What is the maximum amount I can contribute every year?
There isn’t a maximum above and beyond the account maximum of $400,000. Once the account reaches its $400,000 maximum, it can continue to earn money, but no additional money can be contributed to the account until the balance dips below $400,000 again. Note that if you choose to contribute more than $15,000 every year, there may be gift tax implications. Also, if you wish to help distribute your tax deduction potential, you may elect to carry forward an Oregon tax deduction on contributions made in the previous tax year. It’s best to consult your tax advisor for more information.