How do I enter OR 529 contribution for tax year 2024

Forum|Forum|1 year ago
March 10, 2025
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I could not find a place to enter the contribution I made to Oregon 520 college saving plan in year 2024. can you help?

TurboTax Home & Biz Windows

Best answer by MindyB

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.

Here is how you can enter your Oregon 529 contributions.

Navigate to the Oregon section of TurboTax (State Taxes > Your State Returns > Oregon)
Continue through the interview until you arrive at Take a look at Oregon credits and taxes
Select start or revisit Oregon higher education savings plan credit
Answer the questions on the following screens regarding the contributions you made to the Oregon 529 plan(s)

MindyBAnswer

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.

Here is how you can enter your Oregon 529 contributions.

Navigate to the Oregon section of TurboTax (State Taxes > Your State Returns > Oregon)
Continue through the interview until you arrive at Take a look at Oregon credits and taxes
Select start or revisit Oregon higher education savings plan credit
Answer the questions on the following screens regarding the contributions you made to the Oregon 529 plan(s)

Bobpea

How do I carryover what I could not deduct in previous years?

DawnC

Employee

At the beginning of the Oregon return, on the page titled Here's the income that Oregon handles differently, the first item is Oregon higher education and ABLE account Deposit Fiscal-Year Carryover.

You can deduct up to a maximum of $5,885 per year if you are Married Filing Jointly ($2,940 all others) for contributions to a Oregon 529 College Savings Plan and/or ABLE accounts. Tax year 2019 was the last year a subtraction was allowed for contributions made. Any excess contributions may be carried forward for up to four years.

Contributions to out-of-state 529 plan funds do not qualify for this deduction.

If you have a carryforward amount of more than $5,885 if you are Married Filing Jointly ($2,940 for all others) in a year, you can carry forward the overage for up to four years.