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Underpayment of Estimated Tax Worksheet FORM OW8P Section One: Annualized Method Check the box to the left if you are using the annualized income installment method. If your income varied during the year because, for example, you operated your business on a seasonal basis, you may be able to lower or eliminate the amount of one or more required installments by using the annualized income installment method. If you checked the box, you must complete and enclose with your return this form and Form OW8PSUPI for individuals or OW8PSUPC for corporations and trusts. These forms can be obtained from our website at www.tax.ok.gov. Section Two: Worksheet Part 2: Figure Your Underpayment 9. Required annual payment . . . . . . . . . . . . . . . . . . . . . . . . . 9 Enter 1/4 of line 8 in each column unless you have checked the box in Section 1. If checked, enter the amounts from Form OW8PSUPI or OW8PSUPC. 10. a. Tax withheld (see instructions) . . . . . . . . . . . . . . . . . . .10a b. Estimated tax paid (see instructions) . . . . . . . . . . . . . .10b c. Add lines 10a and 10b . . . . . . . . . . . . . . . . . . . . . . . . . 10c If line 10c is equal to or more than line 9 for all payment periods stop here; you do not owe the interest. Complete lines 11  17 of one column before continuing... 11. Enter amount, if any, from line 17 of previous column . . . . 11 12. Add lines 10c and 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13. Add amounts on lines 15 and 16 of the previous column . 13 14. For Column A only, enter the amount from line 10c . . . . . . 14 For Columns B, C, and D, subtract line 13 from line 12. If zero or less, enter 0. 15. If the amount on line 14 is zero, subtract line 12 from line 13. Otherwise, enter 0. . . . . . . . . . . . . . . . . . . . . . . . . .15 16. Underpayment. If line 9 is equal to or more than line 14, subtract line 14 from 9. Then go to line 11 of next column. 16 17. Overpayment. If line 14 is equal to or more than line 9, subtract line 9 from 14. Then go to line 11 of next column. 17 Complete lines 18 and 19 after completion of Part 3... 18. Interest due for each quarter (from Part 3). . . . . . . . . . . . .18 19. Total Interest. Add line 18, Columns A, B, C and D . . . . . . 19 *If the due date falls on a weekend or holiday, adjust the due date to the next business day. Also, adjust the quarter due date as needed for fiscal year taxpayers. Column D Jan. 15th Fourth Quarter Column A April 15th First Quarter Column B June 15th Second Quarter Column C Sept. 15th Third Quarter Due Date of Installments* Part 1: Required Annual Payment Name as shown on return SSN or FEIN 1. Income tax shown on your current year’s tax return . . . . . . . . . . . . . . . . . . 1 2. Oklahoma credits (refundable and nonrefundable) . . . . . . . . . . . . . . . . . . . 2 3. Oklahoma tax liability. Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . 3 If less than $1,000 stop here; you do not owe the interest. 4. Multiply line 3 by 70% (0.70) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5. Withholding taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Do not include any estimated tax payments on this line. 6. Subtract line 5 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 If less than $500 stop here; you do not owe the interest. 7. Tax liability shown on your previous year’s tax return . . . . . . . . . . . . . . . . . 7 Previous year’s return must be for 12 months. If you were not required to file an income tax return for the previous tax year stop here; you do not owe the interest. 8. Required annual payment. Enter the smaller of line 4 or line 7 . . . . . . . . . 8 Note: If line 5 is equal to or more than line 8 stop here; you do not owe the interest. 2014 State of Oklahoma Line 10: You are considered to have paid onefourth of your withholding on each payment due date unless you can show otherwise. Estimated tax must be entered in the quarter in which it was paid (ie. Column A, payments made by 4/15; Column B, payments made 4/16 through 6/15; Column C, payments made 6/16 through 9/15; and Column D, payments made 9/16 through 1/15 of the following year). Payments made after the due date of the fourth quarter estimate shall not be included on this line as an estimated tax payment, but shall be used in the underpayment worksheet as a prepayment of tax (see instructions for Part 3). Include in the first quarter any overpayment of tax from your previous tax year’s return that you elected to apply to this year’s estimated tax. Line 19: Enter total interest here and on your income tax return.
