Instructions for Form OR-FIA-40, 150-101-160 Oregon Farm Income Averaging for Full-Year Residents - Oregon

Form OR-FIA-40 (150-101-160) Oregon Farm Income Averaging for Full-Year Residents - Oregon

This document contains official instructions for Form OR-FIA-40 , and Form 150-101-160 . Both forms are released and collected by the Oregon Department of Revenue. An up-to-date fillable Form OR-FIA-40 (150-101-160) is available for download through this link.

FAQ

Q: What is Form OR-FIA-40?
A: Form OR-FIA-40 is a tax form for Oregon full-year residents to report farm income averaging.

Q: Who needs to file Form OR-FIA-40?
A: Oregon residents who have farm income and want to average their income over three years for tax purposes need to file Form OR-FIA-40.

Q: What is farm income averaging?
A: Farm income averaging allows farmers to reduce their taxable income by averaging their farm income over three years.

Q: How do I complete Form OR-FIA-40?
A: To complete Form OR-FIA-40, you will need to provide information about your farm income and expenses for the current year and the two preceding years.

Q: When is the due date for filing Form OR-FIA-40?
A: Form OR-FIA-40 is due on or before the 15th day of the fourth month following the close of the tax year (typically April 15th).

Q: Are there any penalties for not filing Form OR-FIA-40?
A: Yes, there may be penalties for not filing Form OR-FIA-40 or for filing it late. It is important to file the form on time to avoid penalties.

Q: Can I e-file Form OR-FIA-40?
A: No, at this time, Form OR-FIA-40 cannot be e-filed. It must be filed by mail.