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Oregon has an income tax and I believe it applies to social security and other pension income, unlike some other states with exemptions for these.
Oregon doesn't tax social security, but it does have a very steep income tax on other retirement income, pensions, and starts at a very low income level.
Thanks. I tried going from memory this time but should have looked the details up as I usually do. I knew it is considered less tax friendly for seniors. But I see there is some sort of credit offsetting some of the tax on pensions.
13 states tax social security to some degree according to one source. In the west that includes Colorado, Montana, Utah and New Mexico. I thought Oregon was in there too but it is not.
Thanks. I tried going from memory this time but should have looked the details up as I usually do. I knew it is considered less tax friendly for seniors. But I see there is some sort of credit offsetting some of the tax on pensions.
13 states tax social security to some degree according to one source. In the west that includes Colorado, Montana, Utah and New Mexico. I thought Oregon was in there too but it is not.
Do you recall where you read about that credit toward pension income, Crow?
I hope it exists!
Are other forms of retirement income taxable in Oregon?
Yes. Income from a 401(k), an IRA or any other retirement account is taxable at rates ranging from 5% to 9.9%. See the full Oregon income tax rate tables below. Pension income is also taxable, but some seniors may be able to claim a credit on that income. The credit is available to seniors with household income less than $22,500 (or $45,000 for joint filers) and Social Security income less than $7,500 (or $15,000 for joint filers). The credit is calculated according to a fairly complicated formula, but it is equal to no more than 9% of your pension income. Income Tax Brackets
Single FilersOregon Taxable IncomeRate$0 - $3,4005.00%$3,400 - $8,5007.00%$8,500 - $125,0009.00%$125,000+9.90%
Last edited by smpliving; 08-03-2018 at 10:53 AM..
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