Political Contribution Credit - (code 809)
Oregon law allows a tax credit for political contributions. You may not claim this credit if your federal adjusted gross income exceeds $200,000 on a jointly filed return, or $100,000 on all other returns.
To qualify, you must have contributed money in the tax year you claim the credit. You must reduce the amount of your contribution by the fair market value (FMV) of any items or services you receive in exchange for your contribution. Contributions of goods or services do not qualify. Keep receipts from the candidate or organization with your tax records. You can use copies of cancelled checks as your receipt.
Your credit is equal to your contribution, limited to $100 on a joint return or $50 on a single or separate return. The $3 check-off on the Oregon tax return does not qualify for this credit.
Standard Credits (non-refundable)
Mutually Taxed Gain on Sale of Residential Property (code 806)
If you sell your home and pay tax to Oregon taxable gain will be the same as your federal taxable gain. Generally, any gain will also be excluded on your Oregon return.
Exception: If you were renting out a house and then converted it to your personal residence, the Oregon basis may be different from the federal basis due to depreciation differences.
You may qualify for this credit only if the gain on the sale of your residential property is taxed by both Oregon and another state or country. You may claim either this credit or the credit for income taxes paid to another state, but not both. You aren’t eligible to claim this credit if you qualify for a credit for taxes paid to another state on the other state’s tax return.
Credit for Taxes Paid to Another State - (code 802)
If you pay tax to Oregon and another state on the same income, you have “mutually-taxed income.”
In certain circumstances, you may be able to claim a credit on your Oregon return for income taxes paid to another state. Only take a credit for tax paid to another state if Oregon taxed the income and the other state also had a right to tax the same income. For instance, if you live in Oregon, other states cannot tax your pension income. Only the state you live in can tax your pension income. If you pay tax to another state on your pension income, you cannot take a credit for that tax.
If you were a full-year Oregon resident: You may claim the credit on your Oregon return only if you pay tax on the same income to both Oregon and a state other than Arizona, California, Indiana, or Virginia. If you are a full-year Oregon resident with income that is taxed by Arizona, California, Indiana, or Virginia, you must claim the credit on the nonresident return that you file with that state; don't claim the credit on your Oregon return.
This credit is only for state income tax. You cannot claim this credit for city or county income tax, sales, tax, alternative minimum tax (AMT), property tax, or other state taxes that aren't based on income.
Your credit for a full-year resident is the smallest of the following:
* Your Oregon tax after all other credits; or
* The tax you actually paid to the other state.
[#AFFILIATE#] will automatically calculate this credit for your Resident Oregon return when you add a Nonresident other state return to your account. If you have a Part-Year Oregon return, you will need to manually enter the information asked within the Oregon state program.
Oregon Cultural Trust Contributions (code 807); Oregon Veterans' Home Physicians - (code 808); Reservation Enterprise Zone - (code 810); Rural Emergency Medical Technicians (code 812);
Rural Health Practioners (code 813) - Please refer to the instructions for Oregon Publication 17 for complete instructions for the Standard Credits.
Retirement Income Credit - (code 811)
If you were age 62 or older on December 31, 2017, and receiving taxable retirement income, you may qualify for this credit. Retirement income includes payments in Oregon taxable income from:
* State or local government public pensions.
* Employee pensions.
* Individual retirement plans.
* Employee annuity plans.
* Deferred compensation plans including defined benefits, profit sharing, and 401(k)s.
* Federal pensions (includes military) not subtracted from Oregon taxable income.
How do you qualify for the credit?
* Your household income is less than $22,500 ($45,000 if married filing jointly), and
* Your Social Security benefits and/or Tier 1 Railroad Retirement Board benefits are less than $7,500 ($15,000 if married filing jointly), and
* Your household income plus your Social Security and/or Tier 1 Railroad Retirement Board benefits is less than $22,500 ($45,000 if married filing jointly).
