Gifting made easy
With an Oklahoma 529, anyone can make a gift of account contributions to your child’s college education. From grandparents and other family members to friends and neighbors, everyone can get in on helping your child reach their goals.
Contributions make the perfect gift for special occasions like birthdays or holidays.
Legacy and estate planning
Gifting larger amounts to a 529 account is a unique opportunity to support your loved one’s college education and contribute to your personal investments.
How do 529 plans work for legacy and estate planning?
For the tax year 2022:
- There’s no federal gift tax on contributions you make up to $16,000 per year if you’re a single filer, or $32,000 if you’re a married couple.
- You can also accelerate your gifting with a lump sum gift of $80,000 if you’re a single filer or $160,000 if you’re married and pro-rate the gift over 5 years per the federal gift tax exclusion.
- You can gift this amount to as many individuals or beneficiaries as you like, free from income tax.
What are the federal estate and gift tax benefits?
Contributions to an Oklahoma 529 account may help reduce the taxable value of your estate.
Are there state tax benefits for giving to a 529 account?
Oklahoma residents' gifts may be eligible for the state tax deduction.1