Please complete Page 2 Schedules X & Y before proceeding to this section.
Line 1: Enter municipal taxable income before NOL from Page 2, Schedule X, Line 5.
Line 2: Enter the pre-apportioned municipal NOL carryover from 2019. For tax years prior to 2023, the amount was limited to 50%.
Line 3: Subtract Line 2 from Line 1.
Line 4: Enter apportionment percentage from Page 2, Schedule Y, Step 5.
Line 5: Multiply Line 3 x Line 4.
Line 6: Multiply Line 5 x 2.50% (0.025).
Line 7a: Enter the amount of estimated taxes paid for tax year 2023, including any amount paid with your extension.
Line 7b: Enter the amount of a prior year’s carryover credit.
Line 8: Add Lines 7a and 7b.
Line 9: Line 6 less Line 8.
Line 10: Enter the late filing penalty ($25.00), if the return is being filed after the original or extended due date. All taxes unpaid after the original due date of the return are subject to a 15% late payment penalty and shall bear interest at the federal short term rate in effect + 5%.
Line 11: Add Lines 9 and 10. If an overpayment is indicated, complete Lines 12a and/or 12b as to amount to be refunded or carried over to the next tax year.
Line 13: If you anticipate your 2026 tax liability to be $200.00 or more, you are required to complete Lines 13-16. Enter your estimated 2026 income and multiply by 2.5%. Please see the instructions and safe harbor provisions on our website for Form OQ-2, Estimated Tax Vouchers – Businesses.
Line 14: Enter the amount of your prior year carryover credit from Line 12b.
Line 15: Line 13 less Line 14.
Line 16: The taxpayer’s estimated liability is to be paid in 4 equal installments. Multiply Line 15 x 25% (0.25).
Line 17: If Line 11 shows tax due, add Lines 11 and 16. If Line 11 reflects an overpayment, enter line 16 only.
Checks should be made payable to the “City of Oakwood.” See page 1 of the instructions for online payments.
Line 1: Enter federal taxable income as indicated.
Line 2: Enter the sum of items not deductible from Line 6.
Line 3: Enter the sum of items not taxable from Line 7.
Line 4: Line 2 less Line 3.
Line 5: Line 1 plus or minus Line 4.
Line 6: Enter the non-deductible items for which you have claimed a deduction on your federal return.
Line 7: Enter the non-taxable items which were taxed on your federal return. Please note that royalty income derived from interests in land the rents/royalties derived therefrom does not qualify as intangible income. Other non-taxable items are only permitted in accordance with Ohio Revised Code §718. Do not include any adjustments for federal credits (Work Opportunity credit, etc.)
Complete Schedule Y for all existing factors. Column A relates to total property, wages and gross receipts, per your federal return. Column B should be completed for property situated, compensation paid to W-2 employees for services performed, and gross receipts from sales made or services performed in the City of Oakwood
STEP 1: List the average original cost of real and tangible personal property owned by the taxpayer. Add rents deducted on your federal return x 8.
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