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Blank Oregon It 1 Form

The Oregon IT 1 form is a tax return specifically designed for reporting inheritance taxes owed on estates in the state of Oregon. This form is essential for executors of estates to accurately calculate and report the taxable estate, ensuring compliance with state tax laws. Understanding its requirements is crucial for proper estate administration and tax obligations.

Outline

The Oregon IT-1 form is a crucial document for managing the inheritance tax obligations of estates within the state. This form is primarily used to report the taxable estate of a decedent and to calculate the amount of inheritance tax due. It requires detailed information about the decedent, including their name, Social Security number, date of death, and domicile at the time of death. The form also prompts the executor to provide information regarding the probate status of the estate and whether extensions for filing or payment have been requested. In addition to personal details, the IT-1 form includes sections for tax computation, allowing executors to determine the taxable estate by subtracting allowable deductions from the total gross estate. Executors must also address various elections regarding valuation and payment options, which can impact the tax liability. Supplemental documents, such as the death certificate and copies of relevant federal forms, must accompany the IT-1 submission. Overall, the form serves as a comprehensive tool to ensure compliance with Oregon's inheritance tax laws while facilitating the proper administration of the estate.

Sample - Oregon It 1 Form

For Office Use Only

OREGON

Date Received

Form

Year of Death

• IT-1

INHERITANCE

• 2004

Payment

(120)

TAX RETURN

BIN

PART 1 (Please print or type.)

Decedent’s First Name and Middle Initial

Decedent’s Last Name

Decedent’s Social Security Number

, Estate

Date of Death

Decedent’s Domicile (legal residence)—City, County, State, Country

Year Domicile Established

Is the estate being probated in Oregon?

Yes

An extension of time to file is attached.

This is an amended return.

If Yes— Oregon county:

An extension of time to pay is attached.

A separate election is claimed.

Oregon probate number:

The attached copy of Form 706 was filed with the IRS.

Executor’s Name

Daytime Telephone Number

(

)

Executor’s Mailing Address

City

State

ZIP Code

PART 2—TAX COMPUTATION

Round all amounts to the nearest whole dollar.

Total gross estate less exclusion (from page 3, Part 5, line 12)

..............................................................................................Total allowable deductions (from page 3, Part 5, line 23)

....................................................................................................................Taxable estate (subtract line 2 from line 1)

Adjusted taxable gifts [total taxable gifts (within the meaning of Section 2503) made by the decedent after

........................December 31, 1976, other than gifts that are includible in decedent’s gross estate (Section 2001[b])]

Add lines 3 and 4

..................................................Tentative tax on the amount on line 5 above; from page 6, table A of the instructions

a. If line 5 exceeds $10,000,000, enter the lesser of line 5 or $17,184,000.

If line 5 is $10,000,000 or less, skip lines 7a and 7b and enter -0- on line 7c

b. Subtract $10,000,000 from line 7a

c. Enter 5% (0.05) of line 7b

.......................................................................................................................................

Total tentative tax (add lines 6 and 7c)

..........................................................................................................................

9.Total gift tax payable with respect to gifts made by the decedent after December 31, 1976. Include gift taxes

by the decedent’s spouse for such spouse’s share of split gifts (Section 2513) only if the decedent was the donor

	of these gifts and they are includible in the decedent’s gross estate (see instructions)		9
10.	Gross estate tax (subtract line 9 from line 8)		10
.......................11. Maximum unified credit (applicable credit amount) against estate tax		11
12.	Adjustment to unified credit (applicable credit amount). (This adjustment
	may not exceed $6,000. See instructions.)	12
13.	Allowable unified credit (applicable credit amount) (subtract line 12 from line 11)		13
14.	Subtract line 13 from line 10 (but do not enter less than zero)		14
15.	State death tax. Do not enter more than line 14 (see instructions)		15

16.Proration of state death tax (complete only if there is property located in states other than Oregon):

a. Gross value, for federal estate tax purposes, of property located in Oregon (identify on attached copy of

	the federal schedules by highlighting)		16a
	b. Gross value of decedent’s estate for federal estate tax purposes		16b
	c. Percent of estate located in Oregon (line 16a divided by line 16b)		16c
17.	Tax payable to Oregon (line 15 multiplied by line 16c, or amount from line 15 if no entry on line 16c)		17
18.	Amount paid by the due date of return (see instructions)		18
19.	Tax due. Is line 17 more than line 18? If so, line 17 minus line 18	TAX DUE	19
20.	Overpayment. Is line 18 more than line 17? If so line 18 minus line 17	OVERPAYMENT	20
21.	Penalty due (see instructions)		21
22.	Interest due (see instructions)		22
23.	Total due (add lines 19, 21, and 22)	TOTAL DUE	23
24.	Refund (line 20 minus lines 21 and 22)	REFUND	24

150-103-001 (Rev. 9-04) Web

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Page 2—Form IT-1, 2004	Estate of:
PART 3—ELECTIONS BY THE EXECUTOR
	Check the “Yes” or “No” box for each question. See instructions on page 7.

