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Form 1040 (Schedule J) Bend Oregon: What You Should Know

Use the form with the following items listed on line 10(b) to figure how much of your taxable income is taxable for the tax year, then enter it in column (a): the total amount of income you received between February 1, 2014, and February 1, 2017, Note the following: 1. You would figure your income by averaging the amount you received in each of the four tax years 2. When you do the computation, write “1” to column a 1 at the top of (3)(e), Column a, as shown on the example tax form Schedule J (Form 1040) is a schedule that is attached to your Form 1040 with a form W-4, Statement of Agricultural Income. The forms W-4 and statement of agricultural income are the two parts of the Internal Revenue Code. The form 1040 is in the form W-4. The form 1040 has the same number and instructions as the W-4. (In contrast, the IRS Form 1086 is the actual tax form and has a different number and instructions.) The Form W-4 is a statement used by farmers, fishermen, or similar individuals who are required to collect federal income tax withholding. The form W-1, Agricultural Income Tax Return or Form 1040-F, Agricultural Income Tax Return or Statement, is used by farmers, fishermen, and other taxpayers who are not required to collect federal income tax withholding. (See W-2.) Schedule J is an Income Averaging for Farmers tool that you also need to know if you are subject to the Oregon tax on the net income from your farming or fishing activity. The Oregon net income tax applies to net income (after any allowable expenses of operating a farm, fishing, or ranch) earned on Oregon property, as defined in ORS 131.405(9), of: (A) the farm or ranch; (B) a rental dwelling; (C) a building, facility, and room designed for commercial or industrial purposes and located adjacent to the farm or ranch; or (D) any combination of land and property described in (B) through (D), including a rental dwelling, building, facility, and room designed for commercial or industrial purposes and located on or adjacent to the farm or ranch. If you have both income from farming or fishing and any Oregon net income tax due, report only the difference. See Oregon Tax Form 936, Oregon State Tax Receipt.

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