Oregon tax crdits

[twinfirsranch]

I have already filed my 2020 returns, but my Oregon state refund is only $50 and I did not get full credit for my $100 credit for political contribution or the $200 Oregon 529 College contribution.  Both of these credits were filled in by me. This suggests my refund should have been about $300. Please help.  

[BillM223 · Accepted solution]

The political contribution credit is a nonrefundable credit.

"The credit can’t be more than your tax liability for the year. Any credit not used this year is lost." See page 102 of the Oregon Individual Income Tax Guide.

This means that this credit can be applied only to your assessed tax; it will not give you more dollars over and above what you owe.

"Oregon 529 College contribution"

The credit from this contribution is refundable. It should appear in Section 5 of the OR-ASC, with the code of 896. See page 116 of the Oregon Individual Income Tax Guide.

While this credit is refundable (good), it can also be limited by your Adjusted Gross Income (line 11 on your 1040).

Please look at Table 12 on page 115 of the Income Tax Guide above to see how it is limited.

Of course, we in the Community cannot see your private tax data, but I hope this will point to why your refund is what it is.