FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- If I move from Oregon, can I keep my Oregon ABLE account?
- Yes. You can keep your money invested in your account and you can keep contributing to it, too. But, since you will no longer be a state resident, you cannot benefit from the Oregon state income tax credit unless you continue to pay Oregon state income taxes. You also have the option to roll over... Read more
- Is there an Oregon state income tax credit?
- Yes. All Oregon residents are eligible to receive a refundable state income tax credit up to $360 for joint filers and up to $180 for single filers on contributions made to an Oregon ABLE Savings Plan account. The tax credit is periodically adjusted for inflation, so please check back on our... Read more
- What are the benefits of an Oregon ABLE account?
- The Oregon ABLE Savings Plan offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. When you make contributions to an Oregon ABLE account, your money has the chance to grow and earn interest, tax-free. And unlike many other investment... Read more
- Can you earn a state income tax credit when you contribute to someone else’s account?
- Yes. All Oregon residents are eligible to contribute to an Oregon ABLE Savings Plan account and claim the state income tax credit. You do not need to be the owner of the account to contribute and claim the tax credit. Please note, each contribution may only be claimed once for tax purposes, either... Read more
- 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... Read more
- How do I file my taxes for free?
- All Oregon residents preparing their own tax returns can file electronically at no cost using one of Oregon’s free file options. For the most up-to-date information on free software products and preparation assistance for filing your taxes, please visit the Oregon Department of Revenue website.... Read more
- Is there a benefit to filing a tax return, even if I have low, or no, income?
- Yes. Credits may earn you a tax refund! The Oregon state income tax credit is refundable, so even if your income is below the IRS minimum requirement to file taxes, you can still claim the state tax credit, but you must file your taxes to receive the refund. This also applies to other tax credits.... Read more
- Are contributions made pre-tax or after-tax?
- The money that you contribute to your Oregon ABLE account is made with after-tax dollars, and any of your account earnings can be withdrawn and used to pay for qualified expenses tax-free. Any money added to the account could qualify for a state income tax credit, which means you’ll have even more... Read more
- Can I claim the state tax credit for contributions to both an Oregon ABLE account and an Oregon College Savings Plan account?
- Yes. Oregon residents that have contributed to both an Oregon ABLE Savings Plan account and an Oregon College Savings Plan account can claim the state tax credit for each plan independently. Therefore, a person is eligible for the state income tax credit for their Oregon College Savings Plan... Read more
