Form 504-I: Application for Extension of Time to File an Oklahoma Income Tax Return for Individuals

Form 504-I, also referred to as Application for Extension of Time to File an Oklahoma Income Tax Return for Individuals, is an official document submitted to the Oklahoma Tax Commission (OTC) to request additional time to file your state income tax return.

What's the Purpose of Form 504-I?

The primary purpose of Form 504-I is to legally postpone the deadline for filing your Oklahoma income tax return. While the standard due date typically falls on April 15th (coinciding with the federal filing deadline), an approved extension grants you more time to gather necessary documents, complete your return accurately, and submit it to the OTC.

Key Points to Remember About Form 504-I:

A. Extension for Filing, Not Payment: Obtaining an extension through Form 504-I only grants you more time to file your return. It does not postpone the due date for any taxes owed to the state of Oklahoma. Interest and penalties may accrue on any unpaid tax balance from the original due date.

B. Limited Extension Period: The maximum extension granted through Form 504-I is six months, which applies to individual tax returns covering a standard 12-month tax year.

C. Timely Submission: The application (Form 504-I) must be submitted on or before the original due date of your return or before the expiration of a federally granted extension, whichever comes first.

D. Estimated Tax Payment: Even if you file for an extension, you're still responsible for making estimated tax payments throughout the year to avoid penalties.

Do I need Form 504-I if I already filed for a federal extension?

In most cases, if you have a valid extension for filing your federal income tax return, the OTC will automatically honor it for your Oklahoma return as well, provided you don't owe any Oklahoma-specific taxes. However, if you owe Oklahoma taxes or your federal extension doesn't cover the desired timeframe, then filing Form 504-I becomes necessary.

What are some legitimate reasons to file Form 504-I?

Several reasons can justify filing an extension for your Oklahoma income tax return. Some common examples include:

A. Incomplete or Missing Tax Documents: If you're still waiting for crucial tax documents like W-2s, 1099s, or investment statements, filing an extension allows you to gather everything before completing your return accurately.

B. Complex Tax Situation: If your tax situation involves multiple income sources, deductions, or credits, you might require additional time to ensure all information is reported correctly.

C. Unexpected Life Events: Serious illness, natural disasters, or other unforeseen circumstances may hinder your ability to meet the filing deadline.

Where can I get Form 504-I?

You can download the latest version of Form 504-I attached below.