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BoydBob1
Returning Member

Oklahoma SCorp Program Caused me Penalty and Interest

The OK SCorp program (512-S) of the Turbo Tax Desktop Business program did not provide a way to enter and submit OW-8-P-SUP-C, which annualizes my business income over 4 qtrs, allowing me to avoid penalty and interest for underwithholding.

 

This is very disappointing and has caused me another $100 or so.  OK requires efiling of the 512-S so I was stuck with that and being unable to incorporate the OW-8-P-SUP-C form in the filing.

 

Can a Turbo Tax admin look into this and get back to me ASAP?

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3 Replies
KristinaK
Employee Tax Expert

Oklahoma SCorp Program Caused me Penalty and Interest

TurboTax does not support Form OW-8-P-SUP-C. 

 

To use the annualized income installment method to figure out the underpayment penalty, in Forms Mode, check the box on Form OW-8-P and manually enter the required annual payment on line 9 for each quarter. You will also need to attach manually filled out Form OW-8-P-SUP-C to your return and then file. 

 

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BoydBob1
Returning Member

Oklahoma SCorp Program Caused me Penalty and Interest

Kristina - I couldn't see how to attach the form to my efiling.  If you're saying to attach the form to a filing that I mail in to Oklahioma - well Oklahoma requires 512-S to be efiled, so can't do that.  Need Turbo Tax to add support for form OW-8-P-SUP-C

KristinaK
Employee Tax Expert

Oklahoma SCorp Program Caused me Penalty and Interest

I have conveyed your message to the tech team. Thank you! 

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