Saving for College the Smart way - 529 Plans          

 

Oklahoma 529 Plan

Oklahoma offers one 529 college savings plan, a direct plan called the Oklahoma College Savings Plan.

Oklahoma College Savings Plan

Oklahoma College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct – this 529 plan can be purchased directly through the state.

Fund Family:  TIAA-CREF

Minimums:  To get started you can deposit $100. Minimum subsequent contributions are $25 and $15 with the payroll deduction plan.

Maximum Contributions:  Currently, you can contribute until your balance reaches $300,000 in your Oklahoma 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Oklahoma residents - by investing in your state's 529 plan, you can deduct up to $10,000 on your state income taxes for single filer and $20,000 for married filers.  You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Residency:  Oklahoma College Savings Plan is open to all United States residents, not just those in Oklahoma.

You can learn more about Oklahoma’s 529 plan at the official website http://www.ok4saving.org.

 

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