Will Oregon have a kicker in 2023? (2023)

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.

The summary states that the economic dynamics are shifting. 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.

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

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).

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.

HOW TO DETERMINE YOUR 'KICKER' CREDIT: 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 percent. This percentage is determined and certified by OEA.

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.

Oregon is 7.8% cheaper than Washington.

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).

You may have received a lower refund than expected because your refund was applied to a past due debt. Some examples of past due debt include federal or state income taxes, state unemployment compensation debts, child support, or federal nontax debt such as student loans.

What is the Oregon Surplus credit?

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.

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.

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

This means two things; you can't make any deductions, and since you can't dispute the Town Tax Rate, the only way to lower your property tax rate is by lowering your Assessed Value.

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.

Oregon Department of Revenue. 2020 Form OR-40. Oregon Individual Income Tax Return for Full-year Residents.

Oregon Form 40 is used by full-year residents to file their state income tax return. The purpose of Form 40 is to determine your tax liability for the state of Oregon. Nonresident and part-year resident filers will complete Oregon Form OR-40-N or Form OR-40-P instead.

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.

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.

A "What's My Kicker?" calculator is also available on Revenue's website. To calculate your kicker, you enter your name, Social Security Number, and filing status for 2020 and 2021. "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.

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.

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.

Oregon doesn't tax your Social Security benefits. Any Social Security benefits included in your federal adjusted gross income (AGI) are subtracted on your Oregon return.

Evidently, you filed with TurboTax also in 2018. Another user on this forum has suggested that if you used TurboTax in 2018, the amount of tax paid is carried over to 2019, so that as soon as you start your Oregon return, the kicker is automatically calculated and added, even before the kicker screen.