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You have added $3000 to each of your two children's college fund through the Oregon College Plan (529 Plan). Your subtraction for Oregon is $6000. True or False?

User Toolforger
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Final answer:

The subtraction of $6000 for Oregon state tax purposes for contributions made to two children's Oregon College Plan (529 Plan) accounts of $3000 each depends on the state's tax laws and contribution limits for that year. Assuming full contributions are deductible, the statement would be true.

Step-by-step explanation:

If you have added $3000 to each of your two children's college fund through the Oregon College Plan (529 Plan), and you are asking whether your subtraction for Oregon state tax purposes is $6000, the answer depends on the tax laws and contribution limits of the Oregon College Savings Plan for the year in question. Typically, states do allow a deduction for contributions up to a certain amount. You will need to verify this against the current year's tax laws. However, if according to Oregon's tax laws for that year, you're allowed to deduct the full amount contributed to the 529 plans for each child, then the statement would be True,

User Tenusha Guruge
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