Fillable Printable 2014 Form 10, Underpayment Of Estimated Tax, 150-101-031
Fillable Printable 2014 Form 10, Underpayment Of Estimated Tax, 150-101-031
2014 Form 10, Underpayment Of Estimated Tax, 150-101-031
1
150-101-031 (Rev. 12-14)
General information
Oregon law requires withholding or estimated tax payments as income is earned. Interest is charged if you underpay or are
late. Use this form to determine if you owe underpayment interest.
For more information on who must pay estimated taxes, see Form 40 ESV instructions.
Do I Owe Interest on Underpayment of 2014 Estimated Tax Payments?
Do you owe $1,000 or more after withholding and
refundable tax credits on your 2014 Oregon income tax
return?
If yes
If yes
If no
Start here
If no
2014
OREGON
Form 10 and Instructions for
Underpayment of Estimated Tax
Do you qualify for one of the five exceptions listed on
page 2?
Do not file Form 10. You are not required to pay interest
on underpayment of 2014 estimated tax.
Complete parts A, B, and C of Form 10 to figure your required payments and appropriate method. You will also figure any
amount you underpaid and any interest due. Attach Form 10 to your Oregon income tax return. Check the box on your Oregon
return to show Form 10 is attached.
No interest is due on your underpayment of estimated
tax. Write in the exception number from page 2 that
you are claiming on Form 40, box 51a; or Form 40N or
40P, box 69a.
Estimated payments at a glance
Required annual payment means the total amount of required installment payments for the tax year that is the lesser of:
• 90 percent of the net tax shown on your 2014 Oregon return, or
• 100 percent of the tax shown on your 2013 Oregon return (commonly called Safe Harbor).
Required installment payment means the amount of the payment that is due for each payment period for the tax year using
one of the following methods:
• Regular Installment—an amount, in each period, equal to 25 percent of the required annual payment; or
• Annualized Installment—the annualized amount that would be due only on the actual income earned in that period
(this method may benefit taxpayers who don’t receive their income evenly throughout the year or part-year residents).
The total for the required installment payments must equal the required annual payment amount.
Required installment payment due dates:
April 15, 2014 June 16, 2014 September 15, 2014 January 15, 2015
2
150-101-031 (Rev. 12-14)
General information
Oregon law requires withholding or estimated tax payments
as income is earned. Interest is charged if you underpay or
are late. Use this form to determine if you owe underpay-
ment interest.
For more information on who must pay estimated taxes, see
Form 40 ESV instructions.
Instructions
These instructions are for lines not fully explained on the form.
Line 1—Claiming an exception
If you qualify for one of the following exceptions, enter the
exception number on Form 40, line 51a; or Form 40N or Form
40P, line 69a; and on line 1 of your Form 10. Keep proof of
the exception with your tax records.
Exception 1—Farmers and commercial fishermen.
If at least two-thirds (66.7 percent) of your 2013 or 2014 total
gross income is from farming or fishing, you don’t have to
pay underpayment interest.
Gross income includes items such as wages, interest, and
dividends. It also includes gross income from rentals, royal-
ties, businesses, farming, fishing, and the sale of property.
When figuring gross income, subtract only the cost of goods
sold. When figuring gross income on the sale of property,
subtract only the adjusted basis or cost.
Farmers. Use the amounts on the following lines of both
your 2013 and 2014 federal income tax returns to determine
your gross income from farming:
• Federal Schedule F, line 9;
• Federal Schedule E, line 42;
• Federal Form 4797, line 20. (Include only sales of livestock
held for drafting, breeding, dairy, or sporting purposes.)
Fishermen. Use the amounts on the following lines of both
your 2013 and 2014 federal income tax returns to determine
your gross income from fishing:
• Federal Schedule C, line 5;
• Federal Schedule C-EZ, line 1;
• Federal Schedule E, line 42.
Exception 2—Prior year.
You meet this exception if all of the following are true:
• You were a full-year Oregon resident in 2013; and
• Your net income tax for 2013 was -0- or you were not
required to file a return for 2013; and
• Your tax year was a full 12 months.
