News & Press Releases
Treasurer awards Tax Day Baby with college savings plan
TULSA — Tax Day may not be a cause for celebration for most Americans, but one lucky Tulsa-area family has a couple of great reasons to be happy today. Xiangli Meng and Aili Shi of Jenks welcomed Michael Meng into their family at 8:36 a.m. at St. John Medical Center.
Michael has been declared the 2018 Tulsa Tax Day Baby. Along with that title, the boy receives $1,529 toward an Oklahoma 529 College Savings Plan (OCSP) account.
State Treasurer Ken Miller, board chair of the OCSP, extended congratulations to the family and offered a reminder for other Oklahoma families.
“It’s never too soon to start saving for a college education,” Miller said. “And tax season is a particularly good time for Oklahoma families to learn more about the Oklahoma 529 College Savings Plan. Any contribution made to an OCSP account by the Tax Day deadline may qualify for a prior-year Oklahoma income tax deduction, and it’s the only college savings plan that offers Oklahoma state income tax savings.”
Not only are OCSP contributions eligible for an Oklahoma income tax deduction, any earnings on the contributions can be withdrawn tax-free when the funds are used for qualifying expenses at accredited schools around the country. Effective January 1, 2018, withdrawals for K-12 tuition at an elementary or secondary public, private, or religious school are also Oklahoma and federal income tax free up to a maximum of $10,000 per taxable year per beneficiary from all 529 Plans.
“It was great to hear this news,” Xiangli Meng said. “I already have a savings plan for my oldest child, because the earlier you start saving the better. I want my kids to be able to go to college.”
In addition, the OCSP recognized two Oklahoma City Tax Day Babies on Tuesday. Twin girls Victoria Grace and Olivia Marie Smith were born at 7:30 a.m. at Oklahoma City’s INTEGRIS Baptist Medical Center to parents Jeremiah Smith and Laura Collins of Moore. The twins are each the recipients of $1,529 toward an OCSP account.
Looking forward, Treasurer Miller has a special reminder for all parents who have welcomed a new baby this year or who are expecting a newborn later this year. The annual OCSP Newborn Sweepstakes will award one Oklahoma baby born in 2018 $5,529 toward his or her Oklahoma 529 College Savings Plan account. The hospital where the baby is born will also receive $1,529. Parents and grandparents have until April 14, 2019, to enter their 2018 newborn. For official rules, prize details and to enter the sweepstakes, go to www.ok4saving.org/newborn. No purchase necessary. Void where prohibited. Sponsored by the OCSP.
For more information about the Oklahoma 529 College Savings Plan or to open an account, go to www.ok4saving.org or call (877) 654-7284. Funding for OCSP prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan; no state funds are used.
About the OCSP
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 carryforward. Read the Disclosure Booklet carefully.
Introduced in April 2000, the Oklahoma 529 College Savings Plan had almost $838 million in total assets and more than 67,000 accounts, as of March 23, 2018.
Consider the investment objectives, risks, charges and expenses before investing in the Oklahoma College Savings Plan. Please visit www.ok4saving.org or call toll-free 1-877-654-7284 for a Plan Disclosure Booklet containing this and more information. Read it carefully.
Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarships and protection from creditors for investing in its own 529 plan. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor, including the impact of the new federal tax change. 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.
Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA and SIPC, distributor and underwriter for the Oklahoma College Savings Plan.
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