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Screen OKFT - Oklahoma Annual Franchise Tax Return (1120)

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General Information

Franchise election: In effect for current year
If the corporation elected to change the franchise tax filing due date to be the same as the income tax filing due date or has elected to file one return for both franchise and corporate income taxes, enter a code or select one from the fieldview. The codes are shown in the following table and in the fieldview.
Code
Description
Destination
1
Elected to change filing due date to income tax filing due date
Changes the filing due date of the franchise tax return to be the same as the income tax filing due date.
2
Elected to file one return for both franchise and income taxes
The application completes Form 512 or 512-S, Pages 6 through 9 in place of Form 200.
note
Effective November 1, 2017, corporations who remit the maximum franchise tax of $20,000 in the preceding tax year, are not eligible for either election. Franchise tax for these corporations is due on May 1st.
Estimated return
Enter
X
 if a year-end balance sheet has not been completed and an estimated return is being filed. If this field is marked, the application marks box H on Form 200, Page 1.
note
Filing an estimated return does not prevent late filing interest and penalties from accruing if payment is not made by the original due date of the return.
Balance sheet date (Force)
Use this field to enter a date other than a calendar year end for Form 200, Page 1; box J; or Form 512 or 512-S, Page 6, box D. The date entered in this field is also used for the date on Form 200, Page 4; or Form 512 or 512-S, Page 9. The application uses a calendar year end if this field is blank.
Apply reinstatement fee
If the corporation has been suspended, it must be reinstated. Enter
X
 to calculate the $150.00 reinstatement fee.
Previous estimated payment
If an estimated return was previously filed, enter the payment made with the previously filed estimated return. This amount is reported on Form 200, Page 1; Form 512 or 512-S, Page 6. If an amount, including zero, is entered in this field, the return is not an estimated return, the taxpayer has elected to change the filing date to the income tax filing date, and the income tax return has been extended, then the extended due date will be used on Form 200 instead of the original due date.

Schedule A

Corporate officers
The officer information transfers to this statement from the
Officer’s compensation
field on federal Screen Inc. Enter the daytime phone numbers in the statement.

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