Your 2013 net income tax is your Oregon income tax after
tax credits, including refundable tax credits, but before
withholding, estimated tax payments, or payments made
with an extension.
Note: If you were a nonresident or a part-year resident in
2013, you can’t use this exception. However, you may be
able to use the prior year tax to determine your required
annual payment. See Part A instructions on this page.
Exception 3—Retired or disabled AND have a reasonable
cause for the underpayment.
You meet this exception if:
• There was reasonable cause for underpaying your esti-
mated tax, AND
— You retired at age 62 or older during 2013 or 2014, or
— You became disabled during 2013 or 2014.
Reasonable cause will be decided on a case-by-case basis.
The extent of your effort to comply with the law will be con-
sidered. Attach a statement to your Oregon return explaining
the cause to be considered for the exception. Label the state-
ment “Form 10 Attachment” at the top center of the page.
Exception 4—Underpayment due to unusual circumstances.
No interest is due if your underpayment is due to a casualty,
disaster, or other unusual circumstance. Unemployment
does not qualify as an unusual circumstance. Books and
records that are destroyed by fire, flood, or other natural
disaster may qualify as an unusual circumstance. Unusual
circumstances will be determined on a case-by-case basis.
The extent of your effort to comply with the law will be con-
sidered. Attach a statement to your Oregon return explaining
the cause to be considered for the exception. Label the state-
ment “Form 10 Attachment” at the top center of the page.
Exception 5—S corporation shareholders.
No interest is due on underpayment of S corporation income
as a shareholder if:
• The income is for the first year S corporation status is
elected; and
• You’re a nonresident for 2014; or
• You were a part-year resident for 2013.
Contact us to see if you meet this exception.
PART A—Figure your required annual payment
Line 2. Fill in your 2014 net income tax amount from Form
40, line 41; or Form 40N or 40P, line 58.
Line 3. Fill in your total 2014 refundable tax credit amounts
from Form 40, lines 43a, 43b, and lines 44–46; or Form 40N
or 40P, lines 60a, 60b, and lines 62–64.
Line 6. Fill in only your Oregon income tax withheld from
income. Don’t include any estimated tax payments.
Line 8. Enter your 2013 tax after all credits, Form 40, line 41
minus the amounts claimed on line 43 for the wolf depreda-
tion and claim of right credits, minus lines 44–46; or Form
40N or 40P, line 58 minus the amounts claimed on line 60
for the wolf depredation credit and claim of right credit,
minus lines 62–64. If your 2013 tax after credits is less than
zero, enter -0-.
If you didn’t file a return for 2013, or your 2013 tax year was
less than 12 months, don’t complete line 8. Enter the amount
from line 5 on line 9. Note: If you were a part-year resident
3
150-101-031 (Rev. 12-14)
or nonresident in 2013 and you have a tax year of 12 months,
you may use the tax shown on your 2013 Form 40N or 40P,
line 58 minus the amounts claimed on line 60 for the wolf
depredation credit, claim of right credit, minus lines 62–64.
PART B—Figure your required installment
payment
Line 11. Divide line 9 by four and enter the amount in
each column. If you moved into or out of Oregon in 2014, use
the column(s) that correspond to the dates you lived in Oregon.
Divide the amount on line 9 by the number of periods you
were a resident of Oregon. This is your required regular
installment payment for the period.
OR
If you annualized your income using the Annualized Income
Worksheet on the back of Form 10, enter the amounts from
line 31 of the worksheet instead of four equal payments.
These are your required annualized installments. If you
annualize, check box 51b on Form 40, or 69b on Form 40N
or 40P.
PART C—Figure your interest
Interest is calculated on the balance of tax due (running bal-
ance) between event dates. The required payments due on
April 15, 2014, June 16, 2014, September 15, 2014, and Janu-
ary 15, 2015, increase your running balance. Withholding
and estimated payments decrease your running balance.
