Oregon no longer allows a deduction for 529 contributions (unless you are carrying forward unused deductions from prior years.)
Rather, the current benefit is a tax credit, with a maximum value of $180.
Here is how you can enter your Oregon 529 contributions.
At the beginning of the Oregon return, on the page titled Here's the income that Oregon handles differently, the first item is Oregon higher education and ABLE account Deposit Fiscal-Year Carryover.
You can deduct up to a maximum of $5,885 per year if you are Married Filing Jointly ($2,940 all others) for contributions to a Oregon 529 College Savings Plan and/or ABLE accounts. Tax year 2019 was the last year a subtraction was allowed for contributions made. Any excess contributions may be carried forward for up to four years.
Contributions to out-of-state 529 plan funds do not qualify for this deduction.
If you have a carryforward amount of more than $5,885 if you are Married Filing Jointly ($2,940 for all others) in a year, you can carry forward the overage for up to four years.
Oregon no longer allows a deduction for 529 contributions (unless you are carrying forward unused deductions from prior years.)
Rather, the current benefit is a tax credit, with a maximum value of $180.
Here is how you can enter your Oregon 529 contributions.
How do I carryover what I could not deduct in previous years?
At the beginning of the Oregon return, on the page titled Here's the income that Oregon handles differently, the first item is Oregon higher education and ABLE account Deposit Fiscal-Year Carryover.
You can deduct up to a maximum of $5,885 per year if you are Married Filing Jointly ($2,940 all others) for contributions to a Oregon 529 College Savings Plan and/or ABLE accounts. Tax year 2019 was the last year a subtraction was allowed for contributions made. Any excess contributions may be carried forward for up to four years.
Contributions to out-of-state 529 plan funds do not qualify for this deduction.
If you have a carryforward amount of more than $5,885 if you are Married Filing Jointly ($2,940 for all others) in a year, you can carry forward the overage for up to four years.
Thank you for the detail and clear instructions on where and how to find this information and capture into TT.
I ran a test run on a copy my 2024 return and I can only see the option of entering the contribution for a single Oregon 529 plan. In talking with the Oregon Dept of Treasury each 529 plan has a separate credit. So in 2025 I'll have 2 529 plans (one for each grandchild) which I'll make the required contribution for the credit. How do I enter both contributions into TurboTax so I get both credits?
An Oregon tax credit of up to $180 ($360 if married filing jointly) is available. The credit is based on your total contributions made during tax year. Your total contribution entered would be for both grandchildren. It's not a "per account" credit.