If I contribute more than the maximum state tax deduction to my Oregon 529 plan in one year, can I use the remainder towards the state tax deduction in the following years?
Yes. You can roll forward any contribution in excess of the yearly maximum allowed for up to four years. For example, if an account owner who is married and filing jointly contributes $20,000, he or she may take a $4,000 state tax deduction that year and for each of the following four years (up to $10,000 if single or married filing separately). This process can be repeated every five years.
Related Questions
- If I contribute more than the maximum state tax deduction to my Oregon 529 plan in one year, can I use the remainder towards the state tax deduction in the following years?
- If I contribute $4,000 to an Oregon 529 plan and my spouse contributes $4,000 to an Oregon plan, are we both eligible for the $4,000 state tax deduction?
- If I contribute $2,000 to an Oregon 529 plan and my spouse contributes $2,000 to an Oregon plan, are we both eligible for the $2,000 state tax deduction?
