Get 497 Up Form

Completing the 497 Up Form online is a crucial step for reporting unclaimed property related to mineral proceeds in Oklahoma. This guide will provide a comprehensive walkthrough for users, ensuring that all necessary components are accurately filled out to comply with reporting requirements.

Follow the steps to successfully complete the form online.

1. Click ‘Get Form’ button to obtain the 497 Up Form and open it in the editor.
2. In Column 1, enter the category of unclaimed property for each item using the property type codes provided in the checklist on Form 496-Up.
3. Column 2 requires the total amount due to the owner. Include all mineral interest proceeds such as unclaimed royalty checks and suspended payments.
4. For Column 3, indicate any increase in the amount payable to the owner since July 1 due to additional royalty payments or other value increases.
5. In Columns 4(a) and 4(b), specify the actual amount paid to the owner, withheld for taxes, or reported in error. Use the designated codes in Column 4(a) and include the current owner address if necessary.
6. Column 5 must reflect the sum of the amounts from Columns 2 and 3, minus the total in Column 4(b). This amount is to be remitted to the Oklahoma State Treasurer.
7. Record in Column 6 either the date of last contact with the owner or the date funds first became payable, which can include various significant dates.
8. Column 7 requires the legal description of the property as it appears on the deed, including the county name.
9. In Column 8, enter the owner’s percentage of interest as indicated on the Division or Transfer Order.
10. Column 9 should contain the full name and last known address of each owner. Include all details that aid in identification, and if the address is unknown, write 'Address Unknown.'
11. Enter the owner's Social Security or Federal Employer I.D. number in Column 10 as required for identification purposes.
12. At the bottom of each page, total Columns 2, 3, 4, and 5. On the last page, enter the final page total and the grand total for the report.
13. Once you have filled out all sections accurately, review the form for completeness. You can then save changes, download, print, or share the completed form as needed.

Begin your journey to complete the 497 Up Form online now.