Underpayment interest accrues until the balance is paid in
full or April 15, 2015, whichever is earlier. Interest will con-
tinue to accrue on any tax due after April 15, 2015, and will
be computed separately.
Date and amount columns
Lines 12, 17, 22, and 28. Enter your required payments from
line 11 in the Amount column for each corresponding period.
If the required payment is zero, enter -0-.
Lines 13, 18, 23, and 29. Fill in one quarter of the Oregon
income tax withheld from your income. Enter the figure
in the Amount column for the four withholding payment
dates. If you did not have any withholding during that
period, enter -0-. Withholding is considered to be paid in
equal amounts on the required payment dates (usually four),
unless you prove otherwise.
Lines 14, 15, and 16. Enter the dates and amounts of any
estimated payments you made before June 16, 2014, in date
order. All payments made on or before April 15, 2014, can be
added together and entered on line 14.
Lines 19, 20, and 21. Enter the dates and amounts of any
estimated payments you made from June 16, 2014, through
September 14, 2014, in date order.
Lines 24, 25, and 26. Enter the dates and amounts of any
estimated payments you made from September 15, 2014,
through January 14, 2015, in date order.
Lines 30, 31, and 32. Enter the dates and amounts of any esti-
mated payments you made from January 15, 2015, through
April 14, 2015, in date order.
Running balance column
Running balance is the amount of tax due at any given time
during the year. Start on line 12 and work your way down.
The required payments on lines 12, 17, 22, and 28 increase
your running balance. Withholding and estimated payments
on the other lines decrease your running balance. If there is
no withholding payment for the period, your running bal-
ance will be the same as shown on the required payment line.
The rate change on line 27 has no effect on your running bal-
ance. Your running balance can be positive, negative, or zero.
Example 1: Catelyn has a required payment of $5,000 every
period. Her total withholding is $14,000 for 2014 ($3,500 each
period). Catelyn made estimated tax payments of $2,500 on
May 16, 2014, and July 15, 2014, and $3,000 on August 15,
2014. Catelyn’s running balance as of September 15, 2014, is
negative $3,500.
No. of Monthly No. of Daily Interest
Date Event Amount Running balance months rate days rate due
12. 4/15/14 Req. pymt. $5,000.00 $5,000.00
13. 4/15/14 Withholding $3,500.00 $1,500.00 0.003333 0.000110
14. 5/16/14 Payment $2,500.00 ($1,000.00) 0.003333 0.000110
15. Payment 0.003333 0.000110
16. Payment 0.003333 0.000110
17. 6/16/14 Req. pymt. $5,000.00 $4,000.00
18. 6/16/14 Withholding $3,500.00 $500.00 0.003333 0.000110
19. 7/15/14 Payment $2,500.00 ($2,000.00) 0.003333 0.000110
20. 8/15/14 Payment $3,000.00 ($5,000.00) 0.003333 0.000110
21. Payment 0.003333 0.000110
22. 9/15/14 Req. pymt. $5,000.00 $0.00
23. 9/15/14 Withholding $3,500.00 ($3,500.00) 0.003333 0.000110
Example 1. Date, amount, and running balance columns
4
150-101-031 (Rev. 12-14)
Months and days columns
Count the number of full months and days between the first
event that creates a positive running balance and the next
event that changes your running balance. You will not count
the number of days between required payments and with-
holding payments because they are on the same day. Enter
the months and days in the same row as your first event.
Continue entering the number of full months and days
between events down the column until you reach the last
event that affects your running balance. Count the number of
full months and days between the last event in your column
and April 15, 2015. Underpayment interest is not calculated
past April 15, 2015, the due date of the return.
If the running balance is negative or zero, do not calculate
the number of days between the day the running balance
becomes negative or zero and the next event.
Example 2: Using the information on page 3, Catelyn does
not calculate the number of days between her first required
payment and first withholding payment. The department
recognizes her required payment and withholding on the
same day. There is one full month and one day between
Catelyn’s first withholding payment and first estimated tax
payment. Catelyn will enter “1” in the month column on line
13 and “1” in the days column on line 13.
