Hello,
I made contributions to an Oregon Individual Development Account this year for the purposes of home buying in the future. My understanding is that these are tax-deductible as the IDA program guide says:
Oregon IDA savers are eligible to deduct their savings portion using the OR-ASC form, in the
“Other Subtractions” section, Code 314 “Individual development account contributions.”
However, when I select the "Credits" option for "Credit for a Donation to an Oregon Individual Development Account," TurboTax asks me if I made a charitable contribution to the Oregon IDA program. If I say no, it asks if I have a carry-over credit. If I say no to that, it takes me back to the main screen. If I say yes, I did make a contribution, it asks me for my fiduciary agency's total tax credit calculation, and then it tells me I must add back the amount of my federal IDA donation if I take the Oregon Credit and to enter my federal deduction below.
What?
I did not make a charitable contribution to the program itself, I put money into an Individual Development Account. How do I just enter that I put money into my Individual Development Account with the State of Oregon? Do I need to upgrade to a different version of TurboTax in order to access the form OR-ASC?
