If you contributed to the 529 plan, you will be able to claim a tax credit. If you withdrew money from your 529 plan, you may have to add the withdrawal back to your income if it was not used for educational purposes.
What is the 529 plan?
Its main purpose is to help families contend with the future high costs of their children’s or grandchildren’s college or vocational education
What are the qualifications?
Funds can be used for any post-secondary institution that is accredited throughout the United States and internationally, meaning the school is eligible for federal financial aid. This can include university, college, community college, trade schools, and graduate schools.
What are the limits?
Individual contributions are capped at $15,000 per transaction if you wish to do so online. If you’d like to make a contribution larger than $15,000, you just need to download and fill out our Contribution Form (PDF) offline
What about carryovers?
Money from an Oregon College Savings Plan account can now be rolled over into a beneficiary’s (or eligible family member’s) ABLE account without being penalized.
What if I don’t use it for education expenses?
Non-qualified withdrawals are subject to federal income tax and may be subject to a 10% federal penalty tax. If you claimed a credit based on your contributions, your credit may have to be recaptured.
Where to Enter?
- State Section
- Edit (three dots)
- Credits
- Refundable Credits
- Enter amount in box labeled "ABLE account contributions"
Oregon also allows you to apply your state refund to your 529 plan.
- State section
- Edit (three dots)
- Payment
- Oregon 529 College Savings Plan
- Oregon College Savings Plan