Any interest due for underpaying estimated taxes is computed
using the total tax shown on the return. If the return is adjusted in initial
processing, the recomputed tax must be used for determining any underpayment
interest. Prior to October 6, 2001, subsequent amendments to the tax will not
affect the underpayment interest amount unless the amended return is received
prior to the statutory due date of the original return. Amended returns filed
on or after October 6, 2001 will not affect the underpayment interest amount
unless the amended return is received by the statutory due date of the original
return or within the extension period granted for the original return.
Example 1
: Mary files an Oregon
income tax return on a calendar year basis. She filed a return for tax year
2000 on February 15, 2001, showing a tax liability of $1,700. On April 10,
2001, she filed an amended return for tax year 2000 showing a tax liability of
$1,450. The return for the taxable year for purposes of computing any interest
on underpayment of estimated tax is the amended return filed on April 10,
2001.
Example 2
:
Using the same facts as given in Example 1 except that Mary's amended return
was filed on May 20, 2001. The original return filed on February 15, 2001, is
the return for the taxable year for purposes of computing any interest on
underpayment of estimated tax.
Example
3
: Mark files an Oregon income tax return on a
calendar year basis and had an extension to October 15, 2008 in which to file
his 2007 return. He filed his 2007 return on May 1, 2008 showing a tax
liability of $2,150. On October 15, 2008, he filed an amended return for 2007
showing a tax liability of $1,375. The return for the taxable year for purposes
of computing any interest on underpayment of estimated tax is the amended
return filed on October 15, 2008.
Notes
Or. Admin. Code §
150-316-0485
RD 15-1987,
f. 12-10-87, cert. ef. 12-31-87; REV 8-2001, f. & cert. ef. 12-31-01; REV
11-2004, f. 12-29-04, cert. ef. 12-31-04; REV 3-2006, f. & cert .ef.
7-31-06; Renumbered from 150-316.587(1),
REV
65-2016, f. 8-15-16, cert. ef.
9/1/2016
Stat. Auth.: ORS
305.100
Stats. Implemented: ORS
316.587
