State of Oregon: Individuals - Oregon credits (2024)

FAQs

State of Oregon: Individuals - Oregon credits? ›

For 2022, the maximum credit is $219 for each qualifying personal exemption. You can claim a credit for yourself, your spouse, and your qualifying child or qualifying relative. An additional exemption credit is available if you or your spouse have a severe disability or if you have a child with a qualifying disability.

For 2022, the maximum credit is $219 for each qualifying personal exemption. You can claim a credit for yourself, your spouse, and your qualifying child or qualifying relative. An additional exemption credit is available if you or your spouse have a severe disability or if you have a child with a qualifying disability.

The Earned Income Tax Credit is a federal and state tax credit for people making less than $59,187 in 2022. Families may be eligible for a maximum refundable credit of $6,935 on their federal tax return, and a maximum Oregon Earned Income Credit of $807 on their state tax return.

About the payments

These were one-time $600 payments, per tax return, required to be delivered by July 31, 2022. Oregon households were eligible for this payment if they received the Oregon Earned Income Tax Credit (EITC) on their 2020 tax filing and lived in Oregon the last six months of 2020.

Based on Oregon's current income distribution and the current projected kicker amount, economists predict the typical Oregon taxpayer will receive a $785 credit on their tax returns in 2023. Those higher up will receive four- and five-figure kickers.

Bottom Line. A personal exemption is an amount of money that you could deduct for yourself, and for each of your dependents, on your tax return.

You can claim a personal exemption for yourself unless someone else can claim you as a dependent. Note that's if they can claim you, not whether they actually do. If you qualify as someone else's dependent, you can't claim the personal exemption even if they don't actually claim you on their return.

Qualifying earned income includes wages, salaries, tips, net earnings from self-employment, and more. If you received more than $10,300 (tax year 2022) in income derived from investments, you are ineligible for the EITC.

EITC income requirements

Retirement income, Social Security income, unemployment benefits, alimony, and child support don't count as earned income. More restrictions: You must have $11,000 or less in investment income and you can't file a foreign earned income exclusion form.

You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,417 for tax year 2022 as a working family or individual earning up to $30,000 per year.

Why did I get $600 dollars from the government? ›

California will provide the Golden State Stimulus payment to families and individuals who qualify. This is a one-time $600 or $1,200 payment per tax return. You may receive this payment if you receive the California Earned Income Tax Credit (CalEITC) or file with an Individual Taxpayer Identification Number (ITIN).

Single people making less than $75,000, heads of household making less than $112,500, and married couples filing jointly making less than $150,000 qualify for stimulus checks. People making up to $80,000 will receive partial payments.

Which states are issuing Inflation Relief Checks? As of now, several states have announced plans to issue inflation relief checks to their residents in 2023. These states include California, Colorado, Maryland, Massachusetts, New Mexico, New York, Oregon, and Vermont.

By: Julia Shumway - May 17, 2023 2:01 pm

Oregonians will receive $5.5 billion back on their taxes next year because of the state's “kicker” rebate, which kicks in when revenues collected exceed official projections.

What economists predict. The Oregon Office of Economic Analysis has released their predictions for the 2024 tax kicker. They estimate it to be $3.9 billion – a record amount.

The typical Oregon taxpayer will receive a $790 credit on their tax returns a year from now, while those higher up the distribution will receive 4 and 5 figure kickers. The average Oregon taxpayer in the Top 1% will receive a kicker of $42,000.

For tax years beginning on or after January 1, 2022, entities taxed as S corporations and partnerships may elect annually to be subject to the PTE-E tax at a rate of 9 percent tax on the first $250,000 of distributive proceeds and 9.9 percent tax on any amount exceeding $250,000.

Before 2018, taxpayers could claim a personal exemption for themselves and each of their dependents. The amount would have been $4,150 for 2018, but the Tax Cuts and Jobs Act (TCJA) set the amount at zero for 2018 through 2025.

The 2022 standard deduction for each filing status is: $2,420 for single or married filing separately. $3,895 for head of household. $4,840 for married filing jointly or qualifying widow(er).

An exemption will directly reduce your income. A credit will reduce your tax liability. A dependent exemption is the income you can exclude from taxable income for each of your dependents.