Form 10 - Oregon Underpayment Of Oregon Estimated Tax - 2011 Page 2
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8General information
withholding, estimated tax payments, or payments made
with an extension.
Oregon law requires withholding or estimated tax payments
Note: If you were a nonresident or a part-year resident in
as income is earned. Interest is charged if you underpay or
2010, you can’t use this exception. However, you may be
are late. Use this form to determine if you owe underpay-
able to use the prior year tax to determine your required
ment interest.
annual payment. See Part A instructions on this page.
For more information on who must pay estimated taxes, see
Exception 3—Retired or disabled AND have a reasonable
Form 40 ESV instructions.
cause for the underpayment.
Instructions
You meet this exception if:
• There was reasonable cause for underpaying your esti-
These instructions are for lines not fully explained on the
mated tax, AND
form.
— You retired at age 62 or older during 2010 or 2011, or
— You became disabled during 2010 or 2011.
Line 1—Claiming an exception
Reasonable cause will be decided on a case-by-case basis.
If you qualify for one of the following exceptions, enter the
The extent of your effort to comply with the law will be con-
exception number on Form 40, line 51a; or Form 40N or Form
sidered. Attach a statement to your Oregon return explaining
40P, line 69a. Do not file Form 10. Keep proof of the exception
the cause to be considered for the exception. Label the state-
with your tax records.
ment “Form 10 Attachment” at the top center of the page.
Exception 1—Farmers and commercial fishermen.
Exception 4—Underpayment due to unusual circumstances.
If at least two-thirds (66.7 percent) of your 2010 or 2011 total
No interest is due if your underpayment is due to a casualty,
gross income is from farming or fishing, you don’t have to
disaster, or other unusual circumstance. Unemployment
pay underpayment interest.
does not qualify as an unusual circumstance. Books and
records that are destroyed by fire, flood, or other natural
Gross income includes items such as wages, interest, and
disaster may qualify as an unusual circumstance. Unusual
dividends. It also includes gross income from rentals, royal-
circumstances will be determined on a case-by-case basis.
ties, businesses, farming, fishing, and the sale of property.
The extent of your effort to comply with the law will be con-
When figuring gross income, subtract only the cost of goods
sidered. Attach a statement to your Oregon return explaining
sold. When figuring gross income on the sale of property,
the cause to be considered for the exception. Label the state-
subtract only the adjusted basis or cost.
ment “Form 10 Attachment” at the top center of the page.
Farmers. Use the amounts on the following lines of both
Exception 5—S corporation shareholders.
your 2010 and 2011 federal income tax returns to determine
your gross income from farming:
No interest is due on underpayment of S corporation income
as a shareholder if:
• Federal Schedule F, line 9;
• Federal Schedule E, line 42;
• The income is for the first year S corporation status is
• Federal Form 4797, line 20. (Include only sales of live-
elected; and
stock held for drafting, breeding, dairy, or sporting
• You’re a nonresident for 2011; or
purposes.)
• You were a part-year resident for 2010.
Fishermen. Use the amounts on the following lines of both
Contact us to see if you meet this exception.
your 2010 and 2011 federal income tax returns to determine
your gross income from fishing:
PART A—Figure your required annual payment
• Federal Schedule C, line 5;
Line 2. Fill in your 2011 net income tax amount from Form
• Federal Schedule C-EZ, line 1;
40, line 41; or Form 40N or 40P, line 58.
• Federal Schedule E, line 42.
Line 3. Fill in your total 2011 refundable tax credit amounts
Exception 2—Prior year.
from Form 40, lines 44–46; or Form 40N or 40P, lines 62–64.
You meet this exception if all of the following are true:
Line 6. Fill in only your Oregon income tax withheld from
income. Don’t include any estimated tax payments.
• You were a full-year Oregon resident in 2010; and
• Your net income tax for 2010 was -0- or you were not
Line 8. Enter your 2010 tax after all credits, Form 40, line 41
required to file a return for 2010; and
minus lines 44–46; or Form 40N or 40P, line 58 minus lines
• Your tax year was a full 12 months.
62–64. If your 2010 tax after credits is less than zero, enter -0-.
Your 2010 net income tax is your Oregon income tax after
If you didn’t file a return for 2010, or your 2010 return was
tax credits, including refundable tax credits, but before
not timely filed (including extensions), or your 2010 tax year
150-101-031 (Rev. 12-11)
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