Oregon - Tax Surplus Credit (Kicker) (2024)

FAQs

How does the oregon kicker credit work? ›

The kicker tax credit goes into effect when the actual state revenue exceeds the forecasted revenue by at least 2%. An amount is then returned to the taxpayers through a credit on their tax returns.

That would bring the total “kicker” rebate to $3.5 billion, which taxpayers would receive as a credit or refund on their 2023 taxes when they file in 2024.

Initial estimates suggest the median credit will be $420 and the average will be $850. Taxpayers are eligible if they filed a 2020 tax return and had tax due before credits, the state says. The kicker is triggered when actual revenue exceeds the projected revenue by at least 2%.

One likely upshot is that taxpayers will receive an even larger “kicker” tax rebate on their 2023 taxes when they file returns in 2024: $3.7 billion total, up from $3.5 billion just three months ago.

According to the Oregon Office of Economic Analysis (OEA), there was a $1.9 billion tax surplus in 2021. The kicker activates when Oregon's state revenue exceeds the expected revenue by at least 2%. When this occurs, an amount calculated by OEA is returned to the taxpayers through a credit on their tax returns.

Instead of getting separate kicker checks, the surplus will materialize as a credit on taxpayers' 2021 state personal income tax returns when they file in 2022. To calculate the amount of your credit, you can multiply your 2020 tax liability before any credits, which appears on line 22 of form OR-40, by 17.341%.

Oregon's surplus credit, known as the "kicker," will be claimed as a credit on your 2021 tax return. The credit is a percentage of your 2020 tax liability. You may donate your kicker credit to the Oregon State School Fund. See your return instructions for more information.

In March 2022, the Oregon legislature voted to approve one-time $600 payments to some residents. Taxpayers who received the earned income tax credit on their 2020 state tax return, and who lived in Oregon for the last six months of 2020, were eligible to receive one payment per household.

​No. These credits are not income and will not be reported as income on a taxpayer's 2021 tax return. These credits are advance credits of the tax year 2021 Child Tax Credit.

For every child 6-17 years old, families will get $250 each month. For every child under 6 years old, families will get $300 each month.

How is the Oregon kicker calculator? ›

The kicker law is unique to Oregon. To calculate the amount of your credit, multiply your 2020 tax liability before any credits — line 22 on the 2020 Form OR-40 — by 17.341%, a percentage determined by OEA.

“All direct deposits will be made and checks will be mailed by July 1, 2022,” the Department of Revenue said in a statement describing the payments. In passing House Bill 4157, Oregon lawmakers mandated the money be paid out by the end of July 2022.

To qualify, a member of a household must have received the Oregon Earned Income Tax Credit on their 2020 tax filing and lived in Oregon for at least the latter half of 2020. The $600 is not subject to state or federal income tax. The total amount of one-time assistance will be around $141.8 million.

Personal income tax and corporate excise tax are the most significant components of the state General Fund, and property tax is the most significant local tax in Oregon. These three taxes represent about 80% of all state and local taxes. Oregon does not have a general state sales tax.

You can visit www.oregon.gov/dor to get forms, check the status of your tax refund, or make payments. Call 503-378-4988 or 800-356-4222 (toll-free) or email questions.dor@oregon.gov for additional assistance.

Hundreds of thousands of Oregonians are eligible for the Earned Income Tax Credit but don't know it – and could be missing out on a tax credit of up to $6,935. DO I QUALIFY FOR THIS TAX CREDIT? If your income was less than $59,187 in 2022, you may be able to get this refund.

You may now check on the status of Oregon tax refunds on the DOR website. The automated phone system is still available as in past years for those who do not have computer access. That number in the Salem area is 503-378-4988 or toll free throughout the rest of Oregon at 1-800-356-4222.

Oregon usually issues refunds within 2-weeks of receipt of an electronically filed return. If you are a part-year or non-resident of Oregon, your Oregon refund will not be issued before March.