You can claim this credit or the credit for the elderly or the disabled, but not both.
What's included in household income?
Household income generally includes all income (both taxable and nontaxable) each spouse received during the year. Household income includes gross income reduced by adjustments as reported in your federal adjusted gross income (AGI).
You also need to include items not in your federal AGI. These items include but are not limited to:
* Veteran’s and military benefits.
* Gifts and grants (total amount minus $500).
* Disability pay.
* Nontaxable dividends (other than “return of capital”).
* Insurance proceeds.
* Nontaxable interest.
* Lottery winnings.
* Railroad Retirement Board benefits (Tier 2 only).
* IRA conversions included in AGI.
Do not include:
* Social Security and/or Tier 1 Railroad Retirement Board benefits.
* Your state tax refund.
* Pension income excluded from federal AGI that is a return of your contributions.
* Pensions that are rolled over into an IRA that are not included in AGI.
To determine household income, you must separate income (or loss) from businesses, farms, rentals or royalties, and dispositions of tangible or intangible property. Combine all income from similar sources for net income or loss. Any net loss from the source is limited to $1,000. Net operating loss carrybacks or carryforwards are not allowed. Capital loss carryforwards are not allowed.
If the combined total of your depreciation, depletion, and amortization deductions is more than $5,000, you must add the excess back into household income. You must also increase your household income by the Oregon income tax modification for depletion in excess of basis.
Oregon Carryforward Credits:
These credits are not refundable. They can't exceed your tax liability for the current tax year, but you may carry forward the unused amount to a later tax year. Please refer to Oregon Publication 17 for instructions for the specific credit you are claiming for specific details.
[#AFFILIATE#] supports the following carryforward credits:
Agriculture Workforce Housing (code 835)
Agriculture Workforce Housing Loans (S corporation) (list on Oregon K-1)
Alternative Fuel Vehicle Auction (code 865)
Alternative Qualified Research Activities (code 837)
Biomass Production/Collection (code 838)
Business Energy (code 839)
Child and Dependent Care (code 840)
Child Care Fund Contributions (code 841)
Contribution of Computers or Scientific Equipment for Research (code 842)
Crop Donation (code 843)
Electronic Commerce Zone Investment (code 845)
Employer Scholarship (code 847)
Employer-provided Dependent Care Assistance (code 846)
Energy Conservation Loans to Residents Fuel Oil Customers (code 848)
Energy Conservation Projects (code 849)
Fish Screening Devices (code 850)
Individual Development Account Donation (code 852)
Long Term Enterprise Zone Facilities (S corporation) (code 853)
Lender's Credit: Affordable Housing (S corporation) (code 854)
Oregon Low Income Community Jobs Initiative (code 855)
Oregon Production Investment Fund (code 856)
Pollution Control Facilities (code 857)
Qualified Research Activities (S corporation) (code 858)
Renewable Energy Development Contributions (code 859)
Renewable Energy Resource Equipment Manufacturing Facility (code 860)
Residential Energy (code 861)
Transportation Projects (code 863)
Rural Technology Workforce Development
University Venture Fund (code 864)
Oregon Working Family Household and Dependent Care Credit (code 895); Mobile Home Credit (code 891); Claim of Right Income Repayment (code 890) - Please refer to the instructions for Oregon Publication OR-17, to see a complete instructions for theses Standard Credits.
Oregon surplus credit (kicker). Oregon’s surplus credit, known as the “kicker” will be claimed as a credit on your 2017 tax return. The credit is a percentage of your 2016 tax liability. If you choose to donate your kicker credit to the Oregon State School Fund please complete the information in the state section Credits > Refundable Credits > Surplus Credit (Kicker).
To claim the Kicker Credit in the [#AFFILIATE#] program, go to the State Section > Credits > Refundable Credits > Surplus Credit (Kicker). You need to enter your filing status, tax and credit for taxes paid to another state (if applicable).