Worksheet Cr - Claim Of Right Income Repayments Page 7
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9deduction flow through for Oregon or claim the credit. When she refigures her 2009 Oregon Form 40N tax for the credit
worksheet, Megan will deduct $30,000 from income in the federal column and $20,000 from income in the Oregon column.
Example 6: Megan’s claim of right credit worksheet
1.
Enter your Oregon taxable income, as amended or adjusted, for the year the
income was taxed (Form 40, line 28 or Form 40S, line 12). Form 40N or 40P
filers, skip to line 4 ................................................................................................... 1.
$0
2.
Enter the amount of income you repaid in the tax year for which you are
calculating the credit ............................................................................................... 2.
0
3.
Line 1 minus line 2. This is your Oregon taxable income without the
repaid income ........................................................................................................... 3.
0
4.
Form 40 or 40S filers—Enter the tax from the tax tables or rate charts for the
Oregon taxable income on line 3. Use the tables or charts from the year the
income was taxed. This is what your Oregon tax before credits would have
been without the income you repaid.
Form 40N or 40P filers—Enter your Oregon tax before credits from the return
you completed without the income that was repaid (Form 40N, line 53; or
Form 40P, line 52) ...................................................................................................... 4.
3,470
5.
Enter your Oregon tax before credits from the return you filed, as amended
or adjusted (Form 40, line 32; Form 40S, line 13; Form 40N, line 53; or Form
40P, line 52) ................................................................................................................ 5.
5,250
6.
Line 5 minus line 4. This is your Oregon claim of right credit. Include this
amount on the estimated payment line the year you made the repayment and
check the box (Form 40, line 43; Form 40N or 40P, line 60) ................................ 6.
$1,780
Megan completes the worksheet and determines that the tax difference in 2009 on the $20,000 of repaid income is $1,780.
Megan’s 2012 Oregon claim of right credit is $1,780.
Now Megan needs to use the addition worksheet to figure the Oregon addition required if she takes the Oregon claim of
right credit.
Example 6: Megan’s addition worksheet for deduction on Schedule A
1. Form 40 filers—Enter your net Oregon itemized deductions from line 25.
Form 40N or 40P filers—Enter your Oregon itemized deductions from line
43* ................................................................................................................................. 1.
$42,000
2. Enter the federal deduction for claim of right included on federal Schedule
A, line 28 ...................................................................................................................... 2.
30,000
3. Line 1 minus line 2. This is your Oregon itemized deductions without the
claim of right deduction ............................................................................................ 3.
12,000
4. Enter your Oregon standard deduction (Form 40, line 26; Form 40N or 40P,
line 44) .......................................................................................................................... 4.
3,265
5. Is line 3 larger than line 4?
ü
Yes. Enter zero.
No. Enter line 4 minus line 3 .............................................................................. 5.
0
6. Line 2 minus line 5. This is your Oregon addition if you take the Oregon
Claim of Right credit instead of allowing the deduction to flow through ........ 6.
$30,000
Since Megan’s itemized deductions are still more than the standard deduction, she needs to add back the whole repayment
amount of $30,000. Next she’ll complete the deduction worksheet.
Before Megan can complete the deduction worksheet she must complete two 2012 Oregon Form 40N returns. The first return
she completes is a 2012 Form 40N adding back the federal deduction as a negative amount on line 46 using code 649. Her tax
before credits on Form 40N, line 53 is $3,783. Megan completes a second 2012 Form 40N with the federal deduction included
in itemized deductions and determines her tax before credits is $2,163.
Do not attach this worksheet to your Oregon return. Keep it with your tax records.
150-101-168 (Rev. 12-14)
Page 7
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