Supported Forms

The following Oklahoma forms are supported in Drake Tax 2023. Forms denoted with can be e-signed.

Form	Description	IND	CRP	SCRP	PTR	FID
200-F	Franchise Election Form		P	P	P
500-B	Report of Nonresident Member Income Tax Withheld	P	P	P	P	P
501	Annual Information Return			P	P	P
504-C	Application for Extension of Time to File an Oklahoma Income Tax Return for Corporations, Partnerships, and Fiduciaries		P	P	P	P
504-I	Application for Extension of Time to File an Oklahoma Income Tax Return for Individuals	P
506	Investment/New Jobs Credit	P	P	P	P	P
507	Statement of Person Claiming an Income Tax Refund Due a Deceased Taxpayer	P
511	Oklahoma Resident Income Tax Return	P
511CR	Other Credits Form	P	P	P	P	P
511-EF	Oklahoma Individual Income Tax Declaration for Electronic Filing	P
511-EIC	Oklahoma Earned Income Credit Worksheet	P
511-NR	Oklahoma Nonresident/Part-Year Income Tax Return	P
511TX	Credit for Tax Paid to Another State	P
511-V	Individual Income Tax Payment Voucher	P
511-W	Individual W-2 Data Sheet	P
512	Corporation Income and Franchise Tax Return		P
512-S	Oklahoma Small Business Corporation Income and Franchise Tax Return			P
512-SA	Nonresident Shareholder Agreement			P
512-S-SUP	Supplemental Schedule for Form 512-S, Part 5			P
512-TI	Computation of Oklahoma Consolidated Taxable Income		P
512-TI-SUP	Supplemental Schedule for Form 512-TI		P
513	Oklahoma Resident Fiduciary Return of Income					P
513-NR	Oklahoma Nonresident Fiduciary Return of Income					P
514	Oklahoma Partnership Income Tax Return				P
514-PT	Oklahoma Partnership Composite Income Tax Supplement				P
514-PT-SUP	Supplemental Schedule for Form 514-PT			P	P
514-SUP	Schedule for Form 514, Part 5				P
538-H	Claim for Credit or Refund of Property Tax	P
538-S	Claim for Credit/Refund of Sales Tax	P
561	Oklahoma Capital Gain Deduction for Residents Filing Form 511	P
561-C	Oklahoma Capital Gain Deduction for Corporations Filing Form 512		P
561-F	Oklahoma Capital Gain Deduction for Trusts and Estates Filing Form 513					P
561-NR	Oklahoma Capital Gain Deduction for Part-Year and Nonresidents Filing Form 511NR	P
561NR-F	Capital Gain Deduction for Trusts and Estates Filing Form 513-NR					P
561-P	Oklahoma Capital Gain Deduction for the Nonresident Partner Included in the Composite Return				P
561-PTE	Oklahoma Capital Gain Deduction for an Electing Pass-Through Entity (PTE) Filing Form 587-PTE			P	P
561-S	Oklahoma Capital Gain Deduction for the Nonresident Shareholder Whose Income is Reported on Form 512-S, Part 1			P
564	Credit for Employees in the Aerospace Sector	P
566	Credit for Qualified Software or Cybersecurity Employees	P
567-A	Credit for Investment in Clean-Burning Motor Vehicle Fuel Property	P	P	P	P	P
573	Farm Income Averaging	P
576	Natural Disaster Tax Credit	P
578	Refundable Credit for Electricity Generated by Zero-Emission Facilities	P	P	P	P	P
584	Credit for Employees in the Vehicle Manufacturing Industry	P
586	Pass-Through Entity Election Form			P	P
587-PTE	Oklahoma Pass-Through Entity Tax Supplement			P	P
587-PTE-SUP	Supplemental Schedule for 587-PTE			P	P
588	Oklahoma First-Time Homebuyer Savings Account – Account Holder and Designated Beneficiary Form	P
BT-129	Power of Attorney	P	P	P	P	P
EF	Oklahoma Income Tax Declaration for Electronic Filing		P	P	P	P
EF-V	Business Filers Income Tax Payment Voucher		P	P	P	P
FRX 200	Oklahoma Annual Franchise Tax Return		P	P	P
OK4562	Depreciation and Amortization				P
OW-8-ES	Oklahoma Individual Estimated Tax Coupon	P
OW-8-ESC	Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Coupon		P	P	P	P
OW-8-P	Underpayment of Estimated Tax Worksheet	P	P	P		P
Schedule K-1 (512-S)	Shareholder’s Share of Income, Deductions, Credits, etc.			P
Schedule K-1 (514)	Partner’s Share of Income, Deductions, Credits, etc.				P
WTP 10003	Oklahoma Nonresident Distributed Income Withholding Tax Annual Return			P	P	P

Tax Law Changes

• Added deduction for bonus depreciation on qualified property or qualified improvement property covered under section 168 of the Internal Revenue Code

• Form 511, Oklahoma Resident Income Tax Return

  • Added “Dependents” section

  • Added option to receive refund as a paper check; requires a minimum refund of $10. Debit cards are issued for amounts less than $10.

• Form 511-CR, Other Credits

  • Added the Credit for Adoption Expenses (replaced the deduction for adoption expenses)

  • Added the Credit for Strategic Industrial Development Enhancement (SIDE) Projects

  • Expanded the Credit for Qualified Clean-Burning Motor Vehicle Fuel Property to include equipment installed to modify a motor vehicle propelled by a hydrogen fuel cell, effective for property placed in service on or after July 1, 2023