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Free Oregon It 1 Form

The Oregon IT-1 form is a crucial document used for reporting inheritance tax for estates in Oregon. This form helps executors calculate the tax owed on the estate of a deceased individual, ensuring compliance with state regulations. If you need to complete this form, click the button below to get started!

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Content Overview

The Oregon IT-1 form plays a crucial role in the administration of estates in the state, particularly when it comes to the assessment of inheritance taxes. This form must be filed by the executor of an estate, and it requires detailed information about the decedent, including their name, Social Security number, and date of death. Additionally, it prompts the executor to disclose the decedent's domicile, which is essential for determining tax obligations. The form also includes sections for tax computation, where the executor calculates the taxable estate by considering gross estate values and allowable deductions. Specific questions regarding elections by the executor, such as whether to elect alternate valuation or special use valuation, are included to provide flexibility in tax reporting. Furthermore, the IT-1 requires the attachment of relevant documents, such as the death certificate, and it offers space to report on the marital status of the decedent and the benefits received by surviving family members. Overall, the Oregon IT-1 form is a comprehensive document that facilitates the estate settlement process while ensuring compliance with state tax laws.

Similar forms

Oregon IT-2 Form: Similar to the IT-1, the IT-2 is used for estate tax purposes in Oregon. It helps report the taxable estate and compute the tax due, similar to the calculations required on the IT-1.
Pennsylvania Promissory Note: This legal document ensures a clear record of the debt, specifying the amount owed and terms of repayment for both parties. For more information, visit promissoryform.com/blank-pennsylvania-promissory-note.
Federal Form 706: This federal estate tax return is comparable to the IT-1 as it outlines the decedent's gross estate, deductions, and tax calculations. Both forms require detailed information about the estate's value and liabilities.
California Form 540: While primarily an income tax form, it shares the structure of reporting various income sources and deductions. Like the IT-1, it requires careful computation to determine tax obligations.
New York Estate Tax Return (Form ET-706): This form is similar in purpose to the IT-1, focusing on the estate's value and calculating the corresponding tax. Both forms require detailed financial information about the decedent's estate.
IRS Form 1040: Although it's an individual income tax return, it shares similarities in requiring detailed personal financial information. Both forms demand accuracy in reporting financial data.
Washington Estate Tax Return: This form serves a similar function as the IT-1, focusing on estate valuation and tax computation. Both forms necessitate comprehensive estate details for accurate tax assessments.
Illinois Estate Tax Return: Like the IT-1, this form is used to report estate values and calculate taxes owed. Both require detailed information about the decedent's assets and liabilities.
Texas Estate Tax Form: While Texas does not impose an estate tax, the form used for reporting is similar to the IT-1 in structure. It gathers information on the decedent's estate for record-keeping purposes.
Florida Estate Tax Return: This form, while not currently in use, historically served a similar purpose to the IT-1 by detailing estate values and tax computations for the state.
Virginia Estate Tax Return: This form is comparable to the IT-1 as it requires information about the estate's gross value and deductions to determine tax liability.

Preview - 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

Continued on next page

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

Key takeaways

Complete all sections: Ensure every part of the IT-1 form is filled out accurately. Missing information can delay processing.
Attach necessary documents: Include the death certificate and any relevant federal forms or schedules. This is essential for a complete submission.
Understand tax computations: Carefully calculate the taxable estate and related deductions. Use the provided lines to ensure accuracy in your tax obligations.
Consider elections: If applicable, check the boxes for any elections you wish to make, such as alternate valuation or installment payments. Additional information may be required.
Review before submission: Double-check all entries for accuracy. An incorrect form can lead to penalties or delays in processing.

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File Details

Fact Name	Details
Form Purpose	The Oregon IT-1 form is used for reporting inheritance tax for estates in Oregon.
Governing Law	The form is governed by Oregon Revised Statutes (ORS) Chapter 118.
Filing Requirement	All estates in Oregon must file this form if the gross estate exceeds the exemption amount.
Executor Information	The form requires the executor's name, contact information, and address for communication.
Due Date	The IT-1 form is typically due nine months after the decedent's date of death.
Tax Computation	Taxable estate is calculated by subtracting allowable deductions from the total gross estate.
Unified Credit	The form allows for a unified credit against the estate tax, which reduces the tax liability.
Extensions	Extensions for filing or payment may be requested, but must be documented with the form.
Supplemental Documents	A death certificate and other supporting documents must be attached when submitting the form.
Amended Returns	If changes are needed, an amended return can be filed, indicating the amendments on the form.

Documents used along the form

The Oregon IT-1 form is a crucial document for reporting inheritance taxes related to a decedent's estate. However, it is often accompanied by several other forms and documents that provide additional information or fulfill specific requirements. Below is a list of these documents, each serving a unique purpose in the estate administration process.

Death Certificate: This official document confirms the decedent's passing and is essential for filing the IT-1 form. It provides proof of death and is often required by various institutions.
Form 706: This is the United States Estate (and Generation-Skipping Transfer) Tax Return. A copy must be attached if it has been filed with the IRS, as it details the federal estate tax obligations.
Non-disclosure Agreement: A critical document in maintaining confidentiality among involved parties; for more details, see Forms Georgia.
Schedule A-1: This schedule is used if the executor elects for special use valuation. It provides the necessary information to calculate the value of certain properties that may qualify for this election.
Schedule G: This schedule outlines any transfers made by the decedent during their lifetime that may affect the estate's tax obligations. It is crucial for understanding the estate's overall value.
Schedule J: This schedule lists funeral expenses and costs incurred in administering the estate. It helps determine allowable deductions from the gross estate.
Schedule K: This schedule covers debts of the decedent, including mortgages and liens. It is important for calculating the net value of the estate.
Schedule O: This schedule identifies any charitable contributions or bequests made by the decedent. Such gifts can have tax implications for the estate.
Schedule T: This schedule is for reporting any qualified family-owned business interests. It allows for specific deductions that can reduce the estate's tax burden.
Executor’s Affidavit: This document, often required by financial institutions, confirms the authority of the executor to manage the estate and its assets.

Each of these documents plays a vital role in ensuring that the estate is administered correctly and that all tax obligations are met. It is essential for executors and beneficiaries to be aware of these requirements to navigate the process smoothly.