1.	Do you elect alternate valuation?	1.
2.	Do you elect special use valuation? If "Yes," you must complete and attach Schedule A-1	2.
3.	Do you elect to pay the taxes in installments as described in section 6166? If "Yes," you must attach additional information;
	see instructions on page 12	3.
4.	Do you elect to postpone the part of the taxes attributable to a reversionary or remainder of interest as described
	in section 6163?	4.

Yes

PART 4—GENERAL INFORMATION Attach the necessary supplemental documents. You must attach the death certificate. See instructions on page 12.

1. Marital status of the decedent at time of death:


Married
Widow or widower— Name of deceased spouse:				SSN of deceased spouse:
Date of death of deceased spouse:
Single
Legally separated
Divorced—Date divorce decree became final:

2.a. Surviving spouse’s name:

b.Surviving spouse’s Social Security number:

c.Amount received (see instructions on page 12):

3.Individuals (other than the surviving spouse), trusts, or other estates who receive benefits from the estate (do not include charitable beneficiaries shown in schedule O) (see instructions). For Privacy Act Notice (applicable to individual beneficiaries only), see the instructions for Form 1040.

Name of individual, trust, or estate receiving $5,000 or more

Identifying number

Relationship to decedent

Amount (see instructions)

All unascertainable beneficiaries and those who receive less than $5,000	......................................................................
Total	3

Check the “Yes” or “No” box for each question.

4.	Does the gross estate contain any section 2044 property [qualified terminable interest property (QTIP) from a prior gift or
	estate]? See instructions on page 12		4.
5.	a. Have federal gift tax returns ever been filed?		5a.
	If "Yes," please attach copies of the returns, if available, and furnish the following information:
	b. Period(s) covered:	c. Internal Revenue office(s) where filed:

Yes No

If you answer “Yes” to any of questions 6–14, you must attach additional information as described in the instructions.

6. a.	Was there any insurance on the decedent’s life that is not included on the return as part of the gross estate?	6a.
b.	Did the decedent own any insurance on the life of another that is not included in the gross estate?	6b.

7.Did the decedent at the time of death own any property as a joint tenant with right of survivorship in which (a) one or more of the other joint tenants was someone other than the decedent’s spouse, and (b) less than the full value of the property is

	included on the return as part of the gross estate? If "Yes," you must complete and attach Schedule E	7.
8.	Did the decedent, at the time of death, own any interest in a partnership or unincorporated business or any stock in an
	inactive or closely held corporation?	8.
9.	Did the decedent make any transfer described in section 2035, 2036, 2037, or 2038 (see the instructions for Schedule G)?
	If “Yes,” you must complete and attach Schedule G	9.
10. Were there in existence at the time of the decedent’s death:
	a. Any trusts created by the decedent during his or her lifetime?	10a.
	b. Any trusts not created by the decedent under which the decedent possessed any power, beneficial interest, or trusteeship? ....	10b.

Yes Yes

Yes

No No

150-103-001 (Rev. 9-04) Web

Continued on next page

Page 3—Form IT-1, 2004	Estate of:
PART 4—GENERAL INFORMATION (continued)
	Check the “Yes” or “No” box for each question.

11. Did the decedent ever possess, exercise, or release any general power of appointment? If “Yes,” you must complete and
attach Schedule H	11.

12.Was the marital deduction computed under the transitional rule of Public Law 97-34, section 403(e)(3) (Economic Recovery Act of 1981)? If “Yes,” attach a separate computation of the marital deduction, enter the amount on part 5,

	line 20, and note on line 20 “computation attached”	12.
13.	Was the decedent, immediately before death, receiving an annuity described in the “General” paragraph of the instructions
	for Schedule I? If “Yes,” you must complete and attach Schedule I	13.
14.	Was the decedent ever the beneficiary of a trust for which a deduction was claimed by the estate of a pre-deceased
	spouse under section 2056(b)(7) and which is not reported on this return? If “Yes,” attach an explanation	14.

