It's Only Money live chat: Talk taxes with Brent Hunsberger
11:48
The Oregonian: 
Hello and thanks for joining our live chat to answer your questions about filing your taxes. Brent Hunsberger and panelists Adam Morrison and Shannon Ball from the Oregon Dept. of Revenue, Richard Panick from the IRS and accountant Earl Pierce of Delap of Lake Oswego will join us at noon.

Until then, please feel free to submit your questions and comments. Expect a short delay between the time you submit and the time you see your comment in the chat.
Tuesday February 5, 2013 11:48 The Oregonian
12:00
The Oregonian: 
And it's noon, so here we go. Panelists, to start, please introduce yourselves to our readers.
Tuesday February 5, 2013 12:00 The Oregonian
12:00
Adam Morrison: 
Hello. My name is Adam Morrison and I have worked for the Oregon Department of Revenue for six years. I am currently working as a policy analyst in the Policy and Systems Unit. As a policy analyst, I examine new legislation and research tax law to prepare changes to Oregon administrative rules, department policies and publications. I look forward to helping you today with your Oregon tax questions!
Tuesday February 5, 2013 12:00 Adam Morrison
12:00
Richard Panick: 
Good afternoon, my name is Richard Panick, IRS spokesperson for Oregon. I began working for the IRS in 1990 and I have held a variety of positions with the service. My work has always had a focus on helping taxpayers understand federal income tax law.
Tuesday February 5, 2013 12:00 Richard Panick
12:00
Shannon Ball: 
Shannon Ball at the Oregon Department of Revenue. I have worked at the Department of Revenue for over 9 years. I am currently the policy coordinator for personal income tax.
Tuesday February 5, 2013 12:00 Shannon Ball
12:01
itsonlymoney: 
Hi, I'm Brent Hunsberger, the personal finance columnist at The Oregonian. Glad everyone could join us today!
Tuesday February 5, 2013 12:01 itsonlymoney
12:01
Earl Pierce: 
I am Earl Pierce. I am a partner in the tax department at Delap LLP in Lake Oswego. I have been with Delap for about 8 years. I specialize in working with small business and individuals in their tax preparations and strategies.
Tuesday February 5, 2013 12:01 Earl Pierce
12:01
The Oregonian: 
We have a question from Chris to get the ball rolling.
Tuesday February 5, 2013 12:01 The Oregonian
12:01
[Comment From chrischris: ] 
My wife took a total distribution of 98.37 from PERS in 2012, with 19.67 Fed Tax and 7.87 Oregon Tax withheld. Do I report this 1099r on 1040A line 12a and 12b(98.37), and 19.67 on line 36 along with income tax withheld on W2?
Tuesday February 5, 2013 12:01 chris
12:01
itsonlymoney: 
I'm hoping Adam or Shannon can answer that question from Chris.
Tuesday February 5, 2013 12:01 itsonlymoney
12:02
Richard Panick: 
Chris, I will answer this one for you.
Tuesday February 5, 2013 12:02 Richard Panick
12:02
itsonlymoney: 
Thanks, Richard!
Tuesday February 5, 2013 12:02 itsonlymoney
12:02
Richard Panick: 
You are correct, the distribution goes on 12a and 12b on Form 1040A.
Tuesday February 5, 2013 12:02 Richard Panick
12:02
[Comment From Paul J. WigowskyPaul J. Wigowsky: ] 
Hi, I sold my house (for $235K) in California in June and moved to Oregon, where I bought a house (for $270K) in July. Do I need to fill out a tax form for both states?
Tuesday February 5, 2013 12:02 Paul J. Wigowsky
12:03
Richard Panick: 
Add the federal income tax withholding to all your other withholding on line 36 ofr the same 1040A.
Tuesday February 5, 2013 12:03 Richard Panick
12:03
The Oregonian: 
Brent, here's one for you that was posted by a reader on this chat: "I hope that someone will be able to explain how we are to file/pay the new Portland Arts Tax as information is lacking."
Tuesday February 5, 2013 12:03 The Oregonian
12:04
itsonlymoney: 
Portland voters imposed a $35-a-year tax on each family member over 18 who earns income above the poverty level.
Tuesday February 5, 2013 12:04 itsonlymoney
12:04
The Oregonian: 
Thanks, Richard and Brent. Who wants to grab Paul's question about Calif/Ore tax forms?
Tuesday February 5, 2013 12:04 The Oregonian
12:05
[Comment From chrischris: ] 
Thank You Richard, I appreciate the help!
Tuesday February 5, 2013 12:05 chris
12:05
Shannon Ball: 
I can anwer Paul's question.
Tuesday February 5, 2013 12:05 Shannon Ball
12:05
Richard Panick: 
Chris, happy I could help.
Tuesday February 5, 2013 12:05 Richard Panick
12:05
Adam Morrison: 
Paul - You only need to file for Oregon purposes if you received Oregon source income and meet the filing requirements. As a nonresident to Oregon, you would need to report only Oregon source income. As a resident of Oregon, you will need to report income from all sources.
Tuesday February 5, 2013 12:05 Adam Morrison
12:06
itsonlymoney: 
The city is still nailing down the details of this tax. Scott Karter, of the city's office of management & finance, says they'll have more details on paying the tax in February or early March.
Tuesday February 5, 2013 12:06 itsonlymoney
12:06
itsonlymoney: 
I'd recommend checking back on his department's website: http://www.portlandoregon.gov/omf/25949
Tuesday February 5, 2013 12:06 itsonlymoney
12:06
[Comment From Paul J. WigowskyPaul J. Wigowsky: ] 
Adam, I retired in 2003 (PERS) and moved to California. Income only from Pension, and Soc. Sec. in 2007.
