Oklahoma 529, it's the smart choice.
Parents, grandparents, friends and family can help children and grandchildren pay for education expenses, including tuition, living expenses, books, computers and more.
Tax Benefits of Oklahoma 529
See your contributions go further with Oklahoma 529 tax benefits
State tax deduction
Oklahoma taxpayers may qualify for a state tax deduction up to $20,000 if married filing jointly ($10,000 filing single) for contributions made into Oklahoma 529. Carry forward larger amounts up to five years.
100% tax-deferred growth
Any earnings grow tax-deferred. When you pay fewer taxes, you can earn more and grow your account faster.
Tax-free withdrawals for qualified expenses
Withdraw tax-free for all qualified education expenses at any accredited college, university, community college, or CareerTech center for tuition, room and board, books, computers and more.
Why an Oklahoma 529 account?
A 529 Plan for All Oklahomans
Grandparents, family and friends - everyone can help a child achieve their education goals. Open and fund an account or make a gift contribution. Oklahoma residents' gifts may be tax deductible. Get started Gifting.
Your child gets more opportunities
Savings can be applied to any accredited college or university across the country and abroad, community college, CareerTech, professional and graduate schools; and even apprenticeships, and student loan repayment.1
Use for K-12 tuition
Your 529 savings can also help pay for the cost of private school tuition up to $10,000 annually per student.
Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal and Oklahoma income tax.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.
You have more control
You’re never locked in and can withdraw your funds for any reason at any time.2
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. Effective January 1, 2024, unused 529 funds may be directly transferred to a Roth IRA in the name of the beneficiary of the 529 Plan. There are a number of conditions that must be met including the 529 Plan must have been in existence for at least 15 years.3
Funds rolled over to a Roth IRA 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 and state income tax. Account Owners and Beneficiaries should consult with a qualified tax professional before rolling over funds from their 529 plan to contribute to a Roth IRA.
