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Oklahoma

Populate 1120 Form 512-S, Pages 4-5 Column B

You've filled out the
Oklahoma Form 512-S
 apportionment, and it's greater than 0. However, when you check Form 512-S, pages 4 and 5, Column B for Oklahoma amounts, they aren't filled in.
According to the form instructions on
Page 6, Part 2 and Part 3, Column B
:
Complete Part 2, Column B and Part 3, Column B if your S corporation gets all its income from within Oklahoma. This also applies if your business involves oil and gas production, mining, farming, income from other pass-throughs, or rental within and outside Oklahoma. Use the direct accounting method for this.
To do this, follow these steps:
  1. Go to
    Organizer
    States
    Oklahoma
    Return options
     .
  2. Check the box for:
    All income is within Oklahoma for corporations domesticated in Oklahoma or by corporations whose business both within and without Oklahoma is oil and gas production, mining, farming, or rental (Part 2, Column B)
    .
Keep in mind, if your S-Corporation isn't using this method, the apportionment method still applies. You can see this on:
  • Form 512-S, Page 7
    : Here, the apportionment ratio is calculated.
  • Form 512-S, Page 8
    : This shows the distribution of income to the shareholders using the apportionment ratio.
You can also see the apportionment factor in action on the
Schedule K-1 Equivalent
. It appears on line B and is used to compute the nonresident apportionment column.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • State: Oklahoma
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