For Oregon 529 contribution there is a tax credit of $300 available, but turbo tax is only allowing me a credit of $86. Any idea why?

Forum|Forum|5 years ago
April 2, 2021
7 replies
28 views

I'm married filing jointly

TurboTax Deluxe Online

SweetieJean

Alumni - Champ

Your AGI determines the percentage of the contributions you made during the year that you may claim,
up to the maximum of $150 ($300 if married filing jointly).

Credit percentage from Table 12 of Pub OR-17 (2020)

AGI

$0- 30,000 100%
30,001-70,000 50%

70,001- 100,000 25%
100,00- 250,000 10%
250,001+ 5%

AmyC

Alumni - Intuit

The law changed for 2020 from a deduction to a credit. See the full details at Education Savings Credit FAQ - State of Oregon.

@SweetieJean is right again

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zzdrAuthor

Level 2

Yes, that is all correct. I should be eligible for the $300 credit as I contributed $6k and make over $250k. I should get 5% x $6000 = $300. When I put in my numbers, Turbo Tax fills in $86 for my credit. Something not adding up. Thanks