Receive benefits for funds used to contribute and spend on future education
By State Treasurer Todd Russ
Student academic success is top of mind as families settle into school routines. I encourage Oklahoma families to take the next step in setting a gameplan for a tax-free education savings path this month, which September is aptly recognized as College Savings Month across the nation.
It’s understandable if the thought of saving for future education seems overwhelming. With tax-free benefits available on payroll contributions and educational expenses, that is where Oklahoma 529 can help start a savings journey for future education expenses for your child, grandchild and loved ones. From Oklahoma 529’s launch in 2000 through June 30, 2023, Oklahoma 529 has helped more than 87,000 students with their financial education needs.
Learn about the benefits of Oklahoma 529 and start building a strong foundation for your loved one’s future educational success. Before College Savings Month comes to a close, here are four ideas to help Oklahoma families start on the path toward saving:
1
Open an Account: Oklahoma 529 accounts are easy to open and during the month of September receive a bonus, visit oklahoma529.com for full details. Accounts provide owners triple tax benefits: a state tax deduction for Oklahoma taxpayers, state and federal tax-deferred growth of any earnings, and tax-free withdrawals for education expenses such as tuition, books, computers and living expenses at colleges, universities, CareerTech, and graduate or professional schools. Plus, see how an Oklahoma 529 account can pay for K-12 tuition.
2
Ask for Gifts at Holidays, Birthdays and Special Occasions: When asked for gift ideas, remember a contribution gift to an Oklahoma 529. Grandparents, aunts and uncles and friends can all join in and help save for a child’s education at holidays, birthdays, and special occasions. Plus, Oklahoma tax payers may qualify for the state tax deduction.
3
Save Consistently: Once an Oklahoma 529 account is opened, contribute regularly to maximize your tax benefits. Some families set up recurring contributions from a bank account, while others may prefer to make payroll direct deposits. You can even encourage your student to start early savings habits by giving to their own account that eventually benefits them – through money earned from a job or allowance.
4
Enter the Bright Future Sweepstakes: Oklahoma 529 launched the Bright Future Sweepstakes that gives six Oklahoma families $529 to start an Oklahoma 529 account or add to their existing account. The sweepstakes runs through Dec. 31, 2023, with one winner drawn each month. Learn more by visiting oklahoma529.com/brightfuture for prize details, official rules and to enter.
