Can a minor claim Oregon 529 credit using UTMA funds?
I'm an Oregon resident and so is my 5 year old, dependent daughter. Every year I contribute to her 529 plan and take Oregon's tax credit for this. If I open a custodial 529 account for my daughter and then use funds from her UTMA/UGMA account to contribute to this would she then be considered the contributor and thus would my daughter then be able to take this same tax credit on her Oregon state tax return?
Quick Answer:
No, your daughter would not be able to take the Oregon state tax credit for contributions to her 529 plan.
The Oregon College Savings Plan tax credit is available to the *taxpayer*
Note: This answer is provided for convenience only. It is important that you speak to a CPA about your individual tax situation.