Example 3: Using the information on page 3, Catelyn’s
estimated tax payment on May 16, 2014, creates a negative
running balance on line 14. Because she has met the required
payments to date, she will not owe further underpayment
interest this period. It is not necessary for her to calculate the
number of days between her estimated tax payment and her
required payment on June 16, 2014.
Interest column
To calculate your interest, multiply your positive running
balance by the number of full months and the monthly rate.
Add to this your positive running balance multiplied by the
number of days and the daily rate. Do not calculate interest
on a negative or zero running balance.
Example 4: On line 13, Catelyn has a running balance of
$1,500 for one month and one day. The interest that accrues
during this period totals $5.17 ([1,500 × 1 × 0.003333] + [1,500
× 1 × 0.000110]). Catelyn later has a balance of $500 for 29
days. The interest that accrues during that period totals $1.60
(500 x 29 x 0.000110).
Line 34. Add the amounts in the interest column. Round to
the nearest whole dollar and enter here and on Form 40, line
51; or Form 40N or Form 40P, line 69.
No. of Monthly No. of Daily Interest
Date Event Amount Running balance months rate days rate due
12. 4/15/14 Req. pymt. $5,000.00 $5,000.00
13. 4/15/14 Withholding $3,500.00 $1,500.00 1 0.003333 1 0.000110 5.17
14. 5/16/14 Payment $2,500.00 ($1,000.00) – 0.003333 – 0.000110
15. Payment 0.003333 0.000110
16. Payment 0.003333 0.000110
17. 6/16/14 Req. pymt. $5,000.00 $4,000.00
18. 6/16/14 Withholding $3,500.00 $500.00 – 0.003333 29 0.000110 1.60
19. 7/15/14 Payment $2,500.00 ($2,000.00) – 0.003333 – 0.000110
20. 8/15/14 Payment $3,000.00 ($5,000.00) – 0.003333 – 0.000110
21. Payment 0.003333 0.000110
22. 9/15/14 Req. pymt. $5,000.00 $0.00
23. 9/15/14 Withholding $3,500.00 ($3,500.00) – 0.003333 – 0.000110
Examples 2, 3, and 4. Months, days, and interest columns
5
150-101-031 (Rev. 12-14)
Instructions for Annualized Income
Worksheet (Form 10, page 2)
Note: Are you using the Annualized Income Worksheet to
compute your 2015 estimated tax payments? If so, see page
6 for further instructions.
Part-year residents. If you moved into or out of Oregon dur-
ing the year, use only the columns that include the dates you
lived in Oregon. You must multiply your Oregon tax (line
18), exemption credit (line 19), and prorated credits (line 20)
by your Oregon percentage.
Nonresidents. You must multiply your federal tax subtrac-
tion (line 9), itemized deductions or standard deduction (line
11 or 14), exemption credit (line 19), and prorated credits
(line 20) by your Oregon percentage.
Line 1. Enter your adjusted gross income (AGI) (Form 40, line
8; Form 40N, line 30S; or Form 40P, line 30F) received during
the period shown at the top of each column.
Example 1: Carley received wages for the entire year of 2014.
Three months’ wages belong in column A, five months in
column B, eight months in column C, and all 12 months in
column D. She also received a lump-sum distribution of
$25,000 from her IRA on July 18, 2014. Carley includes the
total amount of the distribution in columns C and D only.
If Carley received the lump-sum distribution on April 25,
2014, instead, she includes it in columns B, C, and D.
Line 2. Enter the amount of Oregon additions (Form 40, line
11; Forms 40N or 40P, line 34S) claimed during the period
shown at the top of each column.
Example 2: Payton has an Oregon addition of $6,000 for
California bond interest received in September 2014. Payton
enters the $6,000 in column D. If she received the interest at
$500 a month, she would enter $1,500 (for three months) in
column A, $2,500 (for five months) in column B, $4,000 (for
eight months) in column C, and all $6,000 (for 12 months)
in column D.
