Forms 40, 40s, And Instructions; Schedule Wfc And Instructions - 2006 Page 10
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31performed, and any part of a scholarship or fellowship
and enter the total on line 16. Number the statement.
grant that you must include in your gross income.
On line 17 (total credits), write “See Stmt” and the
statement number in the space next to the total credits.
Oregon taxable income. Caution: Is this amount
12
Example: Write “See Stmt 3” for statement number 3.
$100,000 or more? If yes, you must use Form 40.
• Child and dependent care carryforward [code 704].
Tax from tables or rate charts. Figure the tax on
13
Fill in the amount of unused credit from prior year.
your Oregon taxable income, line 12. See pages
See page 31.
21 through 23. For examples, see page 29.
• Elderly or the disabled [code 709]. You get an Ore-
Child and dependent care credit. You’re allowed
15
gon credit only if you qualify for the federal credit.
an Oregon credit only if you qualify for the fed-
See page 30.
eral child and dependent care credit. You may be able
• Income taxes paid to another state [code 733]. You
to claim the Oregon credit even if you cannot use all of
may be eligible for this credit if you paid income tax
your federal credit.
to another state. See page 31.
• Loss of use of limbs [code 717]. If you have a perma-
Use the following worksheet:
nent and complete loss of the use of two limbs, you
1.
Enter the amount from federal
1.
may take a $50 tax credit. See page 32.
Form 2441, line 6; or Form 1040A,
• Political contribution [code 723]. You may qualify
Schedule 2, line 6.
for a credit for political contributions. See page 31.
2. Enter the decimal amount from the
2.
• Residential energy [code 729]. You may qualify for
following table.
a credit if you purchased certain energy-efficient
If your federal taxable
Your
items. See page 32.
income from Form 1040,
decimal
line 43; or Form 1040A,
amount
Oregon income tax withheld. Fill in the total
19
line 27 is:
is:
Oregon income tax withheld from your wages
Over—
But not over—
and other income. That is the amount shown on your
$ ——
$ 5,000
.30
Form(s) W-2 in box 17, or on Form 1099. Do not use the
5,000
10,000
.15
FICA (Social Security) tax withheld. Do not use tax
10,000
15,000
.08
withheld from your wages by other states. Staple a
15,000
25,000
.06
readable copy of your Form(s) W-2 from each job and
25,000
35,000
.05
any Form(s) 1099 showing Oregon income tax with-
35,000
45,000
.04
held to the lower front of your return.
45,000
——
.00
If you don’t have a Form W-2 or 1099, you must provide
3.
Multiply the amount on line 1 by
3.
other proof of any Oregon tax withheld. Proof may include
the decimal on line 2. Enter the
a final paycheck stub or a letter from your employer.
result here and on Form 40S, line
15.
If you paid estimated tax for 2006, you must use Form
Note: Did you pay 2005 child care expenses in 2006?
40.
If so, you may be able to use that amount to increase
If you have tax to pay this year, you may want to
your 2006 Oregon child and dependent care credit. For
increase the amount your employer withholds from
more information, please contact us.
your 2007 Oregon wages. Download the publication
Carryover. Your total 2006 child and dependent care
Oregon Income Tax Withholding from our website, or
credit can’t be more than your 2006 tax liability for Ore-
contact us to order it.
gon. You can carry forward any excess credit over the
Earned income credit. You are allowed an Ore-
20
next five years. If the excess isn’t used within five years,
gon earned income credit only if you qualify for
it’s lost.
the same credit on your federal return. Your Oregon
Other credits. You may qualify for other credits
credit is 5 percent of your federal credit. For example,
16
listed here. These are identified by the numeric
if your federal credit is $400, your Oregon credit is $20
code shown in brackets. Enter the code on line 16a and
($400 × .05).
the amount on line 16b. For example, if you’re claiming
Use the following formula to compute your credit:
a $50 political contribution credit, enter “723” on line
16a and “$50” on line 16b. If you’re claiming two cred-
1.
Enter your federal earned income
1.
its, enter the second code on line 16c and the amount
credit from Form 1040, line 66a;
Form 1040A, line 40a; or Form
on line 16d. Fill in the total “other credits” on line 16. If
you’re claiming more than two “other credits,” attach
1040EZ, line 8a.
a statement to your return with the numeric codes and
2. Multiply the amount on line 1 by
2.
amounts of the credits that don’t fit on the return. Add
5 percent (.05). Enter the result here
lines 16b, 16d, and the credit amounts on the statement
and on Form 40S, line 20.
10
Form 40S line instructions
Have questions? Need forms? See page 40.
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