Oregon College Savings Plan Celebrates College Savings Month with $20,000 in Account Giveaways and a Statewide Tour

SALEM, Ore.--(BUSINESS WIRE)--March is “College Savings Month” in Oregon and the Oregon College Savings Plan is raising awareness with a giveaway contest, a statewide tour, and a reminder that there is still time to save on 2012 taxes.

“We also want to stress that if they invest prior to April 15 of this year, they can still take advantage of the 2012 state tax deduction deadline.”

The You Can Get There Challenge invites Oregon children age 18 and younger (with their parents) to enter for a chance to win one of 20 $1,000 Oregon College Savings Plan accounts by articulating what they will be when they graduate from college. The challenge will run through April 30, 2013. Enter online at OregonCollegeSavings.com.*

“We want families to think about how higher education may help their children realize their dreams, while letting them know that one of the simplest ways to save and pay for college is through a state 529 savings plan,” explained Michael Parker, Executive Director of the Oregon 529 College Savings Network. “We also want to stress that if they invest prior to April 15 of this year, they can still take advantage of the 2012 state tax deduction deadline.”

Parker and others with the Oregon College Savings Plan will take their message to the community with the “You Can Get There” tour, which will kick off March 27 at the High Desert Museum in Bend. Subsequent stops include March 29 at the Oregon Coast Aquarium in Newport, March 30 at the Oregon Zoo, April 7 at Pilot Park, and April 13 at the KGW School Expo at Clackamas Town Center. At each location, representatives from the Oregon College Savings Plan will be on hand to discuss the 529 plan, distribute materials and give away prizes.

Investing in education is a smart financial move and the tax advantages built into the Oregon College Savings Plan can make it an important part of an overall college funding strategy. Any earnings in the Oregon College Savings Plan used to pay for qualified higher education expenses are federal and Oregon state income tax-free. Oregon taxpayers, regardless of income, may deduct up to $4,345 in contributions for tax year 2012 when filing a joint return, or $2,170 for single filers. Oregon taxpayers are eligible for the 2012 tax deduction as long as the contribution is made prior to filing their 2012 state tax return or April 15, 2013, whichever comes first. (Recapture provisions apply. See the Disclosure Booklet for details and talk to your tax advisor.)

For more information, about the You Can Get There Challenge or the Oregon College Savings Plan, visit www.OregonCollegeSavings.com.

About The Oregon College Savings Plan

The Oregon College Savings Plan, which is part of the Oregon 529 College Savings Network, launched in January 2001 and has grown to more than $830 million in assets as of December 31, 2012. The plan is managed by TIAA-CREF Tuition Financing, Inc. For more information about the Oregon College Savings Plan, its investment options and how to enroll, visit OregonCollegeSavings.com or call toll free 866-772-8464.

*No purchase necessary. Void where prohibited. Visit OregonCollegeSavings.com for official rules and prize details. Enter online by April 30, 2013 at 5:00 P.M.

Consider the investment objectives, risks, charges and expenses before investing in the Oregon College Savings Plan. Please visit OregonCollegeSavings.com for a Plan Disclosure Booklet with this and more information. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.

The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. Non-qualified withdrawals may be subject to federal and state taxes and the additional 10% federal tax.

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