Oregon Schedule K-1 - Distributive Share Of Income, Deductions, Credits, Etc. For Individual Owners Of Pass-Through Entities - 2014 Page 3

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in column (b) of this schedule in the Oregon column of your Form
For part-year residents, Oregon taxes all PTE income received
40N along with any other Oregon source income. Important: You
while an Oregon resident. For the portion of the year you are a
are not required to file an Oregon return if you participated in a
nonresident, Oregon only taxes income from Oregon sources.
Form OC filed by this PTE unless you have other Oregon source
Therefore, a part-year resident may need to modify the amounts
income to report. The Form OC was filed and the tax was already
reported in column (b) before entering on Oregon Form 40P.
paid by the PTE on your behalf. If you have other Oregon source
If your residency status changes, be sure to notify the PTE.
income, see page 5 of the Form OC instructions. The payment
shown on line 21 of this schedule was Oregon tax paid on your
behalf by this PTE when they filed for you. You can use this infor-
mation to claim state taxes paid as an itemized deduction on your
federal return and to calculate a credit for taxes paid to another
state if your resident state also taxes your income.
If you have questions about the PTEs requirements to file or pay
taxes on your behalf and how they affect you, see the Form OC
and Form OR-19 instructions.
Full-year Oregon residents—You are taxed by Oregon on all
of your income from the PTE even if the income is apportioned
between Oregon and other states. Report your federal adjusted
gross income on line 8 of Form 40 and report Oregon addition
and subtraction amounts as shown in column (a) of this schedule.
Report the credits on the appropriate line of your Form 40. Use the
appropriate code as shown on attached schedules or as listed in
our 2014 Publication 171/2.
150-101-002 (Rev. 12-14)

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