Oklahoma 529 College Savings Plan (OCSP)

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There’s still time to take a 2018 tax deduction

Jan 14, 2019

Contributions into the Oklahoma 529 College Savings Plan are eligible for a state income tax deduction of up to $20,000 a year for taxpayers filing jointly and $10,000 for single filers. Limitations may apply. Please refer to the disclosure booklet.

Deductions may be taken for contributions and rollovers made during a taxable year and up to April 15 of the succeeding year, or the due date of a taxpayer's state income tax return, excluding extensions, whichever is later. A deduction for the same contributions may not be taken for two different tax years. Enclose proof of your contribution, including the name of the beneficiary and the account number.

As a reminder, the Oklahoma 529 College Savings Plan does not report your account contributions to the IRS or to the Oklahoma Tax Commission. Annual state income tax deductions may be claimed on your Oklahoma State Tax Return. For more information, please visit the Oklahoma Tax Commission website.

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