Are you an Oklahoma resident?
If so, if your federal adjusted gross income is $100,000 or less and you have a child tax credit or childcare tax credit on your federal return, you are allowed a child tax credit for Oklahoma. Your Oklahoma credit is the greater of:
20% of the credit for child care expenses allowed by the IRC. Your allowed federal credit cannot exceed the amount of your federal tax reported on your federal return
or
5% of the child tax credit allowed by the IRC. This includes both the nonrefundable child tax credit and the refundable additional child tax credit.
If your federal adjusted gross income is greater than $100,000, no credit is allowed.
The calculations are done automatically on the 511 form as long as your Oklahoma Adjusted Gross income is not less than your federal adjusted gross income. If your Oklahoma AGI is less than your federal AGI, then the calculations are automatically completed on the 511-E form to determine the amount entered on line 15 of your 511 form.
Non-residents have similar calculations and also qualify for the credit if their federal adjusted gross income is $100,000 or less. The credit is also automatically calculated based on your entries from the federal tax return. The lines on the tax form are different on the 511NR form, line 17 instead of line 15. Comparisons for where the credit is calculated (directly on line 17 or on the 511NR-D) are based on whether the income from all sources is the same or less than the federal adjusted gross income. Non-residents with a federal adjusted gross income greater than $100,000 do not qualify for the Oklahoma child tax credit.
