Form 586 Oklahoma Pass-through Entity Election Form (2022)

Oklahoma Form 586, also known as the Oklahoma Pass-Through Entity Tax Form, is a necessary document for certain business entities. This form allows businesses that function as pass-through entities, such as Limited Liability Companies (LLCs) and S Corporations, to declare and pay their income tax on profits passed directly to their members or shareholders.

Who Should Use Form 586

Form 586 must be used by pass-through entities that operate within the state of Oklahoma. These include S Corporations, Limited Liability Companies (LLCs), trusts, estates, and partnerships. If you are a representative or owner of such an entity, you will need to fill and submit this form.

How to Download Form 586

You can download Form 586 directly from the PDFliner website. Follow these steps:

1. Go to the PDFLiner website.
2. In the search bar, type "Oklahoma Form 586" and hit Enter.
3. Click on the form in the search results to view it.
4. Click the 'Download' button to save the form on your device.

Step-by-Step Guide to Filling Out Form 586

Here is a detailed guide on how to fill out the form:

1. Begin by entering your entity's name, address, and Taxpayer Identification Number (TIN).
2. Complete the Income and Deductions section by providing the required financial information.
3. Calculate your Adjusted Net Income, and enter it in the appropriate field.
4. Complete the rest of the form by following the instructions provided on each line.

How to Submit Form 586

Once you have filled the form, make a copy for your records. Then, you can mail the original form to the Oklahoma Tax Commission.

Conclusion
Understanding and properly filling out Oklahoma Form 586 is crucial for pass-through entities operating in Oklahoma. By using this guide, you can ensure you complete the form correctly and fulfill your tax obligations. We encourage you to download and fill the form via PDFliner. If you need more information, it's always best to consult with a tax professional or your local tax office.