OR-37: Form OR-37, Underpayment of Oregon Corporation Estimated Tax (2024)
Oregon · Oregon DOR · Used for tax years 2024
Oregon Form OR-37 calculates underpayments of corporation estimated tax for 2024. It compares required quarterly installments with estimated tax paid or credited and includes calculations based on current-year tax, prior-year tax, annualized income, and recurring seasonal income.
Who files this form
Include Form OR-37 with your 2024 Oregon corporation return if you owe interest on underpaid estimated tax or meet an exception. Check the “Form OR-37” box on your return.
What you'll need
Have these records and details ready:
- Your corporation’s legal name as shown on its Oregon return and federal employer identification number (FEIN).
- Your current-year net excise or income tax from Form OR-20, OR-20-INC, OR-20-INS, or OR-20-S, plus your prior-year net excise or income tax.
- Estimated tax amounts paid or credited for each quarter, payment dates, and installment due dates.
- If using the annualized income worksheet, income for each selected period, net losses carried forward from prior tax years, and credits the corporation is entitled to for those months.
How to file
Include the completed Form OR-37 with your corporation return if you owe interest or meet an exception. Check the “Form OR-37” box on the return.
Enter the total interest from line 21 on the “interest on underpayment of estimated tax” line of your return.
The provided form does not give a mailing address or e-filing instructions.
Common mistakes
- Use UPPERCASE letters and blue or black ink.
- Print the form at actual size (100%). Do not submit photocopies or use staples.
- Do not use exception 2 beyond the first installment if you are a high-income taxpayer. The form directs high-income taxpayers to the instructions.
- Remember to include Form OR-37 with your corporation return if you owe interest or meet an exception, and check the “Form OR-37” box.
- Remember to transfer line 21 to the “interest on underpayment of estimated tax” line on your return.
Questions people ask
What does Form OR-37 calculate?
It calculates required estimated tax installments, quarterly underpayments, and interest on those underpayments for an Oregon corporation.
What exceptions are listed on the form?
The form lists four exceptions: current-year net tax, prior-year net tax, annualized income, and recurring seasonal income. High-income taxpayers may use the prior-year net tax exception only for the first installment.
Where do I calculate annualized income?
Use Part 4, the Exception 3 Annualized Income Worksheet. It calculates net annualized tax for each quarter, which is used to figure the amounts on lines 5a through 5d.
Where do I report the total interest?
Add the interest on lines 20a through 20d and enter the total on line 21. Then enter that amount on the “interest on underpayment of estimated tax” line of your corporation return.