Instructions for Form 150-101-002 Schedule OR-K-1 Distributive Share of Income, Deductions, Credits, Etc. for Individual Owners of Pass-Through Entities - Oregon

Form 150-101-002 Schedule OR-K-1 Distributive Share of Income, Deductions, Credits, Etc. for Individual Owners of Pass-Through Entities - Oregon

This document contains official instructions for Form 150-101-002 Schedule OR-K-1, Individual Owners of Pass-Through Entities - a form released and collected by the Oregon Department of Revenue. An up-to-date fillable Form 150-101-002 Schedule OR-K-1 is available for download through this link.

FAQ

Q: What is Form 150-101-002?
A: Form 150-101-002 is a schedule used by individual owners of pass-through entities in Oregon to report their distributive share of income, deductions, credits, etc.

Q: Who needs to file Form 150-101-002?
A: Individual owners of pass-through entities in Oregon need to file Form 150-101-002.

Q: What is a pass-through entity?
A: A pass-through entity is a business entity that doesn't pay taxes itself, but passes its profits, losses, deductions, and credits through to its owners.

Q: What information is reported on Form 150-101-002?
A: Form 150-101-002 reports an individual owner's distributive share of income, deductions, credits, etc. from a pass-through entity in Oregon.

Q: How do I complete Form 150-101-002?
A: To complete Form 150-101-002, you'll need information provided to you by the pass-through entity, such as your share of income, deductions, and credits.

Q: When is Form 150-101-002 due?
A: Form 150-101-002 is generally due by the 15th day of the 4th month following the end of the tax year.

Q: Are there any penalties for not filing Form 150-101-002?
A: Yes, failure to file Form 150-101-002 or filing it late may result in penalties and interest.

Q: Do I need to include Form 150-101-002 with my personal income tax return?
A: Yes, if you are required to file Form 150-101-002, you should include it with your personal income tax return.