Yes

PART 5—RECAPITULATION			Round all amounts to the nearest whole dollar.
	Gross Estate		Alternate Value		Value at Date of Death
1.	Schedule A—Real estate	1
2.	Schedule B—Stocks and bonds	2
3.	Schedule C—Mortgages, notes, and cash	3
4.	Schedule D—Insurance on the decedent’s life [attach Form(s) 712]	4
5.	Schedule E—Jointly owned property [attach Form(s) 712 for life insurance]	5
6.	Schedule F—Other miscellaneous property [attach Form(s) 712 for life insurance] ....	6
7.	Schedule G—Transfers during decedent’s life [attach Form(s) 712 for life insurance] ...	7
8.	Schedule H—Powers of appointment	8
9.	Schedule I—Annuities	9
10.	Total gross estate (add lines 1 through 9)	10
11.	Schedule U—Qualified conservation easement exclusion	11
12.	Total gross estate less exclusion (subtract line 11 from line 10). Enter here and
	on line 1 of part 2	12
	Deductions				Amount
13.	...........................Schedule J—Funeral expenses and expense incurred in administering property subject to claims			13
14.	Schedule K—Debts of the decedent			14
15.	Schedule K—Mortgages and liens			15
16.	Total of items 13 through 15			16
17.	Allowable amount of deductions from item 16 (see instructions on page 13)			17
18.	Schedule L—Net losses during administration			18
19.	Schedule L—Expenses incurred in administering property not subject to claims			19
20.	Schedule M—Bequests, etc., to surviving spouse			20
21.	Schedule O—Charitable, public, and similar gifts and bequests			21
22.	Schedule T—Qualified family-owned business interest deduction			22
23.	.............................Total allowable deductions (add lines 17 through 22). Enter here and on page 1, part 2, line 2			23

PART 6

Under penalties of false swearing, I declare that I have examined this return, including accompanying schedules and statements. To the best of my knowledge and belief it is true, correct, and complete. If prepared by a person other than executor, this declaration is based on all information of which the preparer has any knowledge.

Signature of Executor

Title

Executor’s Social Security Number

Date

Signature of Executor

Title

Executor’s Social Security Number

Date

Check the box to authorize the following individual(s) to receive and provide confidential tax information relating to the decedent and the estate:

Name of Preparer

Title

Telephone Number

( )

Mailing Address

City

State

ZIP Code

PLEASE ATTACH A COMPLETE COPY OF YOUR FEDERAL FORM, SCHEDULES, AND SUPPORTING DOCUMENTS

Mail to: Oregon Department of Revenue, PO Box 14110, Salem OR 97309-0910

150-103-001 (Rev. 9-04) Web

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Form Information

Fact Name	Details
Form Purpose	The Oregon IT-1 form is used to report inheritance tax for estates in Oregon.
Governing Law	The form is governed by Oregon Revised Statutes, specifically ORS 118.005 to 118.840.
Filing Requirement	Executors must file the IT-1 form if the estate is subject to Oregon inheritance tax.
Due Date	The form is due nine months after the date of death of the decedent.
Amendments	Taxpayers can submit an amended return using the same form if necessary.
Attachments Required	A death certificate and a copy of federal Form 706 must be attached to the IT-1.

Detailed Guide for Filling Out Oregon It 1

After gathering all necessary information about the decedent and the estate, the next step is to fill out the Oregon IT-1 form accurately. Ensure all details are complete and correct, as this form is crucial for processing the estate tax return.

Write the decedent's first name, middle initial, and last name at the top of the form.
Enter the decedent's Social Security number.
Provide the date of death and the decedent's domicile (legal residence) including city, county, state, and country.
Indicate the year the domicile was established.
Answer whether the estate is being probated in Oregon by checking "Yes" or "No." If "Yes," specify the Oregon county.
Fill in the executor's name, daytime telephone number, and mailing address including city, state, and ZIP code.
Proceed to Part 2 and round all amounts to the nearest whole dollar.
Complete lines 1 through 24 as instructed, ensuring that all calculations are accurate.
In Part 3, check the appropriate boxes for elections by the executor.
In Part 4, provide general information and attach necessary documents, including the death certificate.
In Part 5, summarize the gross estate and deductions, rounding amounts as needed.
Sign and date the form in Part 6, ensuring all declarations are accurate.
Check the box to authorize any individual to receive and provide confidential tax information related to the decedent and the estate.
Attach a complete copy of the federal form, schedules, and supporting documents.
Mail the completed form to the Oregon Department of Revenue at the specified address.