Tuesday February 5, 2013 12:06 Paul J. Wigowsky
12:07
The Oregonian: 
Readers, what else do you want to ask? What trips you up on your Oregon and federal forms?
Tuesday February 5, 2013 12:07 The Oregonian
12:08
Adam Morrison: 
Paul - You will also file an Oregon part-year resident return to report your income.
Tuesday February 5, 2013 12:08 Adam Morrison
12:08
itsonlymoney: 
Interestingly, Karter of the City of Portland confirmed that there will be NO EXTENSIONS for paying for the city's arts tax. You'll have to get the payment in by April 15th or face a penalty. The penalty amounts are not set in stone, but could be $15 for missing the April 15th deadline and $20 for not paying by Oct. 15.
Tuesday February 5, 2013 12:08 itsonlymoney
12:08
[Comment From MichaelMichael: ] 
I have a question concerning songwriter and mechanical royalties. I'm retired, but still receive small amounts through song publishing and BMI. Turbotax seems to want to show these as business income, but I have no expenses to claim and get hit hard by the tax rate. where should I list royalties along with my 1040 so they show up appropriately? thanks!
Tuesday February 5, 2013 12:08 Michael
12:09
itsonlymoney: 
OK, who wants to tackle Michael's question?
Tuesday February 5, 2013 12:09 itsonlymoney
12:09
[Comment From Paul J. WigowskyPaul J. Wigowsky: ] 
Adam, do you think there will be any capital gains tax on the sale of a house in CA and buying a house in OR (where I retired)?
Tuesday February 5, 2013 12:09 Paul J. Wigowsky
12:09
Adam Morrison: 
Paul - Retirement income recieved as a nonresident is not taxable to Oregon. As well, Social Security benefits are not taxable to Oregon. However, retirement benefits recieved as an Oregoon resident is taxable to Oregon.
Tuesday February 5, 2013 12:09 Adam Morrison
12:10
Richard Panick: 
Michael, Let me take a look at a couple of forms for you.
Tuesday February 5, 2013 12:10 Richard Panick
12:10
[Comment From T MommaT Momma: ] 
Why the requirement for manual review when claiming Working Fanily Child Care Credit? And does this really take an additional 6 weeks?
Tuesday February 5, 2013 12:10 T Momma
12:11
Earl Pierce: 
Paul - So, you will file as a part-year resident of California in 2012 and as a part-year resident of Oregon in 2012. You will allocate income earned in California up through the date of the sale of you home and your move to Oregon. Income received after the date Oregon residency began will be allocated to Oregon. So, the key here is there will be two state returns.
Tuesday February 5, 2013 12:11 Earl Pierce
12:11
[Comment From Paul J. WigowskyPaul J. Wigowsky: ] 
Adam, thanks. I will file a part-time Oregon resident form. Do I also have to file a part-time California resident form (for first half of the year)? I file using Turbo-Tax.
Tuesday February 5, 2013 12:11 Paul J. Wigowsky
12:11
[Comment From Paul J. WigowskyPaul J. Wigowsky: ] 
Earl -- thanks. You answered the questions I had.
Tuesday February 5, 2013 12:11 Paul J. Wigowsky
12:12
itsonlymoney: 
Earl or Richard, can you help T Momma?
Tuesday February 5, 2013 12:12 itsonlymoney
12:12
Adam Morrison: 
Paul - as a nonresident, you will not be taxed for Oregon purposes on capital gains from another state. Since you were a nonresident at the time of the sale, it is not taxable to Oregon. Only gian recieved as a resindent is taxable to Oregon.
Tuesday February 5, 2013 12:12 Adam Morrison
12:13
Richard Panick: 
Michael, you report your royalty income first on Schdule E, Form 1040 where you show the income and expense. It then goes to line 17 of the 1040.
Tuesday February 5, 2013 12:13 Richard Panick
12:13
Shannon Ball: 
T Momma - When claiming the Working Family Child Care Credit there is a greater possibility that it will be manaully reviewed. The reason is because this is a refundable credit up to 40% of childcare costs there has been a lot of fraud involved.
Tuesday February 5, 2013 12:13 Shannon Ball
12:13
[Comment From Paul J. WigowskyPaul J. Wigowsky: ] 
Adam - thanks. That answers everything for me.
Tuesday February 5, 2013 12:13 Paul J. Wigowsky
12:13
[Comment From MichaelMichael: ] 
Richard, I currently am using Schedule C-EZ and Schedule D. I get dinged for slef empolyment!
Tuesday February 5, 2013 12:13 Michael
12:13
itsonlymoney: 
Thank you, Shannon! Way to come in there!
Tuesday February 5, 2013 12:13 itsonlymoney
12:13
Richard Panick: 
I understand that you have no expenses to offset the income, but that is how you report the royalty income.
Tuesday February 5, 2013 12:13 Richard Panick
12:13
Adam Morrison: 
Paul - as Earl pointed out, you will need to file a return for CA for the first part of the year.
Tuesday February 5, 2013 12:13 Adam Morrison
12:14
itsonlymoney: 
Earl, you specialize in small business taxes. What specific issues do small business owners need to watch out for in the 2012 tax year?
Tuesday February 5, 2013 12:14 itsonlymoney
12:15
Richard Panick: 
Michael, each type of income has specific reporting requirements. Remember to take credit for your self employment tax on line 27 of your 1040.
Tuesday February 5, 2013 12:15 Richard Panick
12:15
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Tuesday February 5, 2013 12:15 
12:15
Earl Pierce: 
T Momma - I am not sure about the processing time of 6 weeks. It really depends upon the workload of the revenue department. In my experience, the reviews are usually shorter the earlier you complete and file the return. I have seen a big crunch at time leading to the actual time being longer than estimated by the tax authorities.

Tuesday February 5, 2013 12:15 Earl Pierce
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