Fillable Form 41 - Oregon Fiduciary Income Tax Return

credit allowed. A claim of right exists when you are taxed

• You file a return showing taxes owing, or we assess an

on income in one year and in a future year find you have no

existing deficiency, and

• The tax assessed is not paid within 60 days after the return

right to that income and must repay it. Oregon allows a claim

is filed or the notice of assessment is issued, and

of right credit if your federal tax liability is computed under

• You have not filed a timely appeal.

IRC 1341(a). Attach a statement showing the computation of

your claim of right credit.

Line 20. Total Due. Enclose a check or money order with your

Line 18. Penalty. Include a penalty payment if you:

return and payment voucher (Form 41-V) payable to “Ore-

gon Department of Revenue.” Write your daytime phone

• Mail any tax due after the due date (even if you have an

number, Oregon BIN or FEIN, and your accounting period

extension to file).

on your check. Do not send cash or postdated checks.

• File your return showing tax due after the due date

(including any extended due date).

Line 21. Refund. We cannot apply your fiduciary income tax

refund as a payment to your next tax year. Do not write in

Penalty is 5 percent of the unpaid balance of your tax. If you

any instructions for refund application on line 21.

get an extension, the penalty won’t be charged if you:

• Pay at least 90 percent of the tax due by the original due

Schedule 1—Oregon changes

date of the return; and

• Pay the balance of tax and interest when you file within

Line 24. Changes in depreciation. Enter your depreciation

the extension period; and

difference between Oregon and federal. You will need the

• Pay any interest due either when the return is filed or

Oregon Depreciation Schedule if your federal and state depre-

within 30 days of our billing.

ciation are different.

If you file more than three months after the due date, includ-

Line 25. Other changes. Changes include differences between

ing extensions, add an additional penalty of 20 percent.

the federal return and the Oregon return in gains or losses

Line 19. Interest. If you don’t pay the tax by the original due

from the sale of property. Also use this line to report differ-

date, interest will be charged on any unpaid tax.

ences in capital gains from the sale of farm use and forest use

For periods beginning

Annual

Monthly

Daily

lands acquired from a decedent who died before 1987. Enter

the amount in column B. Also enter the amount in column A

January 1, 2012

0.4167% 0.0137%

if an authorized distribution was made, and the gains qualify

January 1, 2011

0.4167% 0.0137%

for inclusion in distributable net income.

January 1, 2010

0.4167% 0.0137%

Interest rate may change once a calendar year.

Electing small business trust. Amounts not included in fed-

eral distributable net income of an electing small business

Interest periods generally begin on the 16th day of the month

trust under IRC Section 641(c) must be included in column

the return is due. Returns are due on the 15th unless the 15th

B, line 25.

falls on a Saturday, Sunday, or holiday.

Net long-term capital gain. Enter the net long-term capi-

Interest is figured daily for periods of less than a month. A

tal gain (NLTCG) from farm assets that was not distributed

month, for example, is May 16 to June 15. Here’s how to fig-

as a negative number in Schedule 1, column B, line 25. The

ure daily interest:

subtraction cannot exceed the amount of income that is

Tax × Daily interest rate × Number of days

reported for the fiduciary from federal Form 1041, line 22.

Interest continues to accrue on any unpaid tax during an

Line 29. Oregon changes distributed. Enter Oregon

extension of time to file.

changes from column A, line 26, that were distributed to

Example: Your return and tax payment was due on April 15,

the beneficiaries. Enter zero if the amount on Form 1041,

2011. You filed your return timely and submitted payment

Schedule B, line 8 or line 11, is less than the amount on

of $3,200 on June 2, 2011. Your interest is figured starting on

Schedule B, line 7.

April 16, 2011, through June 2, 2011, as follows:

The total of this line, plus the amounts from Form 1041,

$3,200 x 0.4167 % monthly rate x 1 month (April 16 through

Schedule B, lines 12 and 15, can’t exceed the amount on

May 15) = $13.32

Schedule B, line 8 or 11.

$3,200 x 0.0137% daily rate x 18 days (May 16 through June

Schedule 2—Fiduciary adjustment

2) = $7.92

Your total interest is $21.24; include this interest with your

This schedule is for figuring net Oregon modifications to

tax payment.

federal taxable income.

Additional interest on deficiencies and delinquencies.

Line 31. Federal income tax subtraction. This subtraction

Interest will increase by one-third of 1 percent per month

can’t exceed $5,950 for 2011. To figure the subtraction, deduct

(4 percent annually) on deficiencies or delinquencies if the

the amount on federal Form 1041, Schedule G, lines 5 and

following occur:

6, from the amount on federal Form 1041, line 23. For addi-

150-101-041 (Rev. 10-11)

Form 41 - Oregon Fiduciary Income Tax Return - 2011 Page 4

Related Articles

Related forms

Related Categories