Your concerns are well founded -- you'd want to apply the credit that's expiring soonest first.
If TurboTax won't allow you to order the credits as needed, you'll need to complete the state return in TurboTax and print it. You could then replace page 2 of Schedule OR-ASC with a page 2 printed from Forms and Publications Library, placing the credits in the order most beneficial to you. You'd need to mail the return in.
For the Oregon Production Investment Fund contributions credit (Credit code 856), your credit can be carried forward for up to three years after the auction year, but if you don’t use the carryforward within three years, it’s lost.
And for the College Opportunity Grant Fund contributions credit (Credit code 871), the same three-year policy applies.
The advice in Carryforward credits in Publication OR-17, Individual Income Tax Guide reflects what you're thinking: Report any amounts carried forward from a prior year or awarded for the first time in 2022 even if you’re not using the credit this year. Use credits that expire soonest first.
