Forms 40, 40s, And Instructions; Schedule Wfc And Instructions

Contents

Do I need to file?

Amounts apply to full-year residents only.

New information ............................................................ 2

Important reminders ..................................................... 3

Filing status

Age

If gross income

General information ...................................................... 3

is more than:

Residency ................................................................... 3

Can be claimed on

Any

$850 *

Filing status ................................................................ 3

another’s return

What form do I use? .................................................. 4

Under 65

$4,890

Single

Military personnel .................................................... 4

65 or over

$6,090

What if I need more time to file? ............................ 5

Both under 65

$9,800

2007 estimated tax ..................................................... 5

Married, joint return

One 65 or over

$10,800

Frequently asked questions ..................................... 6

Both 65 or over

$11,800

Instructions for Forms 40S and 40 .............................. 7

Under 65

$4,890

Married,

Exemptions................................................................. 7

separate return

65 or over

$5,890

Form 40S line instructions ............................................ 9

Under 65

$6,145

Standard deduction .................................................. 9

Head of household

Payment voucher, Form 40-V ......................................11

65 or over

$7,345

Charitable checkoffs ..................................................... 12

Under 65

$6,865

Qualifying widow(er)

Form 40S ........................................................................ 13

65 or over

$7,865

Form 40 .......................................................................... 17

In addition, file a return if:

Tax tables ....................................................................... 21

— You are required to file a federal return.

Tax rate charts .............................................................. 23

— You had $1 or more of Oregon income tax

Form 40 line instructions ............................................ 24

withheld from your wages.

Additions .................................................................. 24

* The larger of $850, or your earned income plus $300, up

Subtractions ............................................................. 25

to the standard deduction amount for your filing status.

Deductions ............................................................... 28

Oregon tax ................................................................ 29

Credits–non-refundable ......................................... 29

These instructions are not a complete statement

Tax payments and refundable credits .................. 32

of laws and Oregon Department of Revenue rules.

Penalties and interest .............................................. 33

You may need more information. See page 40.

Direct deposit ............................................................... 34

Before you file .............................................................. 34

Avoid processing delays .............................................. 35

Electronic filing

Tax return mailing addresses ..................................... 35

Working family child care credit ................................ 35

Electronic filing (e-file) is a fast,

Schedule WFC instructions ......................................... 36

efficient, and accurate way to

Schedule WFC, Oregon Working Family Child

file.

Care Credit for Form 40 and Form 40S filers ........... 37

Download the publication Electronic Filing for Oregon

Taxpayer assistance ..................................................... 40

from our website, or to order it, see page 40.

Printed information (free) ..................................... 40

New information

Federal tax liability subtraction. The federal tax sub-

Oregon Military Emergency Financial Assistance Pro-

gram. This is a new charitable checkoff. See page 12.

traction limit has increased to $5,000 ($2,500 married

filing separately). See page 9 or 25.

Oregon earned income credit (EIC). This credit is based

on your federal EIC and is now refundable. If the credit

Standard deduction amounts. The standard deduc-

is more than your tax liability, the difference will be

tion amounts have changed. See page 28 or the back

refunded to you. See page 10 or 33 to see if you qualify.

of Form 40S.

New credits. Involuntary move of a mobile home. This

Federal law changes. Tuition and fees deduction,

credit is available for tax years 2006 and 2007. Download

educator expenses deduction, and sales tax deduc-

Involuntary Move of a Mobile Home and Schedule MH from

tion expired at the time this publication was printed,

our website or contact us to order them. Rural Emer-

November 1, 2006. There are no changes to the Oregon

gency Medical Technician (EMT) is a new credit, see

return for these items unless Congress reinstates these

page 32. University venture fund is also new this year.

For more information, go to our website or contact us.

laws.

New information

Have questions? Need forms? See page 40.

Forms 40, 40s, And Instructions; Schedule Wfc And Instructions - 2006 Page 2

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