Are the federal stimulus payments taxed in Oregon? The stimulus, officially called the Economic Impact Payments, are not taxed as income in Oregon. However, the payments may impact the federal tax calculations used on your Oregon income tax return.

What is my take home pay if I make 60000 in Oregon? ›

If you make $60,000 a year living in the region of Oregon, USA, you will be taxed $14,893. That means that your net pay will be $45,107 per year, or $3,759 per month. Your average tax rate is 24.8% and your marginal tax rate is 36.6%.

More than 236,000 Oregon families will each start receiving a $600 payment this week under a new state law that aimed to aid low-income workers.

Surplus lines policies are subject to three charges, which are paid quarterly: State of Oregon Premium Tax: 2% of premium and fees/charges. State of Oregon Fire Marshal Tax: 0.3% of premium and fees/charges.

Oregon's personal exemption credit

This credit is available to you if: You can't be claimed as a dependent on someone else's return, and. Your federal adjusted gross income isn't more than $100,000 if your filing status is single or married filing separately, or isn't more than $200,000 for all others.

Nearly 20 states approved stimulus payments in one form or another in 2022, and residents in a dozen of them are still waiting for their money. If you live in one of the following 12 states and you haven't yet received a payment you qualified for, don't panic — the check might be in the mail.

Single taxpayers who earn less than $75,000 a year and couples who file jointly and make less than $150,000 a year will receive $350 per taxpayer and another $350 if they have any dependents. A married couple with children, therefore, could receive as much as $1,050.

However, you can not receive more than the tax you paid on your 2020 return. When Sent: The first refund checks were sent in May 2022. The Georgia DOR expected to have most payments sent by August. However, your payment won't be sent until you file your 2021 Georgia tax return.

Once TOP receives certification from the state of the past-due tax debt, the federal income tax refund may be taken to pay down the state debt. This process is referred to as offset.

Tier 2: Single filers who make $75,001 to $125,000 would get $250. Joint filers with an income between $150,001 and $250,000 would receive $500. If they have at least one dependent, they will receive an additional $250. About 12% of beneficiaries are in this tier.

For 2021 tax filers, an automatic rebate of $500 was sent in July to joint filers and heads of household who earned less than $150,000. A $250 rebate was sent to single filers who earned less than $75,000.

Why did I get a Treas 310 2022 deposit? ›

What's an IRS TREAS 310 bank transaction? If you receive your tax refund by direct deposit, you may see IRS TREAS 310 for the transaction. The 310 code simply identifies the transaction as a refund from a filed tax return in the form of an electronic payment (direct deposit).

If you make $120,000 a year living in the region of California, USA, you will be taxed $31,682. Your average tax rate is 16.51% and your marginal tax rate is 24%.

Will my bonus be taxed even if I claim exempt in my W4? Yes, the flat 37% rate applies even if an employee claims exemption in their federal Form W-4 from federal income tax withholding.

If you make $50,000 a year living in the region of Oregon, USA, you will be taxed $11,666. That means that your net pay will be $38,334 per year, or $3,194 per month. Your average tax rate is 23.3% and your marginal tax rate is 28.0%.

The kicker law was overwhelmingly approved by voters in 1980, but the first kicker rebate did not occur until 1985 when the calculated revenue exceeded the forecast revenue by 7.7 percent ($88.7 million). The kicker was triggered again in 1987 (16.6%, $224.2 million) and 1989 (9.8%, $175.2 million).

California: California will be giving payments of up $700 for joint filing couples earning less than $150,000 annually, with individuals qualifying for up to $350.

In March, state lawmakers approved one-time stimulus payments for certain low-income workers. Residents who claimed the Earned Income Tax Credit in 2020 received $600 payments delivered by July 31, 2022. If you have questions about the payments, call the Oregon Department of Revenue at 800-356-4222.

