Form 10 And Instructions For Underpayment Of Estimated Tax - 2005 Page 5
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Instructions For Annualized Income Worksheet
(Form 10, page 2)
Note: Are you using the Annualized Income Worksheet to
$2,500 (for fi ve months) in column B, $4,000 (for eight months)
compute your 2006 estimated tax payments? If so, see page
in col umn C, and all $6,000 in col umn D (for 12 months).
8 for further instructions.
Line 6. Enter the amount of Oregon subtractions (Form 40,
Part-year residents. Start with the column that cor re sponds
line 19; Forms 40N or 40P, lines 37 and 38) claimed dur ing
to the date you moved to Oregon. You must mul ti ply your
the period shown at the top of each column.
exemption credit, prorated credits, and Oregon tax by your
Line 9. Compute your federal tax subtraction on your an nu -
annualized Oregon percentage.
al ized income using the Federal Tax Subtraction Worksheet
Nonresidents. You must multiply your federal tax sub trac tion,
below.
itemized de duc tions or standard deduction, ex emp tion cred it,
If you are fi ling Form 40N multiply your federal tax sub trac -
and prorated credits by your annualized Oregon per cent age.
tion by your Oregon percentage from Form 40N, line 40.
Line 1. Enter your adjusted gross income (AGI) (Form 40,
Line 11. Enter only the amount of your net Oregon item-
line 8; Form 40N, line 30b; or Form 40P, line 30a) earned or
ized de duc tions claimed for the period shown at the top of
re ceived dur ing the period shown at the top of each col umn.
each column.
Example: Scott received wages for the entire year of 2005.
Example 1: Generally, home mortgage interest is a de duc tion
Three months wages belong in column A, fi ve months in
paid evenly throughout the year. Three months of home
col umn B, eight months in column C, and all 12 months
mort gage interest belong in column A (January, February,
in column D. He also re ceived a lump sum distribution of
and March), five months in col umn B, eight months in
$25,000 from his IRA on July 19, 2005. Scott includes the
column C, and all 12 months of interest in col umn D.
total amount of the dis tri bu tion in columns C and D only. If
Scott re ceived the lump sum distribution on April 26, 2005
Example 2: Medical expenses claimed as medical de duc tions
instead, he includes it in columns B, C, and D.
gen er al ly are not incurred evenly throughout the tax year.
For ex am ple, Jill made deductible payments on a hos pi tal
Line 2. Enter the amount of Oregon additions (Form 40, line
bill in 2005. She made a payment of $990 in April, another
11; Forms 40N or 40P, line 34b) claimed dur ing the pe ri od
of $1,995 in June, and the fi nal payment of $2,271 in October.
shown at the top of each column.
(All amounts are af ter the 7.5 percent federal AGI lim i ta tion.)
Example: Carol has an Oregon addition of $6,000 for Cal i -
Jill will enter the $990 pay ment in column B. The April pay-
for nia bond interest received in September 2005. Carol en ters
ment plus the June $1,995 pay ment (totaling $2,985) will go
the $6,000 in column D. If she received the in ter est at $500 a
in col umn C. In col umn D, she will enter $5,256, the total
month, she would enter $1,500 (for three months) in col umn A,
de duct ible amount of all three pay ments.
(A)
(B)
(C)
(D)
Federal Tax Subtraction Worksheet (line 9 )
Jan 1
Jan 1
Jan 1
Jan 1
to
to
to
to
Aug 31
Dec 31
Mar 31
May 31
1. Enter the amount of your federal AGI for each period ..................1
2.4
1.5
1
4
2. Annualization multiplier ...................................................................2
3. Multiply line 1 by line 2 ......................................................................3
4. Actual federal itemized deductions for each period.
If you do not itemize, skip to line 7 of this worksheet ...................4
4
1.5
1
2.4
5. Annualization multiplier ...................................................................5
6. Multiply line 4 by line 5 ......................................................................6
7. Enter the full amount of your 2005 federal standard
deduction in each column ..................................................................7
(
) (
) (
) (
)
8. Enter line 6 or line 7, whichever is larger .........................................8
9. Line 3 minus line 8 ..............................................................................9
10. 2005 federal exemption amount (Form 1040, line 42,
(
) (
) (
) (
)
or Form 1040A, line 26) ....................................................................10
11. Annualized federal taxable income. Line 9 minus line 10 ........... 11
12. Federal tax on line 11 amount for each
period (use the federal tax tables) ...................................................12
13. Enter $2,250 if you are married fi ling separately
or $4,500 for any other fi ling status in each column.....................13
14. Enter the smaller of line 12 or 13. Also enter this amount in
each column on line 9 of the Annualized Income Worksheet .....14
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