Retirement income in Oregon
Varies
Does Oregon Tax Retirement Income?
Short answer: Yes. Pensions and 401(k)/IRA withdrawals are taxed. Taxpayers 62+ with low household income and little Social Security may qualify for a 9% retirement income credit. Classified as taxed because the retirement income credit is limited to low-income retirees.
Government pensions: Federal pension income attributable to service before October 1, 1991 may be subtracted. Pensions, traditional IRA and 401(k) withdrawals are taxable federally either way; Roth withdrawals after 59½ (5-year rule met) are tax-free.
Records to keep: Keep your state return, W-2s and 1099s (1099-R, SSA-1099), and any state credit worksheets. Check your state revenue department's current-year instructions before you file.
Retirement income in Oregon
Varies
Individuals / Personal Taxes
Yes. Pensions and 401(k)/IRA withdrawals are taxed. Taxpayers 62+ with low household income and little Social Security may qualify for a 9% retirement income credit. Classified as taxed because the retirement income credit is limited to low-income retirees.
Business justification
Yes. Pensions and 401(k)/IRA withdrawals are taxed. Taxpayers 62+ with low household income and little Social Security may qualify for a 9% retirement income credit. Classified as taxed because the retirement income credit is limited to low-income retirees. Government pensions: Federal pension income attributable to service before October 1, 1991 may be subtracted. Pensions, traditional IRA and 401(k) withdrawals are taxable federally either way; Roth withdrawals after 59½ (5-year rule met) are tax-free.
Category
- Personal Tax Deductions