Obtain Answers on Oregon It 1

What is the purpose of the Oregon IT-1 form?
The Oregon IT-1 form is used to report the inheritance tax due on the estate of a deceased individual. It is required for estates that exceed certain thresholds and must be filed with the Oregon Department of Revenue. The form helps determine the taxable estate, allowable deductions, and the total tax due based on the estate's value.
Who is required to file the Oregon IT-1 form?
The executor or personal representative of the estate is responsible for filing the Oregon IT-1 form. If the estate is being probated in Oregon and the gross estate exceeds the exclusion amount set by the state, the filing is mandatory. This includes estates with property located in Oregon, regardless of the decedent's domicile.
What information is needed to complete the form?
To complete the Oregon IT-1 form, the following information is required:
- Decedent's full name, Social Security number, and date of death.
- Details about the decedent's domicile, including city, county, state, and country.
- The gross value of the estate, including real estate, stocks, bonds, and other assets.
- Allowable deductions, such as funeral expenses and debts.
- Information about beneficiaries and any elections made by the executor.
How is the tax amount calculated on the Oregon IT-1 form?
The tax amount is calculated by determining the taxable estate, which is the gross estate minus allowable deductions. After calculating the tentative tax based on the taxable estate, any applicable credits are subtracted to arrive at the final tax due. Specific lines on the form guide the user through this calculation process.
What happens if the IT-1 form is filed late?
If the Oregon IT-1 form is filed late, penalties and interest may apply. It is essential to file the form by the due date to avoid these additional charges. If an extension is needed, it must be requested in advance and properly documented on the form.
Are there any elections that can be made on the Oregon IT-1 form?
Yes, the executor can make several elections on the form, such as:
- Alternate valuation of the estate.
- Special use valuation for certain types of property.
- Payment of taxes in installments.
- Postponement of taxes related to specific interests.
These elections can affect the overall tax liability and must be indicated on the form.

Common mistakes

Filling out the Oregon IT-1 form can be a daunting task, and mistakes can lead to delays or complications in processing. One common error is failing to provide the decedent’s complete information. This includes the first name, last name, and Social Security number. Omitting any of these details can result in processing delays.

Another frequent mistake involves incorrect reporting of the decedent's domicile. The legal residence must be accurately stated, including the city, county, state, and country. Errors in this section can complicate the probate process and may lead to questions from the state.

Many individuals also overlook the necessity of attaching the death certificate. This document is essential for verifying the decedent’s passing and must accompany the form. Without it, the return may be considered incomplete.

Inaccurate calculations of the taxable estate are another pitfall. Taxpayers must ensure that all figures are rounded to the nearest whole dollar and that deductions are correctly applied. Miscalculations can lead to incorrect tax assessments, which may result in penalties or interest charges.

Some filers neglect to check the appropriate boxes regarding elections by the executor. This includes options like alternate valuation or special use valuation. Failing to indicate these choices can limit the estate's tax benefits.

In addition, many individuals do not provide sufficient information about beneficiaries. The form requires details about individuals or entities receiving benefits from the estate. Incomplete information can hinder the distribution process and raise concerns during audits.

Another common error is not reviewing the form for signatures. Both the executor and any preparer must sign the document. A missing signature can delay the processing of the return.

Lastly, individuals often fail to submit a complete copy of their federal form, schedules, and supporting documents. This oversight can result in a lack of necessary context for the state tax authorities, leading to further inquiries or complications.

Documents used along the form

The Oregon IT-1 form is a crucial document for reporting inheritance tax for estates in Oregon. When dealing with estate matters, several other forms and documents often accompany the IT-1 to ensure comprehensive compliance with state requirements. Below are four key documents that are commonly used alongside the IT-1 form.

Death Certificate: This official document verifies the date and cause of death. It is essential for establishing the legal basis for the estate and is required to be attached to the IT-1 form.
Federal Form 706: This is the United States Estate (and Generation-Skipping Transfer) Tax Return. It details the federal estate tax obligations and must be filed if the estate exceeds a certain value threshold. A copy should be included with the IT-1 form submission.
Schedule A-1: This schedule is used to claim special use valuation for certain properties, like farmland. If the executor elects this option, they must complete and attach Schedule A-1 to the IT-1 form.
Schedule G: This schedule reports any transfers made by the decedent during their lifetime that may affect the estate's tax obligations. If applicable, it must be completed and submitted with the IT-1 form.

Understanding these accompanying documents can simplify the estate filing process. Properly preparing and submitting the IT-1 form along with the necessary attachments ensures compliance with Oregon's tax laws and helps facilitate a smoother estate settlement.

Similar forms

The Oregon IT-1 form is essential for reporting inheritance tax in the state. It shares similarities with several other important legal documents. Below is a list of eight documents that are comparable to the Oregon IT-1 form, along with explanations of their similarities.

