If you contributed to the 529 plan, you will be able to claim a subtraction from income. 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
Where to Enter?
- State Section
- Subtractions
- Other subtractions
- Choose Oregon College & MFS savings plan deposit" from the drop down menu
Oregon also allows you to apply your state refund to your 529 plan.
- State section
- Edit
- Payment
- Refund applied to 529
For more information: