What if I already have a login on the Sumday Plan Management site with my Oregon ABLE Savings Plan?

If you haven’t signed in to your Oregon College Savings Plan account since the conversion and you have another plan account managed by Sumday, you won’t need to retrieve your account. Simply sign in and you’ll see both your Oregon College Savings Plan account and any other accounts on your dashboard. If you have any trouble with this please contact us so we can help you get it sorted out.

How have the investment options changed?

We have introduced more Vanguard Funds and an FDIC-insured cash option to our investment options. You will also notice that our age-based portfolios have changed to target-date portfolios tied to the expected year of attendance. The new target-date portfolios allow you to set a more specific plan for college savings that fits your family’s needs.

What are the tax advantages of making a gift contribution to an Oregon College Savings Plan account?

The good thing about making gift contributions to an Oregon College Savings Plan account is that they may reduce your own tax burden by helping to reduce the taxable value of your estate. Individuals making gift contributions may benefit from an annual federal gift tax exclusion of $15,000 per donor ($30,000 for married contributors), per beneficiary. And, in the event a contributor’s gifted amount to a beneficiary exceeds $15,000 in a single year, they may elect to treat up to $75,000 ($150,000 for married contributors) as having been made over a period of five years for federal gift tax exclusion. Please consult a tax advisor for more information.

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How can I download my Oregon College Savings Plan account activity data and how can I import this data into QuickBooks Online or Quicken?

When you are within your Oregon College Savings Plan account dashboard, click on your activity feed, then click the download icon located in the upper right hand corner of your screen. Once you have downloaded the Excel .CSV file to your computer, you will need to upload the file into QuickBooks Online or convert the file to a .QFX file first and then upload it to Quicken. Unfortunately, we do not currently support a “Direct Connect” import method.

Importing a .CSV file to QuickBooks Online:

NOTE: Before uploading, MAC users will need to convert their .CSV file to a Windows .CSV file in Excel. (Within Excel, select File > Save As > and then choose “Windows Comma Separated” as the file type)

  1. Select Banking from the left menu
  2. Under the Update drop-down arrow, choose File Upload.
    NOTE: If you’ve never connected an account, select Upload transactions manually at the bottom of the screen.
  3. Select Browse and choose the appropriate .CSV file then click Next.
  4. From the QuickBooks Account drop-down, select the appropriate bank or credit card account then click Next.
  5. Map the statement fields according to your .CSV file's format then click Next.
  6. Put a check mark on the transactions to import then click Next.
  7. Select Yes on the notification asking if you want to import now.
  8. Select Let’s go when you get the Import Completed window.

You will now be directed to the Downloaded Transactions window where the imported transactions will appear under the For Review tab.

Importing your Oregon College Savings Plan data to Quicken:

NOTE: You will first need to convert your .CSV file to a .QFX file (Quicken Web Connect file) — not to be confused with a .QXF file (Quicken Transfer Format file). There is software online that can help with this conversion process. Once converted, please follow the steps below.

  1. Open Quicken and choose File menu > File Import > Web Connect File.
  2. Navigate to, and then select the Web Connect file you just converted.
  3. Click OK.
  4. Give the account a name. Or, if you already have an account in Quicken for these transactions, choose Link and the account name in the dialog that follows.
  5. After Quicken finishes importing the file, open the account. Quicken will either automatically add them to your register, or you can review and accept the imported transactions, depending on your downloaded preferences.

If this is the first time you're downloading transactions, activate your Web Connect account to download transactions first.

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What is the Uniform Gifts to Minors Act (UGMA)/ Uniform Transfers to Minors Act (UTMA), otherwise called a Custodian Account?

The Uniform Gifts to Minors Act and Uniform Transfers to Minors Act allow minors to own assets (like stocks, bonds, mutual funds, annuities, or insurance policies) held in a custodian’s name, without needing an attorney to set up a special trust fund.

If you wish to set up a UGMA/UTMA Oregon College Savings Plan account, you can do so by completing our Enrollment Form (PDF) and checking “UTMA/UGMA” under the account type section.

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What is IRS Form 1099-Q?

If you make a withdrawal from an Oregon College Savings Plan account or Coverdell ESA, IRS Form 1099-Q is a tax form that you’ll receive that details all of the withdrawals you made throughout the tax year from your account. It’s important to note that there are different tax implications depending on who was responsible for making these withdrawals.