Oregon lawmakers on Friday approved a $600 one-time stimulus payment to low-income workers who were on the job in the early days of the pandemic. The payments would go to Oregonians who claimed the Earned Income Tax Credit in 2020, a tax break for low-income working households.

It's estimated that 90% of direct deposits will be issued in October 2022 and 95% of all refunds will be issued by the end of the year.

How do I check my Oregon stimulus status? ›

Phone: 503-378-4988 or 800-356-4222.

The data show the median home price in Oregon is lower than in Washington – $312,200 compared to $339,000 – but when compared to the median household income, paying a mortgage is less affordable in Oregon. In Oregon, residents pay 21.92% of the median income to afford a home.

Effective average tax rate: $7.00 per $1,000 of real market value for residential homes and land, giving Josephine County the lowest property tax rate in the state.

Oregon is moderately tax friendly. While the state does not tax Social Security benefits, it does tax other retirement income, like withdrawals from retirement accounts. Additionally, public and private pension income are partially taxed. Wages are taxed at standard rate and the marginal state tax rate is 9%.

Taxpayers could receive direct advance payments of their Child Tax Credits, in amounts of $250 or $300 per qualifying child depending on age. The U.S. Treasury distributed payments on a monthly basis beginning in July 2021. 3 The advance payment program enabled taxpayers to use their benefits during the year.

The American Opportunity Tax Credit is a tax credit to help pay for education expenses paid for the first four years of education completed after high school. You can get a maximum annual credit of $2,500 per eligible student and 40% or $1,000 could be refunded if you owe no tax.

In March 2022, the Oregon legislature voted to approve one-time $600 payments to some residents. Taxpayers who received the earned income tax credit on their 2020 state tax return, and who lived in Oregon for the last six months of 2020, were eligible to receive one payment per household.

To get the $250 one-off Cost of Living Payment you must be a Centrelink or Department of Veterans'Affairs customer. You must have been residing in Australia on 29 March 2022 and either: you were able to claim, or were getting an eligible payment.

For tax year 2021, the Child Tax Credit is increased from $2,000 per qualifying child to: $3,600 for each qualifying child who has not reached age 6 by the end of 2021, or. $3,000 for each qualifying child age 6 through 17 at the end of 2021.

Not every taxpayer is eligible. If you had a tax liability last year, you will receive up to $250 if you filed individually, and up to $500 if you filed jointly.

Does everyone get the American Opportunity credit? ›

To be eligible for AOTC, the student must: Be pursuing a degree or other recognized education credential. Be enrolled at least half time for at least one academic period^* beginning in the tax year. Not have finished the first four years of higher education at the beginning of the tax year.

New hires may be asked to complete the WOTC questionnaire as part of their onboarding paperwork, or even as part of the employment application in some cases. It is voluntary on the new hire's perspective, an employer cannot require you to complete the forms.

American Opportunity Tax Credit

Up to $1,000 (or 40 percent of the total credit) is refundable even if a filer doesn't owe income tax. If you don't owe any taxes, you will receive the entire $1,000 as part of your tax refund.

(KOIN) — Some Oregon taxpayers will be getting a check in their mail soon if they qualified for a $600 stimulus payment. Those eligible claimed the state's earned income tax credit on their 2020 personal income tax returns and lived in the state for the last six months of 2020.

How much California residents will receive is based on their income, tax-filing status and household size. Single taxpayers who earn less than $75,000 a year and couples who file jointly and make less than $150,000 a year will receive $350 per taxpayer and another $350 if they have any dependents.

According to the Franchise Tax Board's website, qualifying individuals will receive up to $1,050 sometime between late October 2022 and mid-January 2023. To qualify, you must have been a California resident for at least six months during the 2020 tax year and need to have filed your 2020 tax returns before Oct.

Direct deposits or paper checks are going to people who lived in Oregon for the last six months of 2020 and claimed the Earned Income Tax Credit, a tax break for low-income workers, on their 2020 taxes.