Line 6. Enter the amount of Oregon subtractions (Form
40, line 19; Forms 40N or 40P, line 37S) claimed during the
period shown at the top of each column, less the federal tax
liability subtraction.
Line 9. Compute your federal tax subtraction on your annual-
ized income using the Federal Tax Subtraction Worksheet below.
Do not use this worksheet if your federal adjusted gross
income is more than $125,000 (filing status of single/married
filing separately) or $250,000 (filing status of married filing
jointly or head of household). Use the worksheet in the 2014
Form 40 instructions, page 14.
If you are filing Form 40N, multiply your federal tax sub-
traction by your Oregon percentage from Form 40N, line 39.
Line 11. Enter only the amount of your net Oregon itemized
deductions claimed for the period shown at the top of each column.
Example 3: Generally, home mortgage interest is a deduction
paid evenly throughout the year. Three months of home
mortgage interest belong in column A (January, February,
and March), five months in column B, eight months in col-
umn C, and all 12 months of interest in column D.
Example 4: Medical expenses claimed as medical deductions
generally are not incurred evenly throughout the tax year.
For example, Jill made deductible payments on a hospital
bill in 2014. She made a payment of $990 in April, another
of $1,995 in June, and the final payment of $2,271 in October.
(All amounts are after the federal AGI limitation.) Jill will
Federal Tax Subtraction Worksheet (line 9 )
(A)
Jan 1
to
Mar 31
(B)
Jan 1
to
May 31
(C)
Jan 1
to
Aug 31
(D)
Jan 1
to
Dec 31
1. Enter the amount of your federal AGI for each period .................. 1
2. Annualization multiplier ...................................................................2
4 2.4 1.5 1
3. Multiply line 1 by line 2 ......................................................................3
4. Actual federal itemized deductions for each period.
If you do not itemize, skip to line 7 of this worksheet ...................4
5. Annualization multiplier ...................................................................5
4 2.4 1.5 1
6. Multiply line 4 by line 5 ......................................................................6
7. Enter the full amount of your 2014 federal standard
deduction in each column ..................................................................7
8. Enter line 6 or line 7, whichever is larger ......................................... 8
( ) ( ) ( ) ( )
9. Line 3 minus line 8 .............................................................................. 9
10. 2014 federal exemption amount (Form 1040, line 42,
or Form 1040A, line 26) ....................................................................10
( ) ( ) ( ) ( )
11. Annualized federal taxable income. Line 9 minus line 10 ........... 11
12. Federal tax on line 11 amount for each
period (use the federal tax tables) ...................................................12
13. Enter $6,350 ($3,175 if filing separately) in each column .............13
14. Enter the smaller of line 12 or 13. Also enter this amount in
each column on line 9 of the Annualized Income Worksheet .....14
6
150-101-031 (Rev. 12-14)
enter the $990 payment in column B. The April payment plus
the June $1,995 payment (totaling $2,985) will go in column
C. In column D, she will enter $5,256, the total deductible
amount of all three payments.
Line 14. If you are married/RDP filing separately and your
spouse/RDP itemizes deductions, the amount on this line is
-0-. You must itemize your deductions.
Line 18. Use the tax tables or tax rate chart in your 2014
Oregon income tax booklet. Line 17 is your annualized
Oregon taxable income for each column.
Line 20. Enter credit amounts that apply only to each period.
Example 5: Sam installed a residential alternative energy
device on September 4. He qualifies for a credit of $160. Sam
includes $160 in column D only.
Estimating your 2015 tax payments
You can use the Annualized Income Worksheet as a guide
to compute your 2015 annualized estimated tax payments.
Follow the instructions provided for the worksheet. When
completing the worksheet, be sure to use the 2015 figures for
the Oregon exemption credit, federal tax subtraction, and
tax rate charts. You can find these in our publication, Oregon
2015 Instructions for Estimated Income Tax and Form 40-ESV
Payment Voucher. To order, call the following numbers.
