News & Press Releases
Oklahoma 529 College Savings Plan Launches New College Savings Mobile App
OKLAHOMA CITY – Oklahoma families can now manage their children’s college education savings right from the palm of their hand. The Oklahoma 529 College Savings Plan announced the launch of READYSAVE 529™, a new education savings mobile app available to all OCSP account owners. The app provides a convenient way to access information, track progress and make contributions.
“Tools that make it easier for Oklahoma families to monitor and grow college savings are always a priority for us,” said State Treasurer Randy McDaniel. “This new app expands account owners’ access to their child’s or grandchild’s education savings, enabling them to easily track account activities and make contributions from wherever they are online with the peace of mind that they’re doing it safely and securely.”
The READYSAVE 529 app enables users to view account balances and investment allocations, make one-time or recurring contributions, and see how their savings compare with peers. Users also can invite family and friends to gift to their child’s or grandchild’s OCSP account to celebrate key milestones like birthdays, celebrations or graduation.
About the OCSP
Introduced in April 2000, the Oklahoma 529 College Saving Plan (OCSP) is Oklahoma’s direct-sold 529 college savings plan. It is designed for families who want to open and manage their own 529 college savings accounts. The Plan is managed by TIAA-CREF Tuition Financing, Inc. As of March 31, 2021 assets in in the Plan exceeded $1.14 billion.
Any OCSP earnings are federal and Oklahoma income tax free when used for higher education expenses such as tuition, living expenses, books, supplies and fees. Funds may be used at most private or public universities, colleges or career technology centers, nationwide. In addition, up to $10,000 per year may be used for tuition at private elementary and secondary schools.
Oklahoma taxpayers may deduct, from their Oklahoma adjusted gross income, up to $10,000 in contributions to the Oklahoma 529 College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carry forward. Limitations apply.1
1To learn more about the Oklahoma 529 College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at ok4saving.org. Read it carefully. Oklahoma residents can reduce their state taxable income by up to $20,000 if married filing jointly ($10,000 filing single) from contributions made into an Oklahoma 529 College Savings Plan. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax and Oklahoma income tax. If you are not an Oklahoma taxpayer, you should talk to a qualified advisor about how tax provisions affect your circumstances.
Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Consult your legal or tax professional for tax advice. TIAA-CREF Tuition Financing, Inc. (TFI), Plan Manager.
For more information, contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Addie Plank, Koch Comm, (405) 570-2959