You will enter the amount of your 2020 deposits and earnings into your Oregon First-Time Home Buyer' Savings Account in the state section of the TurboTax program under Misc Adjustments and then First-Time Home Buyer Savings Account Subtraction.
You should see this section appear near the beginning of the state interview.
The program will subtract the deposits from the taxable income on the Oregon return. The maximum amount of the subtraction is $5,000 (or $10,000 for married taxpayers filing jointly.) The subtraction may be limited by federal adjusted gross income (AGI.)
Your net earnings from self-employment will become part of your AGI for purposes of determining the amount of your allowable state subtraction, but your federal self-employment tax or federal income tax will not be reduced.
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