Forms 40, 40s, And Instructions; Schedule Wfc And Instructions - 2006 Page 17
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31• Depletion in excess of property basis.
You may deduct your total federal income tax liability,
after credits, up to $5,000. Don’t fill in less than -0- or
• Depreciation difference for Oregon.
more than $5,000 ($2,500 if married filing separately).
• Gain or loss on the sale of depreciable property
with different basis for Oregon.
1.
Enter your federal tax liability
1.
from Form 1040, line 57; Form
• Passive activity losses.
1040A, line 35; Form 1040EZ, line
• Suspended losses.
11; Form 1040NR, line 52; or Form
— Claim of right income repayments [code 103].
1040NR-EZ, line 15.
— Disposition of inherited Oregon farmland or for-
2. Enter your tax on qualified retire-
2.
estland [code 106].
ment plans, Form 1040, line 60; or
— Domestic production activities deduction [code
Form 1040NR, line 55; any recap-
102].
ture taxes you included on the
— Fiduciary adjustments [code 100].
dotted line of Form 1040, line 63;
• Accumulation distribution from a trust.
or Form 1040NR, line 58; and the
• Federal estate tax on income in respect of a
amount on Form 1040NR, line 53.
decedent.
3.
Add lines 1 and 2.
3.
• Fiduciary adjustments from Oregon estates and
4.
Enter $5,000 ($2,500 if married fil-
4.
trusts.
ing separately).
— Individual Development Account (IDA) [code 113].
5.
Enter the smaller of line 3 or line 4
5.
• Non-qualified withdrawal.
here and on Form 40, line 13.
• Addback for IDA donation credit.
— Net operating loss non-Oregon source [code 116].
Caution: Don’t include any of the following on line 2:
— Oregon deferral of reinvested capital gain [code
• Self-employment tax.
118].
• Social Security and Medicare tax on tips.
— Partnership or S corporation modifications for
• Advance earned income credit payments.
Oregon [code 119].
• Household employment taxes.
— Itemized or business deduction addback for Ore-
gon credits [code 104].
Are you amending your 2006 return? See the Oregon
• Contributions to: Child Care Fund, Oregon
Amended Schedule instructions to figure your subtrac-
Cultural Trust, Oregon Production Investment
tion for federal tax liability.
Fund, or university venture fund.
Did you pay additional federal tax in 2006 because you
• Income taxes paid to another state.
were audited or filed an amended return? If so, see
• Self-employment health insurance deduction.
page 27 for line 18 instructions.
— Schedule A deduction addback for Oregon sub-
tractions [code 105].
The total of your federal tax subtraction (line 13), your
• Gambling losses claimed as itemized deduc-
federal tax from a prior year (line 18), and your foreign
tion.
tax subtraction (line 18) cannot be more than $5,000
• Oregon only Schedule A item.
($2,500 if married filing separately). The foreign tax
• Refund of Oregon only Schedule A items from
portion of your federal tax subtraction cannot be more
a prior year.
than $3,000 ($1,500 if married filing separately).
— Specially taxed income under federal law [code
Social Security and tier 1 Railroad Retirement
14
115].
Board benefits income. Fill in the amount from
• Lump-sum distributions from a qualified retire-
federal Form 1040, line 20b; or Form 1040A, line 14b. If
ment plan.
you have tier 2, windfall/vested dual, or supplemen-
• Passive foreign investment company income.
tal Railroad Retirement Board benefits, these are sub-
— Unused business credit [code 122].
tracted on line 18. For more information, contact us.
Oregon income tax refund included in federal
15
Subtractions
income. Fill in your Oregon state income tax
refund from federal Form 1040, line 10. Do not include
Generally, subtractions are items the federal govern-
local, county, or other states’ tax refunds.
ment taxes but Oregon does not. Subtractions reduce
the income taxed by Oregon.
Interest and dividends from U.S. government.
16
Fill in interest and dividends from the U.S.
2006 federal tax liability. Carefully follow the
13
government that you included on your federal return.
instructions below. Don’t confuse your federal
Include U.S. government interest and dividends you
tax liability on your federal return with the federal
tax withheld on your Form(s) W-2. They are not the
received through partnerships or grantor trusts. See
same.
line 18 to subtract U.S. government interest in IRA or
Or, visit our website at
Form 40 line instructions
25
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