What is the general purpose of a 529 plan?
What are the federal tax benefits of a Section 529 plan? Are Section 529 contributions deductible?
What are the Oregon tax benefits of a Section 529 plan?
How much can be contributed annually to a Section 529 plan?
When do I need to make my Section 529 plan contribution?
Oregon also has a carryforward provision. If you make a contribution that is greater than the maximum deduction allowed for a particular year, you may carry forward the excess and and deduct it over the next 4 years.
How are distributions from a Section 529 plan treated?
What are qualifying education expenses?
- Tuition, fees, books, supplies and equipment required for attending an eligible school.
- Reasonable costs of room and board for those who are at least 1/2 time students in a degree program.
- expenses of a special needs beneficiary with a physical, mental or emotional condition that requires additional time to complete his/her education.
What if the beneficiary isn't going to college? Can we transfer the Section 529 funds to a different beneficiary?
1. Spouse of the beneficiary
2. Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them.
3. Brother, sister, stepbrother, or stepsister.
4. Father or mother or ancestor of either.
5. Stepfather or stepmother.
6. Son or daughter of a brother or sister.
7. Brother or sister of father or mother.
8. Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law.
9. The spouse of any individual listed above.
10. First cousin.