Fri 30 Mar, 2012 10:00 pm
I'm trying to find out if Oregon taxes qualified distributions from Roth IRA's as income? I've been looking but can't find anything one way or the other. I know the FED does not and I've been told that "most" states do not. But I'm just wondering if Oregon is one of the few exceptions.
No, Oregon does not tax distributions from Roth IRA's as income, provided you are 59.5 years old when you start withdrawing from it.
Roth IRA – A Roth IRA has the same contribution limits as Traditional IRAs, but there’s a big difference. Contributions to a Roth IRA aren’t tax-deductible. So why do it? Because qualified withdrawals are tax-free. This includes earnings. You can withdraw your contributions tax and penalty free anytime. This means if you find yourself in a financial pinch, you can withdraw what you’ve put in (not what you’ve earned) without penalty. Want one more reason for a Roth IRA? You don’t have to be under age 70½ to contribute. If you still have money to put away at that age, you can as long as you’re still working.
All his last 30 posts say "Troll" - he clearly was referring to himself, poor chap!