I need some clarification about Oregon's 529 College Savings plan credit.
I live in Oregon and know that the state offers a tax credit for contributions to the College Savings Plan. Here's the situation:
- Contribution Date: I contributed $7,200 on 01/10/2025 for my two kids.
- Tax Filing Question: TurboTax asks about "Higher education savings plan deposits in 2024," which has me confused.
- Oregon 529 Plan Administrator didn't ask if the contribution was for 2024 or 2025.
From what I understand, since my contribution was made before the 2024 tax filing deadline (04/15/2025), I should be able to report it on my 2024 taxes. But the phrasing in TurboTax makes me unsure.
Also, I don't see any tax documents in my 529 savings account.
So my questions are:
- Can I claim the credit for the $7,200 contribution on my 2024 tax filing?
- Is the wording in TurboTax a concern, or am I good to go?
Appreciate any insights or advice! Thanks in advance!
Here is the screenshot of 529 savings plan website:
Here is the screenshot of question in TurboTax:
