Form 1045 for Eugene Oregon 2024-2025

Form 1045 for Eugene Oregon: What You Should Know

Learn more... Taxpayers can claim up to 15 percent of their adjusted gross income as a tax credit against their federal income tax liability. Oregon has a state tax bracket with a base level of 5% for joint filers and 4.75% for those filing separately. The brackets increase for those with higher incomes.  Individual: There is no state income tax in Oregon. You're considered self-employed if you make more than 8,850 (23,000 if single) in taxable income.  A single taxpayer earning more than 12,200 (married filing jointly) or 36,450 (married filing separately) pays no state income tax, unless specifically taxed as a corporation or as an S corporation.  A taxpayer cannot claim any expenses paid to self-employment (such as business insurance or professional liability insurance) as a business expense deduction.  The tax credit is based on the gross amount of your taxable income (before subtracting any additional income taxes paid, state and local taxes, and deductions) less any credits allowed.  If you owe the full amount of federal tax, do not receive a federal refund, you can use the tax credit to reduce your federal tax liability.  If you qualify for the credit, add the credit amount to the tax refund and claim the return.  If you qualify for the credit, subtract any additional state tax due from the tax refund and also claim the return. Use Form 540, Oregon Child and Dependent Leave, or Form 540-T with the return.  If filing using Form 540, fill in line 15 and then enter the amount of the credit for your filing status. Then check the box next to line 15 to designate that the amount of the credit will not be reported on the return. If filing using Form 540-T, fill in line 14 and then enter the amount of the credit for your filing status. Then check the box next to line 14 to designate that the amount of the credit will not be reported on the return. The state tax credit can only be refunded by applying the amount of the credit to your refund. Use Form 945 to request a refund of any Oregon state tax credit or claim a credit on your federal tax return. Once you receive your refund, contact our Employer Assistance Team with any questions and file the form electronically via our secure website.

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