To ensure that you properly handle matters on your federal income tax return, please consult a tax advisor and learn more about Form 1099-Q from the IRS directly.

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Can you carry forward an Oregon tax deduction on contributions made in the previous tax year?

Yep. You may elect to carry forward a balance over the following four years after a contribution has been made, in order to help distribute your tax deduction potential. For example, if a couple contributed $15,000 to their son’s Oregon College Savings Plan account in 2018, they may subtract a maximum of $4,750 (because they file jointly) on their 2018 taxes. They can then carry forward the remaining $10,250 balance of that contribution for up to four years.

Keep in mind the carried-forward deduction may only be taken if the Oregon College Savings Plan account balance is greater than the deduction amount at the end of the tax year in which the deduction is being made.

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Is there an Oregon income tax deduction?

Yep! If you pay Oregon income tax, contributions made to your account are deductible up to a certain limit (which is adjusted every year to account for inflation). For 2018, individual taxpayers are allowed to deduct $2,375 ($4,750 if filing jointly) for contributions made to any account in the Oregon College Savings Plan, so long as contributions are made prior to filing your state tax return that year.

Note: Recapture provisions apply. This means that if you withdrew funds for non-qualified expenses from your Oregon College Savings Plan account and you claimed a tax benefit for that year’s contribution, the state of Oregon will recapture any Oregon State income tax benefits that you had accrued on the principal portion of that withdrawal. Read through our Plan Disclosure Booklet (PDF) for more info.

Worth noting, any funds that you plan to roll over from another 529 College Savings Plan are considered “new contributions” and will count towards the limit you’re allowed to deduct in a given tax year. It’s best to contact a tax advisor if you’re still unsure about your tax implications might be.

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What are the federal estate and gift tax benefits?

The good thing about making gift contributions to an Oregon College Savings Plan account is that they may reduce your own tax burden by helping to reduce the taxable value of your estate. Individuals making gift contributions may benefit from an annual federal gift tax exclusion of $15,000 per donor ($30,000 for married contributors), per beneficiary. And, in the event a contributor’s gifted amount to a beneficiary exceeds $15,000 in a single year, they may elect to treat up to $75,000 ($150,000 for married contributors) as having been made over a period of five years for federal gift tax exclusion. Please consult a tax advisor for more information.

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What are the federal and state tax advantages of opening an Oregon College Savings Plan account?

The benefit of contributing to an Oregon College Savings Plan account is that your account earnings have the opportunity to grow tax-free and so long as the money in your account is used for qualified expenses it can be withdrawn and spent tax-free, as well.

There is also an Oregon income tax benefit. If you are a resident of Oregon, contributions made to your account are deductible up to a certain limit (which is adjusted every year to account for inflation). For 2018, individual taxpayers are allowed to deduct $2,375 ($4,750 if filing jointly) for contributions made to any account in the Oregon College Savings Plan, so long as contributions are made prior to filing your state tax return that year. Remember, a tax deduction does not directly reduce your taxes owed (that’s known as a tax credit). A tax deduction simply reduces your taxable income, which reduces your overall tax liability.

Note: Recapture provisions apply. This means that if you withdrew funds for non-qualified expenses from your Oregon College Savings Plan account and you claimed a tax benefit for that year’s contribution, the state of Oregon will recapture any Oregon State income tax benefits that you had accrued on the principal portion of that withdrawal. Read through our Plan Disclosure Booklet (PDF) for more info.

Note, any funds that you plan to roll over from another 529 College Savings Plan are considered “new contributions” and will count towards the limit you’re allowed to deduct in a given tax year. It’s best to contact a tax advisor if you’re still unsure about what your tax implications might be.

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Can I roll over my Oregon College Savings Plan account into an Oregon ABLE Savings Plan?

Yep! A specific ABLE provision was included in the tax bill signed into law at the end of 2017. Money from an Oregon College Savings Plan account can now be rolled over into a beneficiary’s (or eligible family member’s) ABLE account without being penalized. There is a $15,000 rollover limit (minus the ABLE contributions already made during the current year).

You can find the appropriate 529 College Savings to ABLE Rollover Form here.

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