Oregon 529 Plan

Oregon offers three college savings plans, one direct plan called the Oregon College Savings Plan, and two advisor-sold plans called the MFS 529 Savings Plan and the OppenheimerFunds 529 Plan.

Oregon College Savings Plan

Oregon College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct – this 529 plan can be purchased directly through the state.

Fund Family:  OppenheimerFunds Inc. and The Vanguard Group®

Minimums:  To get started you can deposit $250 or set up a payroll deduction or automatic monthly plan.  With either of these alternate options, the initial investment is only $25. Minimum subsequent contributions are $25.

Maximum Contributions:  Currently, you can contribute up to $310,000 to your Oregon 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Oregon residents - by investing in your state's 529 plan, you can deduct up to $2,000 on your state income taxes for single filer and $4,000 for married filers.  You also get the same benefit for federal income taxes.  Out-of-state participants still get the federal tax benefits.

Other Benefits:  Five-year carryforward provision for the state tax deduction on contributions higher than the annual maximum.  In other words, if you contribute more than the maximum allowable state tax deducation, and contribute less money in future years, you can still claim deductions for the first year in later years.

Residency:  Oregon College Savings Plan is open to all United States residents, not just those in Oregon.

You can learn more about this Oregon 529 plan at the official website https://www.oregoncollegesavings.com/.

MFS 529 Savings Plan

MFS 529 Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Advisor.  Please contact a financial advisor in your state for assistance.

Fund Family:  MFS Investment Management

Minimums:  To get started you can deposit $250.  Please contact a financial advisor about the minimum for subsequent contributions.

Maximum Contributions:  Currently, you can contribute up to $250,000 to your Oregon 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  By investing in your state's 529 plan, you can deduct up to $2,000 on your state income taxes for single filer and $4,000 for married filers.  You also get the same benefit for federal income taxes.  Out-of-state participants still get the federal tax benefits.

Other Benefits:  Five-year carryforward provision for the state tax deduction on contributions higher than the annual maximum.  In other words, if you contribute more than the maximum allowable state tax deducation, and contribute less money in future years, you can still claim deductions for the first year in later years.

Residency:  MFS 529 Savings Plan is open to all United States residents, not just those in Oregon.

You can learn more about this Oregon 529 plan at the official website.

OppenheimerFunds 529 Plan

OppenheimerFunds 529 Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Advisor.  Please contact a financial advisor in your state for assistance.

Fund Family:  OppenheimerFunds Inc.

Minimums:  To get started you can deposit $250 or set up a payroll deduction or automatic monthly plan. With either of this alternate options, the initial investment is only $25. Minimum subsequent contributions are $25.

Maximum Contributions:  Currently, you can contribute up to $310,000 to your Oregon 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  By investing in your state's 529 plan, you can deduct up to $2,000 on your state income taxes for single filer and $4,000 for married filers.  You also get the same benefit for federal income taxes.  Out-of-state participants still get the federal tax benefits.

Other Benefits:  Five-year carryforward provision for the state tax deduction on contributions higher than the annual maximum.  In other words, if you contribute more than the maximum allowable state tax deducation, and contribute less money in future years, you can still claim deductions for the first year in later years.

Residency:  Oregon College Savings Plan is open to all United States residents, not just those in Orgeon.

You can learn more about this Oregon 529 plan at the official website https://www.opp529.com/.