I’m in Oregon and trying to double confirm my understanding of the Oregon 529 tax credit timing.
Here are the facts from my situation:
I did not contribute to my kids’ OR 529 during calendar year 2024
I made a $3,600 contribution on 01/10/2025
I filed my 2024 Oregon return on 04/14/2025 (before the April 15 deadline)
On my filed 2024 Schedule OR-ASC, I see:
From what I understand, this means Oregon treated the 01/10/2025 contribution as eligible for the 2024 credit because it was made before filing, even though it was in the next calendar year.
Questions I want to confirm with others who’ve dealt with this:
Is this the correct interpretation of Oregon’s rule (contributions made before filing can count toward the prior tax year)?
For 2025, should I treat my contribution total as $0 so far, since the Jan 10 amount was already “used” on the 2024 return?
To get the full 2025 credit, do I need to contribute a fresh $7,200 in 2025 (MFJ, income > $250k)?
This is confusing because most states are calendar-year based, but Oregon seems different. Thanks in advance 🙏
