Saving for college in Oregon comes with a tax break many families don’t realize they qualify for. Oregon residents who contribute to the state’s 529 plan can earn a refundable state income tax credit worth up to $190 for single filers or $380 for married couples filing jointly, depending on household income and contribution amount. Because the credit is refundable, even some taxpayers with little or no Oregon income tax liability may still receive the benefit. Understanding the rules before making a contribution can help families maximize every dollar they save for education.
Education costs continue to climb. According to the latest estimates from the College Board, the average published tuition and fees at four-year colleges remain well above $10,000 annually for in-state public institutions and substantially higher at private colleges, making even modest tax credits valuable over many years of saving. Here are seven rules all families in Oregon should be aware of.
