Forms 40, 40s, And Instructions; Schedule Wfc And Instructions - 2006 Page 23
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3124, in addition to the Oregon tax you claim as an item-
Political contribution credit. Fill in your total
37
ized deduction, fill in the smaller of the following:
political contributions, up to $100 on a joint return,
$50 on all others. Your contribution(s) of money must
• The other state’s 2006 tax claimed as an itemized
have been made during 2006 to any of the following:
deduction, or
• A political party.
• The other state’s 2006 net tax liability.
• A qualified candidate (or the candidate’s principal
If the credit is based on a tax liability paid in two dif-
campaign committee) for federal, state, or local office
ferent tax years, you may be required to restore the
to be voted for in Oregon.
deduction to Oregon income in two different tax years.
For more information, please contact us.
• A political action committee certified in Oregon.
You must attach a copy of the other state’s return and
Download the publication Political Contributions Tax
proof of payment to the back of your Oregon return.
Credit from our website or contact us to order it.
Other credits. You may qualify for other credits
39
Credit for income taxes paid to another state.
38
listed on pages 31–32. Please identify credit(s)
Did you pay income taxes to another state or
using the numeric code shown in brackets. Enter the
U.S. territory on income that is also taxed by Oregon?
numeric code on line 39a and the amount on line 39b.
If so, you may be able to claim this credit.
For example, if you’re claiming a $45 residential energy
credit, enter “729” on line 39a and “$45” on line 39b. If
If you were a full-year Oregon resident and had income
you’re claiming two credits, enter the second numeric
taxed by Arizona, California, Indiana, or Virginia, you
code on line 39c and the amount on line 39d. Fill in
cannot claim the credit on your Oregon return. How-
the total amount of “other credits” on line 39. If you’re
ever, you can claim the credit on the nonresident return
claiming more than three “other credits,” attach a
you file with those states. If income is taxed by Oregon
statement to your return with the numeric codes and
and another state not listed here, claim the credit on
amounts of the credits that don’t fit on the return. Add
your Form 40 Oregon resident return, line 38. Please
lines 39b, 39d, 39f, and the credit amounts on the state-
identify the other state on Form 40, box 38a.
ment and enter the total on line 39. Number the state-
If you are claiming the credit for more than one state,
ment. On line 40 (total credits), write “See Stmt” and the
attach a statement to your return identifying the states,
statement number in the space next to the total credit.
the credit for each state, and calculations for each state’s
Example: Write “See Stmt 3” for statement number 3.
credit. Number the statement. Enter “ST” in box 38a.
• Child and dependent care carryforward [code 704].
Enter the total for all states on line 38.
Enter the amount of unused credit from a prior year.
This credit is only for state income tax. You cannot
The prior year carryforward plus your current year’s
claim this credit for city or county income tax, sales
credit can’t be more than your Oregon tax liability,
tax, alternative minimum tax (AMT), property tax,
line 41. You can carry forward any excess credit from
school tax, or building funds.
line 35 over the next five years. If the carryforward
isn’t used within five years, it’s lost.
Your credit is the smallest of the following:
• Individual Development Account donation (IDA)
• The other state’s 2006 net tax liability.
[code 715]. If you made a charitable contribution to
• Your Oregon tax liability after all credits, except
the Oregon Individual Development Account pro-
credits for income taxes paid to other states.
gram during 2006, you may qualify for a credit. The
• The amount figured using the following formula:
credit is the smaller of $75,000 or 75 percent of the
donation made. It cannot be more than your 2006
Divide your modified adjusted gross income (MAGI)
Oregon tax liability. You can carry over any excess
taxed by both states by your total MAGI. Multiply
for the next three years. Any federal benefit due to a
the result by your Oregon tax after subtracting all
federal deduction must be reported as an Oregon
other credits.
addition. For more information, please contact us.
Your MAGI taxed
Your Oregon tax after
by both states
×
• Long-term care insurance premiums [code 716].
subtracting all other credits
You’re allowed a long-term care insurance premi-
Your total MAGI
ums credit if:
Your total MAGI usually equals the sum of lines 8 and
— Your policy was issued in 2000 or later, and
9 minus lines 14–17 of Form 40. Add the amount on
— You, your parents, or your dependents are the
Form 40, line 10, only if it’s income Oregon taxes but
policy beneficiaries, and
the federal government doesn’t. Subtract the amount
on Form 40, line 18, only if it’s income the federal gov-
— You paid premiums for 2006.
ernment taxes but Oregon doesn’t.
The credit for single and joint filers is the smaller of
Caution: You can’t claim this credit and claim the tax
15 percent of the premiums paid or $500. For mar-
you paid as an itemized deduction. On Form 40, line
ried filing separate filers, the combined credits on
Or, visit our website at
Form 40 line instructions
31
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