Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Withholding of Oregon State income tax is required is the taxable portion of pension payments is more than $10 and made to residents of Oregon.
For Non-Periodic Payments - 8% of the taxable distribution is withheld for state tax purposes.That amount will be reported on 1099R form and will be credited toward total tax liability on the individual tax return - so if withholding is more than total tax liability (as calculated on the tax return) - the taxpayer will claim a refund.
If funds are distributed to nonresidents of Oregon or are rolled over to another retirement account - there is no withholding.
I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.