Instructions For Form Fia-40n, Form Fia-40p, And Schedule Z, For Farm Income Averaging

John had a NOL for tax year 2001 of $22,950 for Oregon only,

For tax year 2001, John’s income after subtractions is $10,850

which he elected to carryback five years. Of the $22,950 loss,

for federal and a negative $27,250 for Oregon. John enters

$9,000 was carried back to tax year 2000 and completely

$10,850 in the federal column and a negative $27,250 in the

absorbed. John combines the $9,000 NOLD with his Oregon

Oregon column on line 11 of the 2001 worksheet.

income after subtractions of $6,150. The result is a negative

John had a $3,000 net capital loss deduction on Schedule D,

$2,850 and is entered in the Oregon column on line 1(b) of

line 18 and a $7,000 loss on Schedule D, line 17, the carryover

the 2000 worksheet. John enters $25,906 in the federal

from 2000 to 2001. Because the NOL is for Oregon only, no

column on line 1(a) of the 2000 worksheet.

adjustment is necessary on line 12 in the federal column and

When John filed his 2000 federal tax return, he had a $3,000

no adjustment is made in the Oregon column since the

net capital loss deduction on Schedule D, line 18 (which was

capital loss deduction is not Oregon source. John enters -0-

also entered on Form 1040, line 13), a $7,000 loss on Sched-

in both columns on line 12 of the 2001 worksheet. John enters

ule D, line 17, and a $4,000 capital loss carryover to 2001. The

the Oregon only NOL of $22,950 on line 13 in the Oregon

capital losses are not Oregon source. Since the NOL is for

column of the worksheet and -0- in the federal column. John

Oregon only, no adjustment is necessary for the capital loss

adds lines 12 and 13 and enters $22,950 in the Oregon

deduction or for the capital loss carryover to 2001. John

column and -0- in the federal column.

enters -0- in both columns on line 2 of the 2000 worksheet.

In the federal column on line 15, John enters a positive

John had no net operating losses for tax year 2000 for either

$10,850. For the Oregon column, John adds the $22,950 on

federal or Oregon. Because the NOL from 2001 is completely

line 14 and the negative $27,250 on line 11 of the worksheet

absorbed in 2000, there is no carryover to tax years after 2000.

and enters a negative $4,300 in the Oregon column on line

John enters -0- in both columns on line 3 of the worksheet. John

15. These figures represent John’s recomputed federal and

adds the amounts on lines 2 and 3, both of which are -0-. He

Oregon income after subtractions for tax year 2001. John

subtracts -0- from the negative $2,850 and enters the result, a

enters both of these figures on Schedule Z, Computation A,

negative $2,850, in the Oregon column on Schedule Z,

line 1 in the federal and Oregon columns.

Computation A, line 1(b). John subtracts -0- from the $25,906

For tax year 2002, John’s income after subtractions is not

and enters the result, a positive $25,906, in the federal

negative in either the federal or Oregon columns. There-

column on Schedule Z, Computation A, line 1(a). These fig-

fore, John can complete Schedule Z without using the

ures represent John’s recomputed federal and Oregon income

worksheets.

after subtractions for tax year 2000.

Taxpayer assistance

Telephone

503-378-4988

Salem ...........................................................

Internet

1-800-356-4222

Toll-free within Oregon ...........................

If you have a touch-tone telephone, call our 24-hour voice

response system at one of the numbers above to:

• Hear recorded tax information

The Department of Revenue Web site is a

• Order tax forms.

quick and easy way to download forms and

• Check on the status of your 2003

publications, get up-to-the-minute tax

personal income tax refund

information, and learn about electronic

(beginning March 15).

filing.

For help from Tax Services, call one of the numbers above:

Correspondence

Monday, Tuesday, Thursday, Friday .................. 7:30 a.m.–5:10 p.m .

Wednesday ............................................................... 10:00 a.m.–5:10 p.m.

Write to: Oregon Department of Revenue,

Closed on holidays.

955 Center St NE, Salem OR 97301-2555.

April 1–April 15, Monday–Friday ........................ 7:00 a.m.–9:00 p.m.

Include your Social Security number and a day-

April 3 and April 10 .................................................. 9:00 a.m.–5:00 p.m.

time telephone number for faster service.

Wait times may vary.

TTY (hearing or speech impaired; machine only): 503-945-

To get forms

8617 (Salem) or 1-800-886-7204 (toll-free within Oregon).

Americans with Disabilities Act (ADA). This information is

Income tax booklets are available at many post offices, banks,

available in alternative formats. Call 503-378-4988 (Salem) or

and libraries. For booklets and other forms and

1-800-356-4222 (toll-free within Oregon).

publications, you can also access our Web site, order by

Asistencia en español. Llame al 503-945-8618 en Salem o

telephone, or write to: Forms, Oregon Department of

llame gratis al 1-800-356-4222 en Oregon.

Revenue, PO Box 14999, Salem OR 97309-0990.

150-101-161 (Rev. 12-03)

Instructions For Form Fia-40n, Form Fia-40p, And Schedule Z, For Farm Income Averaging - 2003 Page 4

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