculate their Oklahoma taxable income. Tax computation is straightforward, with a flat rate of 6% applied to the taxable income. Additionally, organizations have the option to make donations from their tax refunds to various Oklahoma charities and programs, supporting causes ranging from education to emergency services. The form also includes provisions for direct deposit of refunds, ensuring that organizations receive their funds promptly. Overall, the Oklahoma 512E form is a crucial document for maintaining compliance and supporting the community through charitable contributions.
Oklahoma Return of Organization Exempt from Income Tax
Form 512-E 2022
Section 501(c) of the Internal Revenue Code
PART 1
For the year January 1 - December 31, 2022, or other taxable year beginning:
2022 ending:
Name of Organization
Federal Employer Identification Number
Date Qualified for Tax Exempt Status
Address (Number and street)
City
State or Province
Country
ZIP or Foreign Postal Code:
Place an ‘X’ if: (1)
Initial Return
(2)
Final Return
(3)
Amended Return (See Schedule 512E-X on page 2)
PART 2: STATEMENT OF UNRELATED BUSINESS TAXABLE INCOME
Total Federal
Allocable Oklahoma
(Please read instructions on pages 3-4)
A Total unrelated trade or business income - applicable Federal Form(s) 990
B
Total unrelated trade or business deductions - applicable Fed. Form(s) 990 .......
C
Unrelated business taxable income - enter here and on line 1 below ..................
INCOME SUBJECT TO TAX
00
1
Unrelated business taxable income - from statement above (allocable to Oklahoma)
2
Other net income - provide schedule
3
Oklahoma Capital Gain deduction (provide Form 561-C)
4
Oklahoma taxable income (total of lines 1, 2 and 3)
TAX COMPUTATION
5
6
7
8
9
10
11
12
13
14
Tax at 4% of line 4. If trust, see rate schedule on page 3 and place an “1” in the box.
If recapturing the Oklahoma Affordable Housing Tax Credit, add the recaptured credit here and
enter a “2” in the box. If making an Okla. installment payment pursuant to IRC Sec. 965(h) and
68 OS Sec. 2368(K), add the installment payment here and enter a “3” in the box
Less: Other Credits Form (total from Form 511-CR)
............
Balance of tax due (line 5 minus line 6, but not less than zero)
2022 Oklahoma estimated tax and extension payments and prior year carryforward
Oklahoma withholding (provide Form 1099, Form 500A, Form 500B or other withholding statement)
Amount paid with original return and amount paid after it was filed (amended return only)
Any refunds or overpayment applied (amended return only)
(
)
Total of lines 8 through 11
Overpayment (if line 12 is larger than line 7 enter amount overpaid)
Amount of line 13 to be credited to 2023 estimated tax (original return only)
2022 Form 512-E - Page 2
Name of Organization::
Federal Employer Identification Number:
Amount from line 14 on page 1
Line 15 provides you the opportunity to make a financial gift from your refund to a variety of Oklahoma organizations. Place the line number of the organization from page 4 of this form in the box below and enter the amount you are donating. If giving to more than one organization, put a “99” in the box and attach a schedule showing how you would like your donation split.
15
16
17
Donations from your refund
$2
$5
$ ________________
Add lines 14 and 15 and enter amount
Amount to be refunded to you (line 13 minus line 16)
Refund
Direct Deposit Note:
All refunds must be by direct deposit. See Direct Deposit Information on page 5 for details.
Is this refund going to or through an account that is located outside of the United States? Yes No
Deposit my refund in my:
Checking Account
Savings Account
Routing Number:
Account Number:
...........................................................................
Tax Due
18
Tax Due (if line 7 is larger than line 12 enter tax due)
19
Donation: Public School Classroom Support Fund (For information regarding this fund, see page 4, #5)
20
For delinquent payment, add penalty of 5% plus interest at 1.25% per month
21
Underpayment of estimated tax interest
Annualized
22
Total tax, penalty and interest due - Add lines 18-21; pay in full with return
Balance Due
Under penalty of perjury, I declare the information contained in this document, attachments and schedules are true and correct to the best of my knowledge and belief.
Signature of Office or Trustee
Date
Printed Name
Title
Phone Number
Check this box if the Oklahoma Tax Commission may discuss this return with your tax preparer.
Signature of Preparer
Printed Name of Preparer
Preparer’s PTIN
SCHEDULE 512-E-X: AMENDED RETURN SCHEDULE (See instructions on page 3)
A
Did you file an amended Federal income tax return?
Yes
No
Provide a copy of the amended Federal return and a copy of “Statement of Adjustment”, IRS refund check or deposit slip.
If this return is being filed due to a Federal audit, provide a complete copy of the RAR.
Explanation or reason for amended return (Provide all necessary schedules):
________________________________________________________________________________________________________________
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in any state tax law.
