Saving for College the Smart way - 529 Plans          

 

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 $25 or set up a payroll deduction or automatic monthly plan.  Minimum contributions if you use payroll deduction are only $15.

Maximum Contributions:  Currently, you can contribute until your account balance is $310,000 or higher in 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 $2,225 on your state income taxes for single filer and $4,455 for married filers.  You also get federal income tax benefits as you do not pay income tax on your earnings.  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:  Contact your financial advisor.

Maximum Contributions:  Currently, you can contribute until your account balance is $310,000 or higher in 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 $2,225 on your state income taxes for single filer and $4,455 for married filers.  You also get federal income tax benefits as you do not pay income tax on your earnings. 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.

529 Plan Report

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Need Help?

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