Oklahoma Tax Form 501 is the state’s W-9 form. It’s used by businesses and self-employed individuals in Oklahoma to provide their tax identification number (TIN) to clients or customers. Filling out Form 501 helps ensure income is reported accurately and prevents identity theft.
Oklahoma Tax Filing
If you receive income from Oklahoma sources, you may need to file an Oklahoma income tax return. Residents must file if their gross income exceeds the standard deduction plus personal exemption. Nonresidents must file an Oklahoma return if they have at least $1,000 of Oklahoma source income.
Tax Exemptions and Filings
Oklahoma has a 4.5% sales tax rate. Most nonprofits that obtain 501(c)(3) status from the IRS are automatically exempt from Oklahoma’s income tax. However, you must apply separately for a state sales tax exemption.
To file federal copies of Forms 1099 with the IRS from Oklahoma, mail to: Internal Revenue Service Center, Kansas City, MO 64999. Payments made with credit cards or third-party networks must be reported on Form 1099-K, not 1099-MISC.
Oklahoma Tax Form 501 must be furnished with 1099 forms by January 31. If you need more information, call the Oklahoma Tax Commission at (800) 522-8165.