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Schedule or ASC, Oregon Adjustments for Form 40 Filers
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People also ask
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What is the code 351 subtraction in Oregon?
Special Oregon medical subtraction [code 351]. You or your spouse turned age 66 by the end of the tax year; • Your federal AGI isn't more than $200,000 ($100,000 if your filing status is single or married filing separately); and • You or your spouse have qualifying medical or dental expenses.
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What is Oregon or-ASC code 351?
This is your special Oregon medical subtraction. Enter this amount on the Schedule OR-ASC, Section 2, using code 351. 1. Medical and dental expenses for each qualifying taxpayer.
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What is Oregon tax form or-ASC?
Instructions: Use this schedule to report additions, subtractions, tax recaptures, standard credits, carryforward credits, and refundable credits that aren't included on Form OR-40. File an additional Schedule OR-ASC if you are claiming more than what will fit on one schedule.
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What qualifies for Oregon medical expense subtraction?
You can deduct only the part of your medical and dental expenses that exceeds 7.5 percent of the amount of your fed- eral adjusted gross income on Form OR-40, line 7, or Form OR-40-N or OR-40-P, line 29F.
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What is Oregon schedule or-ASC?
Instructions: Use this schedule to report additions, subtractions, standard credits, carryforward credits, tax recaptures, and refundable credits that aren't included on Form OR-40. File an additional Schedule OR-ASC, if you are claiming more than what will fit on one schedule.
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What is the Oregon ASC code 896?
Oregon 529 College Savings Network account contributions Your AGI determines the percentage of your contribution made during the year you may claim as a credit. For more information about this credit, see Publication OR-17. Claim this credit on Schedule OR-ASC or Schedule OR-ASC-NP using code 896.
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What is the Oregon form or-ASC Corp?
Purpose of Schedule OR-ASC-CORP Schedule OR-ASC-CORP is used to report Oregon additions, subtractions, and credits that don't have a specific line on the corporate return.
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What is the penalty for early withdrawal from Oregon IRA?
If you withdraw money from your account before you turn age 59½ by requesting a “nonqualified” distribution, you'll pay a 10% penalty on the earnings portion of your distribution.
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