Oklahoma 529 accounts are a meaningful gift idea for families this holiday seasonContributions are eligible for 2022 tax benefits and provide education opportunities The hustle and bustle of the holiday season is here for millions of Oklahomans. There’s a way to leave yourself more time to enjoy holiday cheer and skip the long lines at the mall. Oklahoma 529 offers an alternative gift that helps families reduce the stress of shopping chaos and enjoy the season.
“The holidays are a time of giving and thinking of others,” State Treasurer Randy Mc-Daniel said. “I encourage Oklahomans to open an Oklahoma 529 account and give the gift of an education savings account. An OK529 account can be used for many education paths, making a real difference in a child’s life.”
Parents, grandparents and friends may open an Oklahoma 529 account for any child or grandchild. An account can be opened with an initial contribution as little as $25, and anyone can gift contributions to an existing Oklahoma 529 account through the Plan’s Ugift platform.
An Oklahoma 529 account can pay for tuition and expenses related to college and universities, K-12 private tuition, apprenticeships, Oklahoma CareerTech, concurrent enrollment and student loan repayment.1 By opening an account and starting early, parents and grandparents can help their children realize the advantages of higher education and experience less debt in the future.
In addition, contributions to an Oklahoma 529 account may qualify for a state tax deduction up to $20,000 for joint filers and up to $10,000 for single filers. Any earnings grow taxdeferred and qualified withdrawals are tax-free. Limitations apply.2 “The benefits of an Oklahoma 529 account are many,” McDaniel said. “In addition to saving for future educational expenses, contributions receive tax benefits that are valuable for Oklahoma families.”
For more information about Oklahoma 529 or to open an account, go to oklahoma529.com or call (877) 654-7284.