Form 10 - Underpayment Of Oregon Estimated Tax - 2013 Page 5
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8Instructions 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 2014 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 annu-
by your Oregon percentage.
alized income using the Federal Tax Subtraction Worksheet
below.
Nonresidents. You must multiply your federal tax subtrac-
tion (line 9), itemized deductions or standard deduction (line
If you are filing Form 40N, multiply your federal tax sub-
11 or 14), exemption credit (line 19), and prorated credits
traction by your Oregon percentage from Form 40N, line 39.
(line 20) by your Oregon percentage.
Line 11. Enter only the amount of your net Oregon itemized
Line 1. Enter your adjusted gross income (AGI) (Form 40, line
deductions claimed for the period shown at the top of each
column.
8; Form 40N, line 30S; or Form 40P, line 30F) received during
the period shown at the top of each column.
Example 3: Generally, home mortgage interest is a deduction
paid evenly throughout the year. Three months of home
Example 1: Carley received wages for the entire year of 2013.
mortgage interest belong in column A (January, February,
Three months’ wages belong in column A, five months in
and March), five months in column B, eight months in col-
column B, eight months in column C, and all 12 months in
umn C, and all 12 months of interest in column D.
column D. She also received a lump-sum distribution of
$25,000 from her IRA on July 18, 2013. Carley includes the
Example 4: Medical expenses claimed as medical deductions
total amount of the distribution in columns C and D only.
generally are not incurred evenly throughout the tax year.
If Carley received the lump-sum distribution on April 25,
For example, Jill made deductible payments on a hospital
2013, instead, she includes it in columns B, C, and D.
bill in 2013. She made a payment of $990 in April, another
of $1,995 in June, and the final payment of $2,271 in October.
Line 2. Enter the amount of Oregon additions (Form 40, line
(All amounts are after the federal AGI limitation.) Jill will
11; Forms 40N or 40P, line 34S) claimed during the period
enter the $990 payment in column B. The April payment plus
shown at the top of each column.
the June $1,995 payment (totaling $2,985) will go in column
Example 2: Payton has an Oregon addition of $6,000 for
C. In column D, she will enter $5,256, the total deductible
California bond interest received in September 2013. Payton
amount of all three payments.
(A)
(B)
(C)
(D)
Jan 1
Jan 1
Jan 1
Jan 1
Federal Tax Subtraction Worksheet (line 9 )
to
to
to
to
Mar 31
May 31
Aug 31
Dec 31
1. Enter the amount of your federal AGI for each period ..................1
4
2.4
1.5
1
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
4
2.4
1.5
1
5. Annualization multiplier ...................................................................5
6. Multiply line 4 by line 5 ......................................................................6
7. Enter the full amount of your 2013 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. 2013 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 $6,250 ($3,125 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. 12-13)
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