Spring into triple tax benefits

including up to $20,000 in state tax deductions if married and filing jointly. Open an Oklahoma 529 account and contribute by 4/15/24 to enjoy a state tax benefit on your 2023 Oklahoma return.

Don’t let the clock run out!

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Triple Tax Benefits of an Oklahoma 529

Your contributions go further with Oklahoma 529 tax benefits

State tax deduction

OK taxpayers may qualify for a state tax deduction up to $20,000 if married filing jointly ($10,000 single) for contributions made into an Oklahoma 529 account.

100% tax-deferred growth

Any earnings grow tax deferred. When you pay less taxes, you may have the ability to earn more and grow your college savings account faster—giving your beneficiary an even bigger head start!

Tax-free withdrawals for qualified expenses

Withdraw tax-free for all qualified education expenses at any accredited college, university or community college or CareerTech center for tuition, certain room and board, books, computers and more.

Why an Oklahoma 529 account?

Todd Russ, Oklahoma State Treasurer

Your plan is financial aid friendly

Your 529 account is typically viewed as a parental asset for financial aid purposes and may count less against aid eligibility than the same funds held in your child's name.1

Your child gets more opportunities

For OK taxpayers savings can be applied to any accredited college or university across the country and abroad, community college, CareerTech, professional and graduate schools; and even apprenticeship programs registered and certified with the Secretary of Labor under the National Apprenticeship Act, K-12 tuition and student loan repayment. Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Oklahoma income tax. If you are not an Oklahoma taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances. Limitations apply.2

You have more control

You're never locked in and can withdraw your funds for any reason at any time.3

You enjoy more flexibility

Funds in your child's account are transferable to another eligible family member, which includes siblings, stepchildren, parents even first cousins.

Ready to start their college savings?

The sooner you start, the more they could have for college.

Open an Account