Form 706 - United States Estate (and Generation-Skipping Transfer) Tax Return: Like the IT-1, Form 706 is used to report estate taxes, but it is filed at the federal level. Both forms require detailed information about the decedent's estate and tax computations.
Form 1040 - U.S. Individual Income Tax Return: While primarily for income tax, it can include estate-related income. Both forms require accurate reporting of financial information and can involve deductions and credits.
Form 709 - United States Gift (and Generation-Skipping Transfer) Tax Return: This form is similar in that it deals with taxation on gifts made during the decedent's lifetime. Both the IT-1 and Form 709 require detailed tracking of financial transactions related to the estate.
State Inheritance Tax Forms: Various states have their own inheritance tax forms. Like the IT-1, these forms are used to report the value of the estate and calculate any taxes owed to the state.
Form 706-NA - United States Estate Tax Return for Nonresident Aliens: This form is for nonresident aliens and serves a similar purpose as the IT-1 in reporting estate taxes. Both require information about the decedent's assets and liabilities.
Probate Court Filings: Documents filed in probate court often accompany the IT-1 form. Both require detailed information about the estate, including asset valuations and debts.
Trust Tax Returns (Form 1041): If the estate is held in trust, Form 1041 is filed for income generated by the trust. Both forms require similar financial information and tax computations.
State Estate Tax Returns: Some states require separate estate tax returns. Like the IT-1, these forms calculate taxes based on the value of the estate and require detailed asset disclosures.

Understanding these documents can help ensure compliance with tax obligations and facilitate smoother estate administration. It is crucial to address these forms promptly to avoid penalties and ensure proper processing.

Dos and Don'ts

When completing the Oregon IT-1 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here are six important dos and don'ts to consider:

Do print or type all information clearly to avoid misunderstandings.
Do include the decedent’s full name and Social Security number accurately.
Do attach all required supplemental documents, such as the death certificate.
Do round all monetary amounts to the nearest whole dollar as instructed.
Don't leave any required fields blank; ensure all questions are answered.
Don't submit the form without reviewing it for errors or omissions.

Misconceptions

Misconception 1: The IT-1 form is only for large estates.

This form is required for any estate that exceeds the minimum threshold set by Oregon law. Even smaller estates may need to file if they meet specific criteria, such as including certain types of property or assets.

Misconception 2: Filing the IT-1 form is optional.

Filing the IT-1 is mandatory for estates that are subject to Oregon estate tax. Executors must file this form to ensure compliance with state tax laws, regardless of the estate's size.

Misconception 3: Only the executor needs to fill out the form.

While the executor is primarily responsible for completing the IT-1, they may need assistance from other parties, such as tax professionals or estate planners, to gather the necessary information and documentation.

Misconception 4: The IT-1 form is the same as the federal estate tax return.

The IT-1 is specific to Oregon and differs from the federal estate tax return (Form 706). Each form has its own requirements and calculations, so it is important to complete both accurately if applicable.

Misconception 5: There is no penalty for late filing of the IT-1 form.

Filing the IT-1 late can result in penalties and interest charges. Timely submission is crucial to avoid these additional costs and ensure that the estate remains in good standing with the state.

Key takeaways

Filling out the Oregon IT-1 form is a crucial step in managing the estate of a deceased individual. Understanding how to complete this form accurately can help ensure compliance with state tax laws. Here are key takeaways to consider:

Decedent Information: Gather all necessary details about the decedent, including their full name, Social Security number, and date of death. This information is essential for proper identification.
Domicile Details: Indicate the decedent's legal residence at the time of death. This includes the city, county, state, and country, along with the year domicile was established.
Probate Status: Determine whether the estate is being probated in Oregon. This affects how the form is processed and what additional documentation may be required.
Tax Computation: Accurately calculate the taxable estate by subtracting allowable deductions from the total gross estate. Ensure all amounts are rounded to the nearest whole dollar.
Supplemental Documents: Attach necessary documents, including the death certificate and any federal forms, schedules, or supporting documents required by the state.
Executor Information: Provide complete contact details for the executor of the estate. This includes their name, telephone number, and mailing address.
Elections by the Executor: Review and check the appropriate boxes for any elections the executor wishes to make, such as alternate valuation or installment payments.
Signature Requirement: The form must be signed by the executor. If prepared by someone else, the preparer must also sign and provide their contact information.

Completing the Oregon IT-1 form correctly is vital for fulfilling tax obligations and ensuring a smooth estate settlement process. Each section of the form plays a significant role in determining the estate's tax liability and compliance with state regulations.