Form 513 Oklahoma Resident Fiduciary Income Tax Return Packet and Instructions

What Is Oklahoma Form 513?

Form 513, also referred to as the Oklahoma Resident Fiduciary Income Tax Return Packet, is a document required by the Oklahoma Tax Commission (OTC). It's used by trustees, executors, or administrators of an estate or trust that generates income within the state of Oklahoma. This form ensures that the fiduciary files and pays any income taxes due on behalf of the estate or trust.

Who needs to file the 513 form?

Filing the 513 form is mandatory for any fiduciary overseeing a resident estate or trust in Oklahoma that has earned income during the tax year. Whether it's interest, dividends, or rental income, this form accounts for all taxable income and is crucial for staying compliant with state tax laws.

How to Fill Out Form 513

Completing this Oklahoma form template involves several steps that require attention to detail:

1. Begin by selecting the taxable period at the top of the form and entering the start and end dates of the fiscal year for which the tax return is being filed. If the fiscal period is the standard calendar year, simply enter January 1, 2021, through December 31, 2021.
2. Provide the legal designation of the estate or trust as the taxpayer, including its full name.
3. Input the Federal Employer Identification Number (FEIN) provided to the estate or trust by the IRS.
4. Record the date upon which the entity was established or created, as documented in legal records.
5. Enter the address where the fiduciary receives correspondence. This should include the street address and apartment or suite number, if applicable.
6. Include the full name of the fiduciary responsible for handling the estate or trust's tax matters.
7. State the role or official capacity of the individual completing the form, for example, Executor, Administrator, or Trustee.
8. Specify the location of the fiduciary, including city, state or province, and if outside the United States, the country.
9. Add the ZIP code for U.S. addresses or the foreign postal code if the fiduciary's address is outside the United States.
10. Check the appropriate box that describes the type of fiduciary entity, such as a Decedent's Estate or various types of trusts, including Simple Trust, Complex Trust, or Charitable Trust.
11. Indicate the number of beneficiaries entitled to receive income from the estate or trust.
12. Check the applicable box to denote whether the filed return is the initial, final, or amended one.
13. In the income section, report all sources of income received by the estate or trust during the fiscal year, including interest, dividends, and any other relevant income categories.
14. Under the deductions section, list allowable expenses and deductions applicable to the estate or trust, including taxes paid, fiduciary fees, and charitable distributions, if any.
15. At the bottom, the fiduciary must sign to validate the return. Include the signature, the date of signing, and the printed name of the fiduciary. Fill in the email address and reiterate the fiduciary's title.
16. If a tax preparer assists in completing Form 513, they must sign in the designated area. The preparer must input their signature, date, printed name, and contact information, including email and phone number.

Why PDFliner is the ideal tool for managing your fiduciary tax forms

PDFliner offers a user-friendly solution for managing tax forms online, making it easier for fiduciaries to work with Form 513. With functionalities that allow users to complete, sign, share, and submit forms electronically, PDFliner simplifies the filing process, saving time and minimizing errors.

Tips for avoiding mistakes

Errors on your IRS tax forms can lead to delays or even penalties. To avoid common pitfalls:

• Gather all necessary documentation before starting the form
• Double-check all entered information for accuracy
• Cross-reference income and deduction amounts with supporting documents
• Ensure that the form is signed and dated before submission