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

Yep. But only on contributions made prior to December 31, 2019. The Oregon College Savings Plan is moving to a tax credit starting January 1, 2020. You may carry forward the balance over the following four years for contributions made before the end of 2019. For example, if a couple contributed $15,000 to their son’s Oregon College Savings Plan account in 2019, they may subtract a maximum of $4,865 (because they file jointly) on their 2019 Oregon taxes. They can then carry forward the remaining $10,135 balance of that contribution for up to four years. The new tax credit would be in addition to any carried forward deductions.

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