Forms 40, 40s, And Instructions; Schedule Wfc And Instructions - 2006 Page 25
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31filing your Oregon return. These payments were due
If you file more than three months after the due date or
April 17, 2006; June 15, 2006; September 15, 2006; and
the extension due date, a 20 percent late-filing penalty
will be added; that is, you will owe a total penalty of 25
January 16, 2007. Include any payments you made
percent of any tax not paid. To find out how to avoid a
with your Oregon extension. Also include any refund
you applied to your 2006 estimated tax. If the depart-
penalty, see page 5.
ment adjusted your applied refund, be sure to use the
Interest. If you’re filing your return or paying your tax
adjusted amount. If you need to verify your estimated
after April 16, 2007, include interest on any unpaid tax.
payment amounts, please contact us.
An interest period is each full month starting with the
Earned income credit (Refundable). You’re
44
day after the due date. For example, April 17 to May 16
allowed an Oregon earned income credit only
is a full month and interest period.
if you qualify for the earned income credit on your
The 2007 interest rate is 9 percent per year (0.750 per-
federal return. Your Oregon credit is 5 percent of your
cent per month).
federal credit. For example, if your federal credit is
$400, your Oregon credit is $20 ($400 × .05).
Interest is figured daily for periods of less than a
month. Here’s how to figure daily interest:
Use the following formula to figure your credit:
Tax × .000247 × number of days
1.
Enter your federal earned income
1.
credit from Form 1040, line 66a;
If the tax isn’t paid within 60 days from the date of our
Form 1040A, line 40a; or Form
bill, the interest rate increases to 13 percent per year.
1040EZ, line 8a.
Note: Don’t calculate interest if you file late and expect
2. Multiply the amount on line 1 by
2.
a refund. It may delay processing of your refund.
5 percent (.05). Enter the result here
Interest on underpayment of estimated tax. For
and on Form 40, line 44.
51
2006, you’ll have an underpayment if you paid
If the credit is more than your tax liability, the differ-
less than 90 percent of the tax due on each estimated
ence will be refunded to you.
tax payment due date.
Working family child care credit (Refundable).
45
Use Form 10, Underpayment of Oregon Estimated Tax, to
This credit is available to low-income working
determine if you have an underpayment. Download the
families with qualifying child care expenses for a
form from our website or contact us to order it. If you
qualifying child under age 13 (or a child with a dis-
have an underpayment or you meet an exception, you
ability for whom you can claim the additional exemp-
must file Oregon Form 10 with your return.
tion credit). If the credit is more than your tax liability,
the difference will be refunded to you. To see if you
If you have an underpayment, fill in the amount of inter-
qualify, go to page 35.
est due from Form 10 on Form 40, line 51, and check the
box. If you meet an exception, enter the exception num-
Involuntary move of a mobile home credit
46
ber on line 51a. Attach Form 10 to your return.
(Refundable). Enter the amount from Schedule
MH, section D, line 26. If you are claiming the non-
Amount you owe. You may pay only with a
53
refundable credit, section C, line 25, do not enter your
check, money order, or credit card. If the amount
credit here. Enter the code and amount on Form 40,
is less than $2, no payment is required.
line 39 instead. Attach Schedule MH to your return.
Check or money order
For more information download the publication from
our website, or contact us to order it.
• Make your check or money order payable to “Ore-
gon Department of Revenue.”
• Write your daytime telephone number and “2006
Penalties and interest
Oregon Form 40” on your check.
• Please use blue or black ballpoint ink. Do not use gel
Penalty and interest. Your tax is due by April
50
or red ink.
16, 2007. Your return is also due by April 16,
• Do not send cash or a postdated check.
2007, unless you file for an extension.
• Staple your payment and the Form 40-V payment
Penalty. Include a penalty payment if you:
voucher (page 11) to your return on top of your
Form(s) W-2 and 1099.
• Mail your payment after April 16 (even if you have
an extension to file).
Credit card payment. See page 11.
• File your return showing tax to pay after the due
Payment plan. If you cannot pay in full now, we will
date or extension due date.
help you set up a payment plan for the amount you do
The late-payment penalty is 5 percent of the unpaid
not pay with your return. For more information, please
balance of your tax.
contact us.
Or, visit our website at
Form 40 line instructions
33
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