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.

TaxesRachel Diesel