Object Description
Agency 
Tax Commission, Oklahoma 
Agency Code  '695' 
Form Title  Underpayment of Estimated Tax Worksheet 
Form Number  OW8P 
Identifier  OW8P14.pdf 
Description
Form Title  Page 1 
Full Text  Underpayment of Estimated Tax Worksheet FORM OW8P Section One: Annualized Method Check the box to the left if you are using the annualized income installment method. If your income varied during the year because, for example, you operated your business on a seasonal basis, you may be able to lower or eliminate the amount of one or more required installments by using the annualized income installment method. If you checked the box, you must complete and enclose with your return this form and Form OW8PSUPI for individuals or OW8PSUPC for corporations and trusts. These forms can be obtained from our website at www.tax.ok.gov. Section Two: Worksheet Part 2: Figure Your Underpayment 9. Required annual payment . . . . . . . . . . . . . . . . . . . . . . . . . 9 Enter 1/4 of line 8 in each column unless you have checked the box in Section 1. If checked, enter the amounts from Form OW8PSUPI or OW8PSUPC. 10. a. Tax withheld (see instructions) . . . . . . . . . . . . . . . . . . .10a b. Estimated tax paid (see instructions) . . . . . . . . . . . . . .10b c. Add lines 10a and 10b . . . . . . . . . . . . . . . . . . . . . . . . . 10c If line 10c is equal to or more than line 9 for all payment periods stop here; you do not owe the interest. Complete lines 11  17 of one column before continuing... 11. Enter amount, if any, from line 17 of previous column . . . . 11 12. Add lines 10c and 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13. Add amounts on lines 15 and 16 of the previous column . 13 14. For Column A only, enter the amount from line 10c . . . . . . 14 For Columns B, C, and D, subtract line 13 from line 12. If zero or less, enter 0. 15. If the amount on line 14 is zero, subtract line 12 from line 13. Otherwise, enter 0. . . . . . . . . . . . . . . . . . . . . . . . . .15 16. Underpayment. If line 9 is equal to or more than line 14, subtract line 14 from 9. Then go to line 11 of next column. 16 17. Overpayment. If line 14 is equal to or more than line 9, subtract line 9 from 14. Then go to line 11 of next column. 17 Complete lines 18 and 19 after completion of Part 3... 18. Interest due for each quarter (from Part 3). . . . . . . . . . . . .18 19. Total Interest. Add line 18, Columns A, B, C and D . . . . . . 19 *If the due date falls on a weekend or holiday, adjust the due date to the next business day. Also, adjust the quarter due date as needed for fiscal year taxpayers. Column D Jan. 15th Fourth Quarter Column A April 15th First Quarter Column B June 15th Second Quarter Column C Sept. 15th Third Quarter Due Date of Installments* Part 1: Required Annual Payment Name as shown on return SSN or FEIN 1. Income tax shown on your current year’s tax return . . . . . . . . . . . . . . . . . . 1 2. Oklahoma credits (refundable and nonrefundable) . . . . . . . . . . . . . . . . . . . 2 3. Oklahoma tax liability. Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . 3 If less than $1,000 stop here; you do not owe the interest. 4. Multiply line 3 by 70% (0.70) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5. Withholding taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Do not include any estimated tax payments on this line. 6. Subtract line 5 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 If less than $500 stop here; you do not owe the interest. 7. Tax liability shown on your previous year’s tax return . . . . . . . . . . . . . . . . . 7 Previous year’s return must be for 12 months. If you were not required to file an income tax return for the previous tax year stop here; you do not owe the interest. 8. Required annual payment. Enter the smaller of line 4 or line 7 . . . . . . . . . 8 Note: If line 5 is equal to or more than line 8 stop here; you do not owe the interest. 2014 State of Oklahoma Line 10: You are considered to have paid onefourth of your withholding on each payment due date unless you can show otherwise. Estimated tax must be entered in the quarter in which it was paid (ie. Column A, payments made by 4/15; Column B, payments made 4/16 through 6/15; Column C, payments made 6/16 through 9/15; and Column D, payments made 9/16 through 1/15 of the following year). Payments made after the due date of the fourth quarter estimate shall not be included on this line as an estimated tax payment, but shall be used in the underpayment worksheet as a prepayment of tax (see instructions for Part 3). Include in the first quarter any overpayment of tax from your previous tax year’s return that you elected to apply to this year’s estimated tax. Line 19: Enter total interest here and on your income tax return. 