Oregon Credit for College Savings Fund is wrong

wolfcola
wolfcola Member Posts: 1 Newcomer
in State Filing

I have an Oregon College Savings Plan for my kiddos — my wife and I contributed above the $360 credit limit this year.

I am married filing jointly and the credit on our return is listed as $180 — it should be $360 for MFJ filers not the single rate of $180.

I'd rather e-file — but if they cannot fix it — has anyone been able to get a refund for the state filing because I am thinking I'll have to paper file this return to fix the error.

Best,
-Derek

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Comments

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 253

    Hi wolfcola,

    With limited details, it sounds like this is considered a refundable credit from the state, which may be subject to a limitation of how much credit is needed to reduce tax or become part of a refund. It may not be a dollar for dollar match.

    Here's the instructions for the 2024 Oregon, Schedule OR-ASC and OR-ASC-NP Instructions
    Oregon Adjustments.

    Reading here also on page 4, "Higher education savings and ABLE account credit limits. The 2024 limits for the credits for contributions made to a higher education savings account (Oregon College Savings Plan or MFS 529 Savings Plan) or an ABLE account are $360 if you're married and filing a joint return or $180 for all others. See "Refundable credits" in Publication OR-17 for more information"

    OR-17 states:

    "Refundable credits may exceed your tax liability for the year. The amount of the credit that exceeds your tax liability is treated like an overpayment of tax and may be refunded to you."

    Please log in to your account and contact Support for more detailed help if you would like.

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