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.
How do I claim my tax credit?
Oregon residents that have contributed to an Embark account are eligible to claim the state income tax credit, even if their income is below the IRS minimum to file taxes.
How do I file my taxes for free?
All Oregon residents preparing their own tax returns can file electronically at no cost using one of Oregon’s free file options. For the most up-to-date information on free software products and preparation assistance for filing your taxes, please visit the Oregon Department of Revenue website.
How do you calculate your tax credit?
Our tax credit calculator shows how much of an Oregon income tax credit you may qualify for based on your income and account contributions.
How do gift contributions affect your tax credit?
Friends and family who contribute to your Embark account can earn a tax credit. But if they live outside of Oregon, and don’t file an Oregon state tax return, their gift contributions can help you earn a tax credit.
What is the deadline to qualify for a tax credit?
You can keep contributing to your Embark account to earn the previous year’s tax credit all the way up until you file your tax return. Contributions after Tax Day count towards the next year's tax return.
Are there federal and state tax advantages for opening an account?
When you make contributions to an Embark account, your money has the chance to grow and earn interest, tax-free.
Is there an Oregon state income tax credit?
Oregon residents that have contributed to an Embark account are eligible to claim the state income tax credit, even if their income is below the IRS minimum to file taxes.