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Old 07-01-2011, 01:16 PM
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Oregon 529 tax liability

I am in Oregon's 529 program. As a resident I have taken a tax deduction for my contributions every year since initiating the plan. The plan has and is performing very poorly. I'd like to switch to another state's plan but I believe I may have to repay the amount of deductions taken. I'm trying to find out how many years deductions I might be liable for, what percentage etc.

Will appreciate help.

-Chuck



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Old 07-01-2011, 06:29 PM
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“As a resident I have taken a tax deduction for my contributions every year since initiating the plan. The plan has and is performing very poorly. I'd like to switch to another state's plan but I believe I may have to repay the amount of deductions taken. I'm trying to find out how many years deductions I might be liable for, what percentage etc.”----> Unfortunately, not all 529 plans are the same, and being stuck in a substandard one could leave you with less college savings than you need. Before you rush to switch plans, you should be aware of - and avoid - possible costly penalties and fees: 60-Day Window. There is a 60-day window for all plan rollovers, meaning that you must deposit all funds withdrawn from one plan into another plan within 60 days of receipt. 12-Month Limit. You can only change plans once every 12 months; change any more frequently than that and you'll risk a 10% penalty and federal tax bill on your plan earnings. State Fees. Some states charge a fee for a direct-to-plan rollover request. So you can check it with your state by visitng Dept Of Rev. of Oregon.Possible Recapture Tax:You need to check to see how your plan treats the tax deduction for funds you have already deposited. Some states will "recapture" (bill you for) the tax deduction you received for deposits made into your plan if you choose to switch to another state's 529 college savings plan. Please contact DOR of Oregon.For more information about Oregon 529 plans, go to www.oregon529network.com or call 503-373-1903 in Salem.


Last edited by Wnhough : 07-01-2011 at 06:32 PM.


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