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Form OR-37 Instructions
2023
Underpayment of Oregon Corporation Estimated Tax
This publication is a guide, not a complete statement, of Oregon Revised Statutes (ORS) and
Oregon Administrative Rules (OAR). For more information, refer to the laws and rules at www.oregon.gov/dor.
Part 1—Figuring the required
Purpose of Form OR-37
installments
You must make quarterly estimated tax payments if you
expect to owe $500 or more in tax. This includes Oregon’s Lines 4a through 4d—Exception 2. To qualify to use this
minimum tax. exception, your prior year return must cover a period of 12
Use Form OR-37 to: months and show a tax liability.
• Calculate the amount of underpayment of estimated tax; A high-income taxpayer has federal taxable income, before
• Compute the amount of interest you owe on the under- net operating loss and capital loss carryovers and carry-
payment; or backs, of $1,000,000 or more in any one of the last consecu-
• Show you meet an exception to the payment of interest. tive three years, not including the current year.
If you’re a high-income taxpayer, exception 2 only applies
General to the first installment payment. Any reduction to the first
installment payment due to exception 2 must be added to
If you have an underpayment of estimated tax or if you the second installment payment.
meet an exception, you must include a completed Form
The reduction amount that must be added to the second
OR-37 with your corporation return.
installment is the lesser of the exception amounts on lines
If your current year corporation tax liability, including the 3a, 5a, and 6a, minus the exception 2 amount on line 4a.
minimum tax, is less than $500 you aren’t required to make Add the reduction amount to the lesser of the exception
estimated payments. Don’t complete this form. amounts on lines 3b, 5b, and 6b, and enter the result on line
4b as the required second installment.
Estimated tax paid or credited for Lines 5a through 5d—Exception 3: Annualized income.
This applies to taxpayers using the annualized income
each period installment method. See the instructions for lines 22
through 28.
First quarter estimated tax payments. Enter estimated
taxes paid or credited by April 15 for calendar year filers Lines 6a through 6d—Exception 4: Recurring seasonal
and the 15th day of the 4th month for fiscal year filers. income. This applies to taxpayers with recur ring seasonal
income. The taxpayer must pay, by each installment due
If you elected to apply part or all of your previous tax year’s date, an amount equal to 100 percent of the amount by
refund to this year’s estimated tax payments, the elected applying Section 6655(e)(3)(C) of the Internal Revenue Code
amount attributable to estimated tax payments received (IRC) to Oregon taxable income. Include a schedule of your
prior to the first quarter’s estimated tax due date will be computation.
applied to the first quarter. The elected amount attributable
to estimated tax payments received after the first quarter
estimated tax due will be applied as of the date the pay- Part 2—Figuring the underpayment
ment is received.
Line 7—Exception number. Select the exception being used
Second quarter estimated tax payments. Enter estimated for each quarter. Example: If you’re using exception 1 in the
taxes paid or credited by June 15 for calen dar year filers and first quarter, place a “1” in box 7(a).
the 15th day of the 6th month for fiscal year filers.
Third quarter estimated tax payments. Enter estimated Part 3—Calculating interest on
taxes paid or credited by September 15 for calen dar year
filers and the 15th day of the 9th month for fiscal year filers. underpayments
Fourth quarter estimated tax payments. Enter estimated Interest rates. Interest rates may change once in a calendar
taxes paid or credited by December 15 for calendar year fil- year. The chart below shows the interest rates and effective
ers and the 15th day of the 12th month for fiscal year filers. dates.
NOTE: Instructions are for lines not fully explained on the
form.
150-102-037-1(Rev. 10-06-23) Page 1 of 2 2023 Form OR-37 Instructions
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