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Understanding Oregon Form OR-ASC other addition and subtraction codes

by Intuit• Updated 3 months ago

This article will assist you with understanding Oregon's other addition and other subtraction codes from Schedule OR-ASC, Oregon Adjustments for Form OR-40 Filers.

Additions are items the federal government doesn’t tax but Oregon does. For detailed information, see Publication OR-17.

Step 1: Complete the table in Section 1 with the code and amount reported for each addition. Each code should only be listed once.
Step 2: Fill in the total of all additions. Enter this amount on Form OR-40, line 8.

Subtractions are items the federal government taxes but Oregon doesn’t. See below for information regarding commonly claimed subtractions. For detailed information, see Publication OR-17.

Step 1: Complete the table in Section 2 with the code and amount reported for each subtraction that isn’t listed on the return. Each code should only be listed once.
Step 2: Fill in the total of all subtractions. Enter this amount on Form OR-40, line 13.

Adjustments, additions, and subtractions codes

Being that this information is prone to change year to year, it's advised that you review the code tables in Publication OR-CODES.

Subtraction for Tuition and Fees Deduction

This subtraction ended with Tax Year 2020. If needed for preparing a prior year return:

Go to Screen 51.021, Oregon Modifications.
In the Oregon Subtractions section, use the field Other OR Subtractions (Codes 36.1 and 6.1).
Select Fed education credits (tuition, fees deduction) (Oregon code 308) from the drop-down box.
Make an entry in the Amount field.

Subtraction for 529 savings plan contribution

Oregon's 529 plan contribution subtraction was sunset at the end of 2019. A carryover of contributions made in a prior year may still qualify for a subtraction in 2020. Lacerte's input fields have changed each year. To enter 529 Oregon College Savings Plan Contributions:

In the Details tab, go to Screen 51, Modifications.
Select Oregon.
Go to the section Oregon Subtractions.
- For 2018 or Prior: Enter the contribution in the field 529 Oregon college savings plan (contributions).
- For 2019: Enter the contributions that were deposited by 12/31/2019 in the field Oregon college & MFS 529 savings plan deposit.
- For 2020 and forward: Enter the deposits from 2019 that were carried over in the field Oregon college & MFS 529 savings plan deposit carryforward.

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