Instructions For 2003 Form 10 - Underpayment Of 2003 Oregon Estimated Tax (Page 2 of 4) in pdf

Fishers. Use the amounts on the following lines of both your

If you didn’t file a return for 2002, or your 2002 tax year was

2002 and 2003 federal income tax returns to determine your

less than 12 months, don’t complete line 8. Enter the amount

gross income from fishing:

from line 5 on line 9. Note: If you were a part-year resident

or nonresident in 2002 you have a tax year of 12 months and

• Federal Schedule C, line 5;

may use the tax shown on your 2002 Form 40N or 40P.

• Federal Schedule C-EZ, line 1;

• Federal Schedule E, line 42 (line 41 for tax year 2002).

PART B—Figure your underpayment

Exception 2—Prior year.

Line 11. Divide line 9 by four and enter the amount in each

column. If you moved into Oregon in 2003 use the columns

You meet this exception if all of the following are true:

that correspond to the dates you lived in Oregon. Divide the

• Your net income tax for 2002 was -0- or you were not re-

amount on line 9 by the number of periods you were a resi-

quired to file a return for 2002.

dent of Oregon.

• You were a full-year Oregon resident in 2002.

• Your tax year was a full 12 months.

If you annualized your income using the Annualized Income

Worksheet on the back of Form 10, enter the amounts from

Your 2002 net income tax is your Oregon income tax after

line 31 of the worksheet.

tax credits, including the working family credit, but before

withholding, estimated tax payments, or payments made

Line 12. Fill in estimated tax payments and Oregon income

with an extension.

taxes withheld from your wages, pension, or any other

income. Withholding is considered to be paid in equal

Note: If you were a nonresident or a part-year resident in

amounts on the required payment dates (usually four), un-

2002, you can’t use this exception. However, you may be able

less you prove otherwise. If you worked all year, divide your

to use the Safe Harbor Method to figure your required an-

withholding by four and enter the amount in each column.

nual payment. See the Part A instructions on this page.

Complete lines 13 through 16 of the first column, before

Exception 3—Retired or disabled and have a reasonable

going to the next column.

cause for the underpayment.

Column A:

You meet this exception if:

Line 14. Enter the amount from line 12, column A. Is line 14

• There was reasonable cause for underpaying your esti-

more than line 11? If yes, go to line 15. If no, go to line 16.

mated tax, AND

Line 15. You paid more than the required installment for this

— You retired at age 62 or older during 2002 or 2003, or

period. Enter the result of line 14 minus line 11 here. Enter

— You became disabled during 2002 or 2003.

the same amount on line 13 of column B and go to the in-

Reasonable cause will be decided on a case-by-case basis.

structions for column B.

The extent of your effort to comply with the law will be con-

Line 16. You have an underpayment for this period. Enter

sidered. Attach a statement explaining the cause to be con-

the result of line 11 minus line 14 here. Enter -0- on line 13

sidered for the exception. Label the statement “Form 10

of column B and go to the instructions for column B.

Attachment” at the top center of the page.

Column B:

Exception 4—Underpayment due to unusual circumstances.

Line 13. Enter the amount (if any) from line 15 of column A.

No interest is due if your underpayment is due to a casu-

Line 14. Add lines 12 and 13 and enter the amount here. Is line

alty, disaster, or other unusual circumstance. Unemployment

14 more than line 11? If yes, go to line 15. If no, go to line 16.

does not qualify as an unusual circumstance. Unusual cir-

cumstances will be determined on a case-by-case basis. The

Line 15. You paid more than the required installment for this

extent of your effort to comply with the law will be consid-

period. Enter the result of line 14 minus line 11 here. Enter

ered. Attach a statement explaining the cause to be consid-

the same amount on line 13 of column C and go to the in-

ered for the exception. Label the statement “Form 10

structions for column C.

Attachment” in the center at the top of the page.

Line 16. You have an underpayment for this period. Enter

Exception 5—S corporation shareholders.

the result of line 11 minus line 14 here. Enter -0- on line 13

of column C and go to the instructions for column C.

If you are a shareholder of a first-year S corporation contact

the Department of Revenue to see if you meet this exception.

Column C:

Line 13. Enter the amount (if any) from line 15 of column B.

PART A—Figure your required annual payment

Line 14. Add lines 12 and 13 and enter the amount here. Is line

Line 2. Fill in your 2003 tax after credits amount from Form

14 more than line 11? If yes, go to line 15. If no, go to line 16.

40, line 43; Form 40N, line 61; or Form 40P, line 61.

Line 15. You paid more than the required installment for this

Line 3. Fill in your 2003 working family credit amount from

period. Enter the result of line 14 minus line 11 here. Enter

Form 40, line 48; Form 40N, line 66; or Form 40P, line 66.

the same amount on line 13 of column D and go to the in-

Line 6. Fill in only your Oregon income tax withheld from

structions for column D.

income. Don’t include any estimated tax payments.

Line 16. You have an underpayment for this period. Enter

Line 8. Enter the tax after credits shown on your 2002 tax

the result of line 11 minus line 14 here. Enter -0- on line 13

return.

of column D and go to the instructions for column D.

Instructions For 2003 Form 10 - Underpayment Of 2003 Oregon Estimated Tax Page 2

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