Together with the State of Oklahoma we have worked to create a flexible, feature-rich 529 plan. Compare the OklahomaDream 529 Plan to other investment strategies, and you'll soon discover its many advantages, including:
Only the Oklahoma College Savings Plan allows up to $20,000 of contributions to be deducted from your Oklahoma taxable income annually ($10,000 for single filers). The contributor need not be the Account Owner to qualify for the deduction.
Contributions may be made up to April 15th to earn a deduction for the prior calendar year.
Amounts contributed and not deducted on your Oklahoma tax return may be deducted in the succeeding five years. For example, a $120,000 contribution at once entitles the contributor to an annual $20,000 deduction for six years for joint filers.
Rollovers from other 529 college savings plans qualify for the Oklahoma tax deduction. There may be state-tax consequences to a rollover from another state 529 plan. Speak with your tax advisor.
Earnings grow tax-deferred — as long as the money is kept in your account.
Now withdrawals — used for qualified higher education expenses — are free from federal income tax.
Qualified expenses include tuition and fees, room and board, books and other supplies. Speak to your tax or financial advisor.1
Use at any accredited college, university, technical or vocational school in any state.
The account owner controls the money — even after the child turns "the age of majority" (yet the money is outside your estate for tax purposes).
Ability to change the beneficiary — to any family member of the beneficiary — or even yourself — at any time.2
A multi-manager plan — which utilizes mutual funds from several leading fund families. Click here to view the investment options.
No income or age restrictions.
Among the highest balance limits currently available — $300,000.
Low initial investment — as low as $250.2
