How do gift contributions affect your tax credit?

Everyone who contributes to an Oregon ABLE account can earn an Oregon income tax credit, including friends and family who make gift contributions. But if your loved ones live outside of Oregon and don’t file an Oregon state tax return, the gift contributions they make to your Oregon ABLE account can help you earn a tax credit.

Each contribution may only be claimed once for tax purposes, either by the account owner or the person making the gift contribution. So be sure to communicate with your loved ones about those gift contributions before filing your tax return.