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

What Is Form 150-101-164 Schedule OR-FIA-COMP?

This is a legal form that was released by the Oregon Department of Revenue - a government authority operating within Oregon. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 150-101-164?
A: Form 150-101-164 is a tax form used in Oregon.

Q: What is Schedule OR-FIA-COMP?
A: Schedule OR-FIA-COMP is a part of Form 150-101-164 used for computing farm income averaging.

Q: What is the purpose of Oregon Farm Income Averaging?
A: Oregon Farm Income Averaging is used to reduce the tax liability for farmers during years of fluctuating income.

Q: Who is eligible to use Oregon Farm Income Averaging?
A: Farmers who have at least 50% of their total income from farming activities are eligible to use Oregon Farm Income Averaging.

Q: How does Oregon Farm Income Averaging work?
A: Oregon Farm Income Averaging allows farmers to average their income from farming over a period of three consecutive years, reducing their tax liability.

Q: What are the requirements for using Oregon Farm Income Averaging?
A: To use Oregon Farm Income Averaging, farmers must file Form 150-101-164 and Schedule OR-FIA-COMP, and meet certain income and farming activity requirements.

Q: Are there any limitations to Oregon Farm Income Averaging?
A: Yes, there are limitations to Oregon Farm Income Averaging. Farmers cannot use it if they have a net operating loss or if they have filed bankruptcy.

Q: Can I use Oregon Farm Income Averaging if I have income from sources other than farming?
A: No, Oregon Farm Income Averaging can only be used if at least 50% of your total income is from farming activities.

Q: Is Oregon Farm Income Averaging available in all states?
A: No, Oregon Farm Income Averaging is specific to the state of Oregon and may not be available in other states.