How do I set up a 529 plan in Oregon?
It's simpler than ever to open an Oregon College Savings Plan account.
- $25 and about 15 minutes.
- Your basic info. As the account owner, we'll need your full name, email address, residential address, date of birth, and Social Security number or tax ID.
- Your beneficiary's basic info. Same info as above.
Is Oregon college savings Plan A 529?
The Oregon College Savings Plan is a state-sponsored 529 plan that comes with special tax advantages and can be opened by just about anyone — parents, family, friends, even future students.
How do I withdraw money from the Oregon college savings Plan?
When you need to make a withdrawal from your account for a qualified expense, you can either request a check, transfer funds to your bank account, or even send funds directly to a school. The lowest amount you can request at a time is $5, unless you're withdrawing the full amount from your account.
Is the Oregon College Savings Plan A Good Idea?
The Oregon 529 plan has never been a particularly strong plan. Several states (e.g. Utah, Nevada, Virginia) offer superior plans, with lower fees, better investment options, etc. However, the State of Oregon offers state residents a tax benefit for contributions to the Oregon plan.
What can the Oregon College Savings Plan be used for?
The money saved in the Oregon College Savings Plan grows tax-free and can be used for qualified expenses like tuition, books, room and board, computers, and more. It's never too early or too late to start saving.
Can you deduct 529 contributions in Oregon?
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.
Can you use a 529 plan out of state?
You can use a 529 plan from any state to pay for an eligible college in any state.