I need some clarification about Oregon's 529 College Savings plan credit.
I live in Oregon and know that the state offers a tax credit for contributions to the College Savings Plan. Here's the situation:
From what I understand, since my contribution was made before the 2024 tax filing deadline (04/15/2025), I should be able to report it on my 2024 taxes. But the phrasing in TurboTax makes me unsure.
Also, I don't see any tax documents in my 529 savings account.
Appreciate any insights or advice! Thanks in advance!
Here is the screenshot of 529 savings plan website:
Here is the screenshot of question in TurboTax:
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Yes, according to the Oregon income tax return instructions (2024 Publication OR-17, Oregon Individual Income Tax Guide, 150-101-431 page 121), you may include the contribution made in January in the section for contributions in 2024.
Note 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 ($360 if married filing
jointly).
Yes, according to the Oregon income tax return instructions (2024 Publication OR-17, Oregon Individual Income Tax Guide, 150-101-431 page 121), you may include the contribution made in January in the section for contributions in 2024.
Note 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 ($360 if married filing
jointly).
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