2022 Form 512-E - Page 3
Instructions for Filing an Amended Return
When filing an amended return, place an “X” in the Amended return check-box at the top of page 1. Enter any amount(s) paid with the original return plus any amount(s) paid after it was filed on line 10. Enter any refund previously received or overpayment applied on line
11. Complete the Amended Return Schedule, Schedule 512E-X on page 2.
Provide the amended Federal return and proof of disposition by the Internal Revenue Service (IRS) when applicable.
An overpayment on an amended return may not be credited to estimated tax, but will be refunded. The amount applied to estimated tax on the original return cannot be adjusted.
General Instructions
Every organization shall make a return for each year. 68 Oklahoma Statutes (OS) Section 2368.
Part 1 and the signature section must be completed by all organizations. If you were required to file an annual information return with the IRS, enclose a copy of the information return including any supporting schedules (e.g. Form 990, 990-EZ, 990-PF).
Part 2 is to be completed by organizations who have unrelated trade or business income. If you were required to file an income tax return with the IRS, enclose a copy of the tax return including any supporting schedules (e.g. Form 990-T).
Corporate returns shall be due no later than 30 days after the due date established under the Internal Revenue Code (IRC).
Exempt Organizations are subject to tax on unrelated business income. 68 OS Sec. 2359.
Investment income of exempt organizations subject to federal excise tax is not subject to Oklahoma income tax; however, any income subject to income tax under the IRC is subject to Oklahoma income tax.
Complete the Oklahoma Statement of Unrelated Business Income and attach a schedule of any other taxable income.
Total unrelated trade or business deductions includes the “specific deduction” allowed on the Federal return.
If you do not have a Federal Employer Identification Number, you may obtain one by visiting the IRS website at irs.gov.
If you are a member, either directly or indirectly, of an electing pass-through entity (PTE), subtract Oklahoma income and add Okla- homa losses covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019. Provide a schedule listing the
PTE, federal identification number, the year of the election, federal taxable income (loss) and Oklahoma taxable income (loss) that is covered by the election pursuant to this Act. Also provide a copy of the OTC acknowledgement letter received by the PTE. 68 OS Sec. 2355.1P-4.
Line 5 - TAX
The income tax rate is 4%.
Trust: If the exempt organization is a trust, the following rates apply. Enter a “1” in the box on Form 512-E, line 5.
If taxable income is: At least
-
But less than
-0-
1,000
Pay
0.00
+
0.25%
over
.................... 0
1,001
2,500
2.50
0.75%
............. 1,000
2,501
3,750
13.75
1.75%
............. 2,500
3,751
4,900
35.63
2.75%
............. 3,750
4,901
7,200
67.25
3.75%
............. 4,900
7,201
153.50
4.75%
............. 7,200
Recapture of the Oklahoma Affordable Housing Tax Credit:
If under IRC Section 42 a portion of any federal low-income housing credits taken on a qualified project is required to be recaptured during the first 10 years after a project is placed in service, the taxpayer claiming Oklahoma Affordable Housing Tax Credits with respect
to such project shall also be required to recapture a portion of such credits. The amount of Oklahoma Affordable Housing Tax Credits subject to recapture is proportionally equal to the amount of federal low-income housing credits subject to recapture. Add the recap- tured credit to the Oklahoma income tax and enter a “2” in the box on Form 512-E, line 5.
Making an Oklahoma installment payment pursuant to IRC Section 965(h):
If a taxpayer elected to make installment payments of tax due pursuant to the provisions of subsection (h) of Section 965 of the IRC, such election may also apply to the payment of Oklahoma income tax, attributable to the income upon which such installment payments are based. Add the installment payment to the Oklahoma income tax and enter a “3” in the box on Form 512-E, line 5. Provide a sched- ule of the tax computation. 68 OS Sec. 2368(K).
Mail to: Oklahoma Tax Commission • PO Box 26800 • Oklahoma City, OK 73126-0800
2022 Form 512-E - Page 4
Donations from Refund
1 - Support of Programs for Volunteers to Act as Court Appointed Special Advocates for Abused or Neglected Children
You may donate from your tax refund to support programs for volunteers to act as Court Appointed Special Advocates for abused
or neglected children. Donations will be placed in the Income Tax Checkoff Revolving Fund for Court Appointed Special Advocates.
Monies will be expended by the Office of the Attorney General for the purpose of providing grants to the Oklahoma CASA Association. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma CASA Association, Inc., PO Box 54946, Oklahoma City, OK 73154.
2 - Y.M.C.A. Youth and Government Program
You may donate from your tax refund to support the Oklahoma chapter of the Y.M.C.A. Youth and Government program. Monies donated will be expended by the State Department of Education for the purpose of providing grants to the Program so young people
may be educated regarding government and the legislative process. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma State Department of Education, Y.M.C.A. Youth and Government Program, Office of the Comptroller, 2500 North Lincoln Boulevard, Room 415, Oklahoma City, OK 73105-4599.
