Instructions for Form 150-101-164 Schedule OR-FIA-COMP Oregon Farm Income Averaging Computation of Tax - Oregon

Form 150-101-164 Schedule OR-FIA-COMP Oregon Farm Income Averaging Computation of Tax - Oregon

This document contains official instructions for Form 150-101-164 Schedule OR-FIA-COMP, Oregon Farm Income Averaging Computation of Tax - a form released and collected by the Oregon Department of Revenue. An up-to-date fillable Form 150-101-164 Schedule OR-FIA-COMP is available for download through this link.

FAQ

Q: What is Form 150-101-164?
A: Form 150-101-164 is a tax form used in Oregon for calculating farm income averaging.

Q: What is Schedule OR-FIA-COMP?
A: Schedule OR-FIA-COMP is a specific section of Form 150-101-164 used for computing the tax.

Q: Who is required to use this form?
A: Farmers in Oregon who want to average their farm income for tax purposes are required to use this form.

Q: What is farm income averaging?
A: Farm income averaging allows farmers to average their income over a period of years, reducing the tax liability.

Q: How does farm income averaging work?
A: Farm income averaging works by averaging the farm income from the current year and the previous three years.

Q: What information is required to complete this form?
A: To complete Form 150-101-164, farmers need to provide information about their farm income and expenses for the relevant tax years.

Q: Are there any deadlines for filing this form?
A: Yes, the form must be filed by the tax filing deadline for the relevant tax year.

Q: Is there any eligibility criteria for using farm income averaging?
A: Yes, farmers must meet certain criteria, such as earning at least two-thirds of their total income from farming, to be eligible for farm income averaging.

Q: Does using farm income averaging affect other tax credits or deductions?
A: Using farm income averaging may affect certain tax credits and deductions, so it's important for farmers to consult with a tax professional or the Oregon Department of Revenue for guidance.