Instructions For Form 10 - Oregon Underpayment Of Estimated Tax

Instructions for Annualized Income

enters the $6,000 in column D. If she received the interest at

$500 a month, she would enter $1,500 (for three months) in

Worksheet

(Form 10, page 2)

column A, $2,500 (for five months) in column B, $4,000 (for

eight months) in column C, and all $6,000 (for 12 months)

Note: Are you using the Annualized Income Worksheet to

in column D.

compute your 2015 estimated tax payments? If so, see page

6 for further instructions.

Line 6. Enter the amount of Oregon subtractions (Form

40, line 19; Forms 40N or 40P, line 37S) claimed during the

Part-year residents. If you moved into or out of Oregon dur-

period shown at the top of each column, less the federal tax

ing the year, use only the columns that include the dates you

liability subtraction.

lived in Oregon. You must multiply your Oregon tax (line

18), exemption credit (line 19), and prorated credits (line 20)

Line 9. Compute your federal tax subtraction on your annual-

by your Oregon percentage.

ized income using the Federal Tax Subtraction Worksheet below.

Nonresidents. You must multiply your federal tax subtrac-

Do not use this worksheet if your federal adjusted gross

tion (line 9), itemized deductions or standard deduction (line

income is more than $125,000 (filing status of single/married

11 or 14), exemption credit (line 19), and prorated credits

filing separately) or $250,000 (filing status of married filing

(line 20) by your Oregon percentage.

jointly or head of household). Use the worksheet in the 2014

Form 40 instructions, page 14.

Line 1. Enter your adjusted gross income (AGI) (Form 40, line

8; Form 40N, line 30S; or Form 40P, line 30F) received during

If you are filing Form 40N, multiply your federal tax sub-

the period shown at the top of each column.

traction by your Oregon percentage from Form 40N, line 39.

Example 1: Carley received wages for the entire year of 2014.

Line 11.

Enter only the amount of your net Oregon itemized

Three months’ wages belong in column A, five months in

deductions claimed for the period shown at the top of each column.

column B, eight months in column C, and all 12 months in

Example 3: Generally, home mortgage interest is a deduction

column D. She also received a lump-sum distribution of

paid evenly throughout the year. Three months of home

$25,000 from her IRA on July 18, 2014. Carley includes the

mortgage interest belong in column A (January, February,

total amount of the distribution in columns C and D only.

and March), five months in column B, eight months in col-

If Carley received the lump-sum distribution on April 25,

umn C, and all 12 months of interest in column D.

2014, instead, she includes it in columns B, C, and D.

Example 4: Medical expenses claimed as medical deductions

Line 2. Enter the amount of Oregon additions (Form 40, line

generally are not incurred evenly throughout the tax year.

11; Forms 40N or 40P, line 34S) claimed during the period

For example, Jill made deductible payments on a hospital

shown at the top of each column.

bill in 2014. She made a payment of $990 in April, another

Example 2: Payton has an Oregon addition of $6,000 for

of $1,995 in June, and the final payment of $2,271 in October.

California bond interest received in September 2014. Payton

(All amounts are after the federal AGI limitation.) Jill will

(A)

(B)

(C)

(D)

Jan 1

Federal Tax Subtraction Worksheet (line 9 )

Mar 31

May 31

Aug 31

Dec 31

1. Enter the amount of your federal AGI for each period ..................1

2.4

1.5

2. Annualization multiplier ...................................................................2

3. Multiply line 1 by line 2 ......................................................................3

4. Actual federal itemized deductions for each period.

If you do not itemize, skip to line 7 of this worksheet ...................4

2.4

1.5

5. Annualization multiplier ...................................................................5

6. Multiply line 4 by line 5 ......................................................................6

7. Enter the full amount of your 2014 federal standard

deduction in each column ..................................................................7

(

) (

)

8. Enter line 6 or line 7, whichever is larger .........................................8

9. Line 3 minus line 8 ..............................................................................9

10. 2014 federal exemption amount (Form 1040, line 42,

(

) (

)

or Form 1040A, line 26) ....................................................................10

11. Annualized federal taxable income. Line 9 minus line 10 ........... 11

12. Federal tax on line 11 amount for each

period (use the federal tax tables) ...................................................12

13. Enter $6,350 ($3,175 if filing separately) in each column .............13

14. Enter the smaller of line 12 or 13. Also enter this amount in

each column on line 9 of the Annualized Income Worksheet .....14

150-101-031 (Rev. 12-14)

Instructions For Form 10 - Oregon Underpayment Of Estimated Tax - 2014 Page 5

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