3 - Support the Wildlife Diversity Fund
You may donate from your tax refund to support the conservation of rare or declining fish and wildlife along with common species not hunted or fished. Donations to the Oklahoma Department of Wildlife Conservation’s Wildlife Diversity program supports field surveys
of animals considered to be of greatest conservation need, as well as educational wildlife programs for all Oklahomans. Tax deductible donations to the Wildlife Diversity Fund also can be made at wildlifedepartment.com or by mail: Oklahoma Department of Wildlife Conservation, Re: Wildlife Diverstiy Fund, PO Box 53465, Oklahoma City, Oklahoma 73152.
4 - Support of Programs for Regional Food Banks in Oklahoma
You may donate from your tax refund to support the Regional Food Bank of Oklahoma and the Community Food Bank of Eastern
Oklahoma (Oklahoma Food Banks). The Oklahoma Food Banks are the largest hunger-relief organizations in the state – distributing food to charitable and faith-based feeding programs throughout all 77 counties in Oklahoma. Your donation will be used to help provide
food to the more than 500,000 Oklahomans at risk of hunger on a daily basis. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Human Services, Revenue Processing Unit, Re: Programs for OK Food Banks, PO Box 248893, Oklahoma City, OK 73124.
5 - Public School Classroom Support Fund
You may donate from your tax refund to support the Public School Classroom Support Revolving Fund, which will be used by the State Board of Education to provide one or more grants annually to public school classroom teachers. Grants will be used by the classroom
teacher for supplies, materials, or equipment for the class or classes taught by the teacher. Grant applications will be considered on a statewide competitive basis. You may also mail a donation to: Oklahoma State Board of Education, Public School Classroom Support Fund, Office of the Comptroller, 2500 North Lincoln Boulevard, Room 415, Oklahoma City, OK 73105-4599.
6 - Oklahoma Pet Overpopulation Fund
You may donate from your tax refund to support the Oklahoma Pet Overpopulation Fund. Monies placed in this fund will be expended
for the purpose of developing educational programs on pet overpopulation and for implementing spay/neuter efforts in this state. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Agriculture, Food and Forestry,
Animal Industry Division, 2800 North Lincoln Boulevard, Oklahoma City, OK 73105.
7 - Support the Oklahoma AIDS Care Fund
You may donate from your tax refund to support the Oklahoma AIDS Care Fund. Monies will be expended by the Department of Human
Services for the purpose of providing grants to the Fund for purposes of emergency assistance, advocacy, education, prevention and collaboration with other entities. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Department of Human Services, Revenue Processing Unit, Re: OK Aids Care Fund, PO Box 248893, Oklahoma City, OK 73124.
8- Oklahoma Silver Haired Legislature and Alumni Association Programs
You may donate from your tax refund to support the Oklahoma Silver Haired Legislature and their Alumni Association activities. The Oklahoma Silver Haired Legislature was created in 1981 as a forum to educate senior citizens in the legislative process and to highlight the needs of older persons to the Oklahoma State Legislature. Monies generated from donations will be used to fund expenses of
the Silver Haired Legislators, training sessions, interim studies and advocacy activities. If you are not receiving a refund, you may still donate. Mail your contribution to: Oklahoma Silver Haired Legislature and Alumni, PO Box 25352, Oklahoma City, OK 73125.
2022 Form 512-E - Page 5
Direct Deposit Information
Complete the direct deposit section on the tax return to have the refund directly deposited into your account at a bank or financial institution. Refunds, with limited exceptions, must be made by direct deposit.
1Place an ‘X’ in the appropriate box as to whether the refund will be going into a checking or savings account. Please keep in mind you will not receive notification of the deposit.
2Fill out the routing number. The routing number must be nine digits. Using the sample check shown below, the routing number is 120120012. If the first two digits are not 01 through 12 or 21 through 32, the direct deposit will fail to process.
3Enter your account number. The account number can be up to 17 characters (both numbers and letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right. On the sample check shown below, the account number is 2020268620.
Please Note: The OTC is not responsible if a financial institution refused a direct deposit. If a direct deposit is refused, a check
will be issued to the address shown on the tax return.
WARNING! Due to electronic banking rules, the OTC will NOT allow direct deposits to or through foreign financial institutions. If you use a foreign financial institution, you will be issued a paper check.
ABC Corporation
1234
123 Main Street
15-0000/0000
Anyplace, OK 00000
Account
PAY TO THE
SAMPLE
$
Number
ORDER OF
Routing
DOLLARS
ANYPLACE BANK
Note: The routing
For
and account numbers
may appear in
:120120012 : 2020268620
different places on
your check.
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