Oklahoma Tax Extension: Everything You Need to Know

You can request a tax extension if you need more time to file your Oklahoma income taxes.

Oklahoma offers extensions for up to six months, allowing individuals and businesses extra filing time.

However, this extension does not give you more time to pay any taxes owed.

This guide covers everything you need to know about Oklahoma tax extensions, including deadlines, requirements, and filing instructions.

Why File an Oklahoma Tax Extension?

Filing a tax extension gives you more time to ensure your return is accurate and complete. This is particularly helpful if:

• You’re waiting on key financial documents.

• Your tax situation is complex and requires additional time.

• You’ve already filed a federal extension and need state alignment.

However, it’s important to remember that a tax extension only extends the time to file, not the time to pay. Any unpaid balance may be subject to penalties and interest.

How to File an Oklahoma Tax Extension

For Individuals

1. File Form 504-I: Submit the form by April 15, 2024, along with any tax payment due.

2. Use a Federal Extension: If you have an approved federal extension (Form 4868), you do not need to file a separate state form unless you owe additional taxes.

3. Pay Electronically: Use the Oklahoma Tax Commission’s portal to make your payment and retain the confirmation number for your records.

4. Mail Your Payment: If paying by mail, send Form 504-I with your check to Oklahoma Tax Commission, P.O. Box 26890, Oklahoma City, OK 73126-0890.

For Businesses

1. File Form 504-C: Submit this form if a federal extension has not been filed or additional payment is due.

2. Automatic Corporate Extensions: Oklahoma grants a seven-month extension for corporate returns if a federal extension is approved.

3. Pay Required Amounts: To avoid penalties, ensure 90% of the tax liability is paid by the original deadline.

Eligibility and Requirements

• Oklahoma relies on Federal Form 4868 for state tax extensions. If your federal extension is approved, your Oklahoma extension is automatically granted.

• If your federal extension is denied, you must file Form 504-I for individuals or Form 504-C for businesses.

• Active-duty military members serving outside the U.S. are granted an automatic extension without filing.

• To qualify for the extension, you must pay at least 90% of your tax liability by April 15, 2024.

Penalties for Missing the Deadline

• Late Filing Penalty: A 5% penalty applies if you fail to file by the extended deadline.

• Late Payment Penalty: Interest of 1.25% per month is charged on unpaid taxes.

• File Something: Even if you can’t pay, filing on time can help reduce penalties.

Revenue Insights: Where Do Your Taxes Go?

Oklahoma Revenue Distribution by Major Function (2024 Fiscal Year)

• General Revenue Fund (63%): Pays for essential services like healthcare, public safety, and government operations.

• Other Programs (24%): Includes infrastructure improvements and local initiatives.

• Schools and Teacher Retirement (7%): Supports education and retirement plans.

• State and County Roads (6%): Maintains and improves transportation infrastructure.

  

Oklahoma Revenue by Major Sources (2024 Fiscal Year)

• Individual Income Tax: $6.13 billion

• Sales and Use Taxes: $2.99 billion

• Gross Production Taxes: $1.08 billion

• Motor Vehicle Taxes: $0.37 billion

• Corporate Income Tax: $0.05 billion

• Other Sources: $0.28 billion

Frequently Asked Questions

Do I Need to File a Separate State Extension?

If you have an approved federal extension, you do not need to file a separate Oklahoma extension unless you owe additional taxes.

What Happens If I Can’t Pay My Taxes by April 15?

File your extension and pay as much as you can. You may still face interest and penalties on the unpaid balance, but filing will help you avoid higher late filing penalties.

Are Military Members Automatically Granted Extensions?

Yes. Active-duty military members serving outside the U.S. receive an automatic extension until the 15th day of the third month after returning to the U.S. or leaving the hospital.

What Are the Penalties for Late Filing?

Late filings are penalized with 5% of the unpaid tax. Additionally, unpaid balances are subject to interest of 1.25% per month.

Can Businesses Use the Federal Extension?

Yes. If a federal extension is filed, Oklahoma will honor it. However, if additional payment is due, file Form 504-C to avoid penalties.

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