OR-FIA-COMP: Schedule OR-FIA-COMP, Oregon Farm Income Averaging Computation of Tax (2024)
Oregon · Oregon DOR · Used for tax years 2024
The 2024 Schedule OR-FIA-COMP is Oregon’s Farm Income Averaging Computation of Tax. It recomputes taxable income and tax for base years 2021, 2022, and 2023, with results carried to Schedule OR-FIA-40, OR-FIA-40-N, or OR-FIA-40-P.
Who files this form
The 2024 Schedule OR-FIA-COMP computes Oregon farm income averaging tax for base years 2021, 2022, and 2023. For each base year, complete the computation that matches the Oregon return you filed for that year:
- Computation A: Form OR-40-N.
- Computation B: Form OR-40-P.
- Computation C: Form OR-40.
Do not include this schedule with your Oregon return. Keep it with your records.
What you'll need
Have these forms and tax references ready:
- Your Oregon returns for 2021, 2022, and 2023. Computation A uses Form OR-40-N lines 34F, 34S, 35, 42, and 43. Computation B uses Form OR-40-P lines 34F, 34S, and 42. Computation C uses Form OR-40 line 19.
- Your 2024 farm income averaging schedule: Schedule OR-FIA-40, line 6; OR-FIA-40-N, line 10; or OR-FIA-40-P, line 9.
- Tax rate charts for each base year. Computation C also allows that year's tax tables.
The schedule also asks for your name and Social Security number, and has fields for your spouse's name and Social Security number.
How to file
Do not include Schedule OR-FIA-COMP with your Oregon return. Keep it with your records. The form does not provide mailing or e-filing directions for this schedule.
Common mistakes
- Including this schedule with your return. The form says to keep it with your records instead.
- Copying line 1 amounts without checking special instructions. If you used farm income averaging for any base year, the form directs you to the instructions for the amounts to enter on line 1 for each base-year computation.
- Overlooking a zero or negative amount. If the return amount used for line 1 is $0 or less, the form says to see the instructions.
- Using an Oregon percentage above 100%. Computations A and B state that the recomputed Oregon percentage cannot exceed 100%.
Questions people ask
Which base years does the 2024 schedule use?
It includes separate computations for 2021, 2022, and 2023.
Do I choose a computation based on my 2024 return?
Choose based on the return you filed for each base year: Computation A for OR-40-N, B for OR-40-P, or C for OR-40.
What amount goes on line 2?
Use the amount from your 2024 Schedule OR-FIA-40, line 6; OR-FIA-40-N, line 10; or OR-FIA-40-P, line 9.
Which year's tax rates should I use?
Use the tax rate charts for the base year being recomputed. Computation C allows that base year's tax tables or rate charts.
What if I used farm income averaging in a base year?
The form directs you to the instructions for the amounts to enter on line 1 for each base-year computation.