What is the Oregon kicker credit 2022? (2023)

What is the Oregon kicker credit 2022?

Oregon taxpayers can expect to share a $3 billion kicker. 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.

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How much is the Oregon kicker rebate?

Oregon's state economists delivered another astonishing revenue forecast Wednesday, with surging tax revenues now predicted to deliver a record kicker rebate of $3 billion to taxpayers in 2024.

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Is Oregon getting a kicker check this year?

Personal income taxpayers already received a kicker rebate totaling $1.9 billion when they filed their returns this year. Taxpayers will get their share of the kicker forecasted Wednesday to be $3 billion in 2024 in the form of a tax credit or tax refund when they file their 2023 income taxes that spring.

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What is the Oregon surplus credit kicker?

The Oregon surplus credit, known as the “kicker,” is a way for state government to return some of your taxes to you when revenues are more than predicted. The Oregon Department of Administrative Services determines whether there is a surplus and the amount to be returned to taxpayers as a kicker.

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Will Oregon have a kicker in 2023?

The summary states that the unexpected revenue growth seen this year has left Oregon with unprecedented balances this biennium, followed by a record kicker in 2023-25. The projected personal kicker is $3 billion, which will be credited to taxpayers when they file their returns in Spring 2024.

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How does the Oregon kicker credit work?

Oregon taxpayers can expect to share a $3 billion kicker. 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.

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Do I qualify for the Oregon kicker?

"You're eligible to claim the kicker if you filed a 2020 tax return and had tax due before credits," Revenue said in a statement. "Even if you don't have a filing obligation for 2021, you still must file a 2021 tax return to claim your credit."

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How is Oregon kicker refund calculated?

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.

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Is Oregon getting another stimulus check?

“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.

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Where is my Oregon kicker?

Or, go to oregon.gov/dor/Pages/index.aspx and click on What's My Kicker. Type in your Social Security number and filing status and it will do the math for you.

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What is the Oregon exemption credit?

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.

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Is the Oregon kicker a refundable credit?

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.

What is the Oregon kicker credit 2022? (2023)
Where is my Oregon stimulus check?

Phone: 503-378-4988 or 800-356-4222. Email: questions.dor@oregon.gov.

Is Oregon kicker taxable?

​No. These credits are not income and will not be reported as income on a taxpayer's 2021 tax return.

What is Oregon's Earned Income Tax Credit?

The Earned Income Tax Credit is a federal and state tax credit for people making up to $57,414 a year and can give families up to $6,728 back when they file taxes. Many Oregonians are missing out on this money because they simply don't know about it, or because they aren't filing taxes at all.

How does earned income credit work?

The Earned Income Tax Credit (EITC) is a work credit that may give you money back at tax time or lower the federal taxes you owe. The main requirement is that you must earn money from a job. The credit can eliminate any federal tax you owe at tax time.

How much will the Oregon kicker be for 2021?

PORTLAND, Ore. (KOIN) — Oregonians can expect a tax credit on their 2021 state income tax returns from a $1.9 billion tax surplus, or “kicker,” the Oregon Office of Economic Analysis announced Tuesday.

How is Oregon kicker refund 2021 calculated?

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.

How is Oregon tax kicker calculated?

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.

How do I get my Oregon stimulus check?

If you filed your 2020 tax return by December 31, 2021 and received the EITC, you don't need to do anything to receive the $600 stimulus payment. You'll get it by direct deposit or check. To find out if you received the Oregon EITC, check your 2020 state income tax return.

How do I claim my Oregon kicker refund from TurboTax?

You can prove this to yourself by writing down your Oregon refund, then going in to TurboTax and setting the 2018 state tax to zero. Your Oregon refund should drop by the amount of the kicker (because you just set the amount of the kicker to zero).

Where is my Oregon refund 2022?

You can also check refund status through Oregon's automated phone system at 1-503-378-4988 or toll-free at 1-800-356-4222. This same information is required by the automated phone system.

What is the Oregon exemption credit?

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.

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