I have been off work due to an injury,I then needed to withdrawal all my funds from my OregonSaves account.Does this need to be filed when I do my tax return?

What type of IRA is OregonSaves,and does it need to be reported when filing a tax return?

288

Expert Alumni

Feb 7, 2024 10:41:51 AM

The Oregon Saves program is a Roth IRA. As such, you can withdraw your contributions at any time without taxes or penalties, but the earnings on your contributions are treated differently. You should receive Form 1099-R for your distribution, which you will need to enter in TurboTax.

Please see this article on the Oregon Saves website for more info: Can I take out my money?

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I have been off work due to an injury,I then needed to withdrawal all my funds from my OregonSaves account.Does this need to be filed when I do my tax return?