topic Oregon 529 contribution - I thought Oregon gave a tax break for 529 contributions but my TurboTax Premier version does not give me a place to enter it. in State tax filing

Oregon 529 contribution - I thought Oregon gave a tax break for 529 contributions but my TurboTax Premier version does not give me a place to enter it.

bruce6 — Tue, 04 Jun 2019 23:03:39 GMT

You will enter the deduction when you complete the state...

DawnC0 — Tue, 04 Jun 2019 23:03:41 GMT

You will enter the deduction when you complete the state return. Oregon 529 college savings network and ABLE contribution limits have increased to $4,750 for taxpayers filing joint returns and $2,375 for all others.

As you go through the state (OR) interview, you will come to a screen that says - 'Here's the income that Oregon handles differently'. Click Start next to Oregon 529 College Savings Plan and ABLE account Deposits. Proceed through the screens to apply the deduction to your state tax return, see image attached.

Re: You will enter the deduction when you complete the state...

jabraham74 — Mon, 09 Mar 2020 17:56:12 GMT

I'm following up on this as I finish my 2019 taxes in Turbo Tax. on Dec 31, 2019 Oregon switched from offering a 529 tax deduction to a tax credit. I can't see where in TurboTax I apply the $500 we put into the 529 plans for our kids. I can't find anything in the overall deductions/credits section, or the OR-specific tab. Thank you to anyone who can clarify. I have confirmed with the administrator of OR's 529 plan that we should be able to deduct this from our taxable income since it was contributed in 2019.

Re: You will enter the deduction when you complete the state...

AmyC — Mon, 09 Mar 2020 18:32:24 GMT

You do qualify for the 529 and here is how to enter it in the income section.

Go to Oregon return
Continue through residency question
screen Here's the Income that Oregon handles differently
top line Investments
Oregon college and 529 accounts, START
Did you make a deposit, select YES
Enter the amount in the top box - 529
continue

@jabraham74

Re: You will enter the deduction when you complete the state...

jenn47 — Sat, 11 Jul 2020 18:33:47 GMT

Note this did not work for Turbo Tax Deluxe. There is no option in step by step to enter this information, I ended up having to enter a fake Oregon energy credit to have the from OR-ASC show up so I could go into the form and enter this contribution manually. I hope this will help someone else

Re: You will enter the deduction when you complete the state...

LeftyColE — Thu, 01 Apr 2021 16:32:02 GMT

We have two separate OR 529 plans we contribute to but Turbo Tax only accepted one for Oregon Taxes. Why is that?

Re: You will enter the deduction when you complete the state...

AmyC — Thu, 01 Apr 2021 21:40:08 GMT

When you click on Oregon 529 College Savings Credit, one box pops up for you to enter all contributions. An Oregon tax credit of up to $150 ($300 if married filing jointly) is available.

2020 is the first year the subtraction is no longer allowed, credit only. The credit is refundable.

@LeftyColE

Re: You will enter the deduction when you complete the state...

CarolynRG — Mon, 03 May 2021 18:45:14 GMT

The only screen I get asks about a 2019 carryforward, which I don't have. When I answer no, I don't have one, it takes me back to the "Here's the income Oregon handles differently" page. All I want to do is enter the amount I contributed in 2020.

Re: You will enter the deduction when you complete the state...

DaveF1006 — Wed, 05 May 2021 02:38:17 GMT

Yes, there is a way for you to enter this in your Oregon return.

Log into Turbo Tax
Select the State taxes tab on the left hand side of your screen and begin your Oregon State return.
As you scroll through the screens, you will come to a screen that says Take a look at Oregon Credits and Taxes
Select Oregon 529 College Savings Credit
here you will enter what you contributed and you will receive a refundable credit up to $150. Please see screen below.

Oregon 529 credit isn't calculated correctly by TurboTax

DaveC625 — Tue, 14 Feb 2023 02:27:21 GMT

TurboTax limits the Oregon credit to $150, even though the maximum is $300. (The max is for a joint filer, whose AGI is no more than $300,000. I wish I could speak to someone at Intuit about this error. I guess I'll just have to make some pencil changes on the printed form, or ask for a refund.

Re: Oregon 529 credit isn't calculated correctly by TurboTax

KrisD15 — Tue, 14 Feb 2023 02:42:59 GMT

To clarify, how much did you contribute in 2022?

Re: Oregon 529 credit isn't calculated correctly by TurboTax

DaveC625 — Tue, 14 Feb 2023 22:19:49 GMT

I was wrong. Our AGI is over $250,000, so our credit is only 5% of the 529 contribution--not 10%, as it would have been if we had earned under $250.000. So TurboTax is correct.