Can I make a tax-free rollover from a 529 (college savings) account to an OregonSaves account?

Yes, beginning on January 1, 2024, you can make a tax-free rollover from a 529 college savings account to your OregonSaves account (or to any qualified Roth IRA). The rollover must be to a Roth IRA account in the name of the 529 account beneficiary, not in the name of the account owner/participant. In addition, the 529 account must have been open for a minimum of 15 years prior to the rollover to qualify as tax-free. Rollover amounts are subject to the annual contribution limits applicable to Roth IRAs. Over a lifetime, you may rollover up to $35,000 per beneficiary tax-free.

Forms to initiate a 529-to-Roth IRA rollover can be found with your 529 college savings plan. For the Oregon College Savings Plan’s official form and for additional information on 529-to-Roth IRA rollovers, please visit their website.