I am using TurboTax Deluxe for Windows to prepare my Oregon state tax return, and the information on deductions for the Oregon 529 College Savings Plan is contradictory in a couple of places. On the STATE TAXES tab, clicking the Learn more link next to Oregon College & MFS 529 Savings Plan and ABLE account Deposits reads:
"You can deduct up to a maximum of $4865 per year if you are Married Filing Jointly ($2435 all others) for contributions to a Oregon 529 College Savings Plan and/or ABLE accounts made before the end of the current tax year."
However, clicking the Learn more link next to Other Subtractions reads:
"You can deduct up to a maximum of $4865 per year ($2435 if married filing separately) for contributions to the Oregon 529 College Savings Network."
Since I am filing as single head-of-household, the available deduction is not clear. The software limits me to $2,435 in contributions per year. Can you check whether the software is acting correctly, and possibly clarify the explanations?
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The $4,865 applies to Married Filing Joint- the $2,435 is for Married-Separate, Head of Household and Single. I went to the Learn More that you referenced and I can see it may be confusing as it is worded there.
The $4,865 applies to Married Filing Joint- the $2,435 is for Married-Separate, Head of Household and Single. I went to the Learn More that you referenced and I can see it may be confusing as it is worded there.
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