Learning, Sharing, and Teaching > Mini Money Mustaches
Oregon College Savings Plan
FeelingRosie:
Do any of you have an Oregon College Savings Plan for your child or are familiar with them? Is there anything I should know before opening one for my baby?
I got a letter from the Oregon State Treasury saying that they would add $25 to my new account if I open on before her 1st birthday.
Cgbg:
I use one for each of my kids and contribute enough to get the state deduction.
They make it easy to coax family (grandparents/aunts/uncles) to contribute without hassle.
A coworker uses Utah’s plans.
FeelingRosie:
How much is the state deduction? I'm new to this whole parenting thing.
Cgbg:
$4750 for married filing jointly. That’s total, not per kid.
You can keep contributing even when they are in college and have all their costs covered and still take the deduction (ex: I’m not tapping the accounts for their undergrad, as merit either covers costs completely or nearly all.)
FeelingRosie:
Thank you! Do you know how the Oregon College Savings Plan differs from a regular 529 account?
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