oregon college savings plan tax deduction

Ready to start saving for college? Some states offer favorable tax treatment or other benefits to their residents only if they invest in their own state's 529 plan.

 · All Oregon taxpayers are eligible to receive a state income tax credit up to $300 for joint filers and up to $150 for single filers on contributions made to their Oregon College Savings Plan account. The tax credit goes into effect on January 1, 2020, replacing the state income tax deduction, and provides the same maximum credit to all.

Yes. All Oregon tax payers are eligible to contribute to an Oregon College Savings Plan, MFS 529 Savings Plan or Oregon ABLE Savings Plan and claim the state income tax deduction (for 2019) or credit (for 2020 and beyond). You do not need to be the owner of the account to contribute and claim the tax credit.

What are the tax benefits of having an Oregon ABLE Savings account?. a qualified “Member of the Family” as defined by the 529 College Savings Plan, which.

New federal rules allow parents to use the tax-advantaged 529 savings plan for certain. Contributions and growth may also carry state tax benefits, which we'll. Oregon, Oregon College Savings Plan, Qualified distributions from any 529.

The tax credit goes into effect on January 1, 2020, replacing the state income tax deduction, and provides the same maximum credit to all Oregonians who are saving for college, community college, trade school, or any other post-secondary education through the Oregon College Savings Plan.

IRC Section 529 tax exemption for earnings on college savings plan funds used for K-12 tuition. Oregon Col-lege & MFS 529 Savings Plans may be used for higher education expenses only. If previously subtracted con-tributions are withdrawn and used for K-12 tuition, you’ll have an addition on your Oregon.

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 · Yep. But only on contributions made prior to December 31, 2019. The Oregon College Savings Plan is moving to a tax credit starting January 1, 2020. If you file an Oregon income tax return, contributions made to your account before the end of 2019 are deductible up to a certain limit.

There are no federal income tax benefits associated with a 529 plan contribution. However, your investment grows tax-deferred and qualified.

Editor’s note – You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article.

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