Instructions For Form 40es - Estimated Income Tax

Does the due date of my income tax

You can’t apply your refund if you file Form 40S.

return change?

See the payment section on page 6. Also, see your 1998

Oregon income tax return instructions.

No. File your 1999 Oregon income tax return by April

17, 2000, as usual.

How to figure your 1999 estimated tax

May I apply my refund?

You will need:

Yes. If your 1998 refund is $5 or more, you may apply it

• Your 1998 federal income tax return.

to any of your 1999 estimated tax payments. Your refund

will be applied to your first payment period unless you

You may need:

tell us otherwise. You must file your 1998 return by the

• Your 1998 federal income tax return and schedules.

due date (including extensions). Be sure to mark the ex-

• The correct worksheet in this booklet, page 4 or 5.

tension box on your Form 40 if you filed an extension.

Full-year resident filers

Estimated tax worksheet

Keep this worksheet for your records

1. Federal adjusted gross income you expect in 1999 ............................................................

1. __________

2. Oregon additions you expect in 1999 .................................................................................

2. _______

___

3. Income after additions. Add lines 1 and 2 ..........................................................................

3. ________

4. Oregon subtractions you expect in 1999 ............................................................................

<________ >

5. Income after subtractions. Line 3 minus line 4 ...................................................................

5. __________

6. Deductions you expect in 1999 ...........................................................................................

<________ >

7. Oregon taxable income you expect in 1999. Line 5 minus line 6 .....................................

7. __________

8. 1999 Oregon estimated income tax. Use the 1999 tax rate charts on page 6

to figure the tax on the amount on line 7 ...........................................................................

8. _________

9. Exemption credit ($132 × number of exemptions) ............................................................

9. __________

10. Oregon income tax credits you expect for 1999 (don’t include exemption credit) ......... 10. __________

11. Add lines 9 and 10 ..........................................................................................................

...... 11. __________

12. Line 8 minus line 11 (not less than -0-) .............................................................................. 12. ___

_______

13a. Multiply line 12 by 90% (.90). If you did not file a 1998 return, enter the amount

from line 13a directly on line 13c . ................................................................................. 13a. __________

13b. Enter 100% of the tax shown on your 1998 return (110% of the tax shown on your

1998 return if the adjusted gross income shown on that return is more than $150,000;

if married filing separately for 1999 , 110% of the tax shown on your 1998 return

if the adjusted gross income shown on that return is more than $75,000) ....................... 13b. __________

13c. Enter the smaller of line 13a or 13b. This is your required annual payment to

avoid interest ...................................................................................................................... 13c. _____

_____

14. Oregon income tax you expect withheld from your wages and/or pension in 1999 ...... 14.<________ >

15. Annual payment. Line 13c minus line 14 ............................................................................ 15. _______

___

16. Amount you owe on each payment date. See table below. Round to nearest dollar ...... 16. ________

.00

If you first need to

Then fill in on line 16 of this

pay estimated tax on:

worksheet:

April 15, 1999

⁄4 of line 15 (make 4 payments)

June 15, 1999

⁄3 of line 15 (make 3 payments)

September 15, 1999

⁄2 of line 15 (make 2 payments)

January 18, 2000

All of line 15 (pay in full)

4/How to figure estimated tax

Instructions For Form 40es - Estimated Income Tax - 1999 Page 5

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