Forms 40, 40s, And Instructions; Schedule Wfc And Instructions - 2006 Page 20
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31• The following subtractions apply to only a few peo-
Itemized deductions. You can claim your total
21
ple and are not explained in this booklet. For more
itemized deductions after federal limitations as
information, go to our website or contact us.
shown on federal Schedule A, line 28.
You can claim itemized deductions for Oregon even if
— Artist’s charitable contribution [code 301].
you don’t have enough deductions to itemize on your
— Basis adjustments [code 304].
federal return. If you itemize for Oregon only, fill out
• Depreciation difference for Oregon.
a federal Schedule A for Oregon purposes. Be sure to
• Gain or loss on the sale of depreciable property
include your state taxes even when itemizing for Ore-
with a different basis for federal and Oregon
gon only, then subtract your Oregon state income tax
purposes.
on line 24. Use your federal adjusted gross income to
• Passive activity losses.
figure the Schedule A limitations. Remember to keep
— Capital Construction Fund (CCF) [code 339].
Schedule A with your tax records.
— Claim of right income repayments [code 302].
Special Oregon medical deduction. Were you
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— Construction worker and logger commuting
or your spouse age 62 or older on December 31,
expenses [code 303].
2006? If so, enter the amount from federal Schedule A
— Federal gain previously taxed by Oregon [code
line 1 or line 3, whichever is less. To claim this deduc-
306].
tion, you must itemize your deductions for Oregon.
— Federal business credits [code 340].
State income tax claimed as an itemized deduc-
24
— Fiduciary adjustments from Oregon estates and
tion. Fill in the amount of Oregon state income
trusts [code 310].
tax you claimed as an itemized deduction on fed-
— Film production labor rebate [code 336].
eral Schedule A, line 5. Don’t include local or county
— Foreign tax [code 311].
income tax amounts.
— Hurricane Katrina Housing [code 337].
Are you claiming an Oregon credit for income taxes
— Individual Development Account [code 314].
paid to another state and deducting the other state’s
— Interest from local government bond [code 317].
taxes on Schedule A? If so, include the other state’s 2006
— IRA conversions or employee retirement plans
net tax liability, or the other state’s 2006 tax claimed as
(previously taxed) [code 327].
an itemized deduction, whichever is less. For the credit
— Land donation to educational institutions [code
instructions, see page 31.
316].
Did you limit itemized deductions on your federal
— Mobile home park capital gain [code 338].
return because your adjusted gross income was more
— Mortgage interest credit [code 320].
than $150,500 ($75,250 if married filing separately)? If so,
— Net operating loss [code 321].
you may need to complete a worksheet to figure how
— Oregon investment advantage [code 342].
much Oregon income tax to subtract from itemized
— Partnership or S corporation modifications for
deductions. Download the publication Itemized Deduc-
Oregon [code 323].
tions Limit from our website or to order it, see page 40.
— Public Safety Memorial Fund award [code 329].
Standard deduction. Generally, your standard
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— Railroad Retirement Board benefits: tier 2, wind-
deduction is based on your filing status:
fall/vested dual, supplemental, and railroad
unemployment benefits [code 330].
Single .............................................................. $1,840
— Scholarship awards used for housing expenses
Married filing jointly .......................................3,685
[code 333].
Married filing separately
— U.S. government interest in IRA or Keogh distri-
If spouse claims standard deduction ......... 1,840
butions [code 331].
If spouse claims itemized deductions .............-0-
Head of household ..........................................2,965
Deductions
Qualifying widow(er) ......................................3,685
You can claim net itemized deductions or Oregon’s
Standard deduction—Age 65 or older, or blind. If you
standard deduction, whichever is larger, but not both.
or your spouse are age 65 or older, or blind, you are
entitled to a larger standard deduction amount. Use
• If you claim itemized deductions, fill in lines 21–25.
the chart on page 29 to determine your larger standard
• If you claim the standard deduction, fill in line 26.
deduction.
Note: If you’re married filing separately and one
1. Are you: ................................
65 or older?
Blind?
spouse itemizes, both spouses must itemize deduc-
tions. If your spouse itemizes, your standard deduc-
If claiming spouse’s exemption,
tion is -0-.
is your spouse: ....................
65 or older?
Blind?
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Form 40 line instructions
Have questions? Need forms? See page 40.
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