- 7 -
|
• You file a return showing taxes owing, or we assess an
existing deficiency, and Schedule 2—Fiduciary adjustment
• The tax assessed isn’t paid within 60 days after the return
This schedule is for figuring net Oregon modifications to
is filed or the notice of assessment is issued, and federal taxable income.
• You haven’t filed a timely appeal.
Line 8. Federal income tax subtraction. To figure the sub-
Line 25. Total due. You may pay online at www.oregon. traction, deduct the amount on federal Form 1041, Schedule
gov/dor or enclose a check or money order with your G, lines 6 and 7, from the amount on federal Form 1041, line
return payable to “Oregon Department of Revenue.” Write 24. For additional federal tax paid for years before 2022, see
your daytime phone number, FEIN, and your filing period instructions for Schedule 2, line 11.
on your check. Don’t send cash or postdated checks. Don’t
use red, purple, or gel ink pens. Don’t include a payment ORS 316.695 limits the amount of federal tax subtraction
voucher with your return. allowed on an Oregon Form OR-41 return. The limitation
is based on the federal taxable income of the trust. This
Note: Any payments received after the original due date amount is shown on Schedule 1, line 2 of the Oregon Form
will be applied first to penalty, then to interest, and then to OR-41. The allowable subtraction is between $0 and $7,250.
tax. [ORS 305.265(13)].
Use the federal taxable income from Form OR-41, Sched-
Line 26. Refund. We can’t apply your fiduciary income tax ule 1, line 2 to calculate the maximum allowable federal
refund as a payment to your next tax year. Don’t write in tax subtraction based on the following table to compute the
any instructions for refund application on line 26. amount to enter on Form OR-41, Schedule 2, line 8:
Income level Maximum
Schedule 1—Oregon changes subtraction allowed
Federal taxable income is less than $125,000 $7,250
Line 1. Distributable net income. Enter the amount from
Federal taxable income is greater than or equal
federal Form 1041, Schedule B, line 7. to $125,000 and less than $130,000 $5,800
Line 2. Taxable income of fiduciary. Enter the amount from Federal taxable income is greater than or equal $4,350
to $130,000 and less than $135,000
federal Form 1041, line 23.
Federal taxable income is greater than or equal
Line 3. Other changes. Changes include differences between to $135,000 and is less than $140,000 $2,900
the federal return and the Oregon return in gains or losses Federal taxable income is greater than or equal $1,450
from the sale of property. Also use this line to report differ- to $140,000 and is less than $145,000
ences in capital gains from the sale of farm use and forest Federal taxable income is greater than or equal $0
to $145,000
use lands acquired from a decedent who died before 1987.
Enter the amount in column B. Also enter the amount in Enter the lesser of the amount computed above or the
column A if an authorized distribution was made, and the amount shown on federal Form 1041, line 24 less federal
gains qualify for inclusion in distributable net income. Form 1041, Schedule G, lines 6 and 7.
Electing small business trust. Amounts not included in Line 9. Interest on U.S. obligations. Enter the amount of
federal distributable net income of an electing small busi- interest from U.S. government obligations included in fed-
ness trust under IRC Section 641(c) must be included in col- eral income and not otherwise deducted. U.S. government
umn B, line 3. interest received from another fiduciary should be sub-
tracted on Schedule 2, line 11 in that fiduciary’s adjustment.
Reduced-rate tax on qualifying income. If you qualify for
Don’t subtract that income a second time on this line. The
a reduced tax rate for qualifying income from farm NLTCG
total of interest or dividends from U.S. obligations included
or a PTE, report the amount of income that is being taxed at
on federal Form 1041 must be reduced by the deductions
a different rate on line 3 as a negative number. If you qual-
allocable to such income (see federal Form 1041 instruc-
ify for more than one of these, add the total income subject tions). Use the same formula to allocate deductions to U.S.
to a different rate and report it all on this line as a negative government interest.
number. Be sure to include a schedule showing how you
computed the amount of income shown on this line. Line 10. Oregon income tax refund included as income on
federal Form 1041.
Line 6. Oregon changes distributed. Enter Oregon changes
from column A, line 3, that were distributed to the ben- Line 11. Total other subtractions. Enter other subtractions
eficiaries. Enter zero if the amount on federal Form 1041, that don’t have a specific line. Use Schedule OR-ASC-FID,
Schedule B, line 8 or line 11, is less than the amount on Section 2, to report the amount and description of each item
Schedule B, line 7. not reported elsewhere on your return. See Appendix A for
a list of other subtractions. The total of all “Other subtrac-
The total of this line, plus the amounts from federal Form tions” from Schedule OR-ASC-FID, Section 2, is entered on
1041, Schedule B, lines 12 and 15, can’t exceed the amount Form OR-41, Schedule 2, line 11. Refer to Publication OR-17
on Schedule B, line 8 or 11. for additional information about subtractions. Note: All
150-101-041-1 (Rev. 10-06-22) 7 2022 Form OR-41 Instructions
|