Footnotes
1 The TIAA group of companies and Oklahoma 529 do not provide legal or tax advice. Please consult your tax or legal advisor to address your specific circumstances. ↩
Your contributions will always be yours, and you do not need to be a resident of Oklahoma to open, contribute to or use an Oklahoma 529. Your Oklahoma 529 can also be used for a range of qualified expenses in state, out of state and abroad. If you move to another state, you can keep your money invested and continue making contributions to your Oklahoma 529 account—no problem!
There's no cost associated with opening an Oklahoma 529 account or owning more than one account. You could open a different account for each child.
You might do this to align investment strategies with the time frame each child will begin using the funds. For example, an older child's account could be more conservatively invested to help protect your contributions as they near college, whereas a younger child's account might be invested to balance growth and income strategies during a longer time frame. You may also prefer to pay college expenses first out of your highest growth account to maximize federal tax benefits and to encourage gift contributions from friends and family.
Keep in mind: Oklahoma 529 allows you the flexibility to select multiple investment options within each account. This offers you more control to manage risk on your terms. For example, adding the Guaranteed Option can help ensure a portion of your college savings is principal-protected.
Multiple accounts can also aid in estate planning by ensuring that education funds are allocated appropriately to each beneficiary upon the death of the account owner. But if you'd like to stick to one account, you can change beneficiaries at any time and at no additional cost.
If you are an Oklahoma taxpayer, your contributions to your Oklahoma 529 account may be deducted from state taxable income. This deduction is for a maximum of $10,000 per year for a single return and $20,000 per year for a joint return. You do not have to be related to the beneficiary to take advantage of this deduction. The state tax deadline is April 15 of the following year. Carry forward larger amounts up to five years.
No. Your Oklahoma 529 funds can be used at any accredited university in the country—and even some abroad. This includes public and private colleges and universities, CareerTech, community colleges, graduate schools and professional schools and costs associated with apprenticeships. In addition, up to $20,000 annually can be used toward K-12 tuition (per student) from all 529 plans and student loan repayment (lifetime limit). 1 For a list of qualifying expenses and the state tax treatment of withdrawals for these expenses, view the Plan Description .