When completing the Annualized Income Worksheet, line
25, enter all previous 2015 estimated tax payments in col-
umns B, C, and D. Do not complete the worksheet past line
26. This is your required estimated tax payment for each
period of 2015. Questions? See the following numbers to call.
Have questions? Need help?
General tax information ...................... www.oregon.gov/dor
Salem ................................................................. 503-378-4988
Toll-free from an Oregon prefix ..................1-800-356-4222
Asistencia en español:
En Salem o fuera de Oregon .......................... 503-378-4988
Gratis de prefijo de Oregon ........................1-800-356-4222
TTY (hearing or speech impaired; machine only):
Salem area or outside Oregon ....................... 503-945-8617
Toll-free from an Oregon prefix ..................1-800-886-7204
Americans with Disabilities Act (ADA): Call one of the help
numbers above for information in alternative formats.
150-101-031 (Rev. 12-14)
7
EXCEPTION TO PAYING INTEREST
1. I am claiming an exception to the imposition of estimated payment interest because I qualified
for relief under ORS 316.573 or 316.587. Write in the exception number you are claiming here
and on Form 40, box 51a; or Form 40N or Form 40P, box 69a ........................................................................ 1
2014
FORM
10
Underpayment of
Oregon Estimated Tax
File with your 2014 Oregon individual income tax return
Name
Social Security number
– –
Exception No._______
PART A—Figure your required annual payment
2. 2014 net income tax from Form 40, line 41; or Form 40N or Form 40P, line 58 ............................................... 2
3. 2014 refundable tax credit amounts you claimed on Form 40, wolf depredation, claim of right and lines 44–46;
or Form 40N or Form 40P, wolf depredation, claim of right and lines 62–64 ..........................................................3
4. Line 2 minus line 3
............................................................................................................................................. 4
5. Multiply line 4 by 90% (0.90) ............................................................................................ 5
6. 2014 Oregon income tax withheld from income ................................................................................................ 6
7. Line 4 minus line 6. If less than $1,000, stop here! You do not owe underpayment interest .......................... 7
8. Enter your 2013 Oregon tax after all credits (include refundable). You must have filed an Oregon return ........ 8
9. Required annual payment. Enter the smaller of line 5 or line 8 ....................................................................... 9
Note: If line 6 is equal to or more than line 9, stop here! You do not owe underpayment interest. Attach this form to your return.
.00
.00
.00
.00
.00
.00
.00
.00
A
April 15, 2014
B
June 16, 2014
C
Sept. 15, 2014
D
Jan. 15, 2015
PART B—Figure your required installment payment
10. Payment period due date ............................................................ 10
11. Divide the amount on line 9 by four and enter the amount
in each column, or if you use the Annualized Income
Worksheet on the back of this form, enter the amounts
from line 31 here (see instructions), and check box 51b on
Form 40 or 69b on Form 40N or 40P .......................................... 11
PART C — Figure your interest (See page 3 of the instructions)
No. of Monthly No. of Daily Interest
Date Event Amount Running balance months rate days rate due
12.
4/15/14 Req. pymt. . .
13. 4/15/14 Withholding . . 0.003333 0.000110 .
14. Payment . . 0.003333 0.000110 .
15. Payment . . 0.003333 0.000110 .
16. Payment . . 0.003333 0.000110 .
17. 6/16/14 Req. pymt. . .
18. 6/16/14 Withholding . . 0.003333 0.000110 .
19. Payment . . 0.003333 0.000110 .
20. Payment . . 0.003333 0.000110 .
21. Payment . . 0.003333 0.000110 .
22. 9/15/14 Req. pymt. . .
23. 9/15/14 Withholding . . 0.003333 0.000110 .
24. Payment . . 0.003333 0.000110 .
25. Payment . . 0.003333 0.000110 .
26. Payment . . 0.003333 0.000110 .
27. 1/15/15 Rate chg. .
28. 1/15/15 Req. pymt. . .
29. 1/15/15 Withholding . . 0.003333 0.000110 .
