The money that you contribute to your Embark account is made with after-tax dollars, and any of your account earnings can be withdrawn and used to pay for qualified expenses tax-free.
Is there a benefit to filing a tax return, even if I have low, or no, income?
Yes. Credits may earn you a tax refund!
What are the federal estate and gift tax benefits?
The good thing about making gift contributions to an Embark account is that they may reduce your own tax burden by helping to reduce the taxable value of your estate.
Can I claim the state tax credit for contributions to both an Embark account and an Oregon ABLE Savings Plan account?
Yes. Oregon residents that have contributed to both an Embark account and an Oregon ABLE Savings Plan account can claim the state tax credit for each plan independently.
Can you earn a state income tax credit when you contribute to someone else’s account?
Yes. All Oregon residents are eligible to contribute to an Embark account and claim the state income tax credit.