How do I claim my tax credit?

Oregon residents that have contributed to an Oregon ABLE account are eligible to claim the state income tax credit, even if their income is below the IRS minimum to file taxes. You can claim the credit while filing your taxes using online tax software, or via a paper form. There are many free options for filing your taxes, as well as other common tax credits that you may qualify for. Quality tax software will walk you through which credits you may qualify for and how to claim them. This will be a manual process for paper filing. Your annual income determines how much you need to contribute to an Oregon ABLE account to earn the full tax credit. You can log in to your account portal for details on the total contributions you’ve made in a given tax year.

Your refundable Oregon state income tax credit is a dollar-for-dollar reduction of your tax bill and can also result in a refund if you owe fewer taxes than the credit amount. The overage will be returned to you in the form of a refund after you file your tax return. For example, if you owe $100 and qualify for a $360 refundable credit, you will get that extra $260 refunded to you by the Oregon Department of Revenue. Online filing, combined with direct deposit, is the fastest way to get your tax refund.