30. Payment . . 0.003333 0.000110 .
31. Payment . . 0.003333 0.000110 .
32. Payment . . 0.003333 0.000110 .
33. 4/15/15 — Do not calculate interest after April 15, 2015 —
34. Total interest due. Add the amounts in the interest column. Round to the nearest
whole dollar and enter here and on Form 40, line 51; or Form 40N or Form 40P, line 69 .............................. 34
.00
Clear Form
150-101-031 (Rev. 12-14)
8
1. Enter your adjusted gross income for each period
(see instructions) .......................................................................... 1
2. Oregon additions for each period (see instructions) .................... 2
3. Add lines 1 and 2 .......................................................................... 3
4. Annualization multiplier ................................................................ 4
5. Annualized Oregon income. Multiply line 3 by line 4 .................... 5
6. Oregon subtractions for each period (except federal tax) ............ 6
7. Annualization multiplier ................................................................ 7
8 Annualized Oregon subtractions. Multiply line 6 by line 7 ............8
9. Federal tax from the worksheet on page 5 of the instructions ..... 9
10. Total subtractions. Add lines 8 and 9 ......................................... 10
11. Enter your net Oregon itemized deductions for each
period. If you do not itemize, enter -0- and skip to line 14
(see instructions) ........................................................................ 11
12. Annualization multiplier .............................................................. 12
13. Annualized net Oregon itemized deductions.
Multiply line 11 by line 12 ........................................................... 13
14. In each column, enter the full amount of your Oregon
standard deduction .................................................................... 14
15. Enter line 13 or 14, whichever is larger ...................................... 15
16. Total deductions. Add lines 10 and 15 ....................................... 16
17. Annualized Oregon taxable income. Line 5 minus line 16 .......... 17
18. Oregon tax for the amount on line 17 (see tax tables or
tax rate chart in the 2014 tax booklet) ........................................ 18
19. Exemption credit (not annualized) from Form 40, line 33;
Form 40N, line 54; or Form 40P, line 53 ..................................... 19
20. Enter the credits for each period. Do not include
exemption credits (see instructions) ........................................... 20
21. Total credits. Add lines 19 and 20 .............................................. 21
22. Net annualized income tax. Line 18 minus line 21 ..................... 22
23. Percentage that applies for each period .................................... 23
24. Multiply line 22 by line 23 ........................................................... 24
25. Enter the sum of all amounts from the prior columns of
line 31 below (i.e., column A, line 31 amount goes in
column B, line 25) ....................................................................... 25
26. Line 24 minus line 25. If less than zero, enter -0- ...................... 26
27. *Divide line 9, Part A, by four and enter results in each column ... 27
28. Enter the amount from the previous column of line 30 below
(i.e., column A, line 30 amount goes in column B, line 28) ......... 28
29. Add lines 27 and 28 .................................................................... 29
30. If line 29 is more than line 26, line 29 minus line 26.
If line 29 is less than line 26, enter -0- ....................................... 30
31. Enter the smaller of line 26 or line 29 here and on Part B,
line 11 (see front of the form). Go to line 1 in next column ........ 31
4 2.4 1.5 1
4 2.4 1.5 1
( ) ( ) ( ) ( )
( ) ( ) ( ) ( )
22.5% 45% 67.5% 90%
2014 Form 10 Page 2
Annualized Income Worksheet
Read the instructions on page 5 before completing this worksheet. Note: Start with column A. Work down the column,
and complete lines 1 through 31 before going on to columns B, C, and D.
File this form with your 2014 Oregon Individual Income Tax Return
Have questions? See page 6 of the instructions for numbers to call.
* If you are a part-year filer, divide by the number of periods you resided in Oregon, if less than 4. (See instructions for Part B, line 11.)
( ) ( ) ( )
14 2.4 1.5
A
1/1/14
to
3/31/14
B
1/1/14
to
5/31/14
C
1/1/14
to
8/31/14
D
1/1/14
to
12/31/14
