News & Press Releases
Spring 2020 Refunds & Extended State Tax Deadline
Your college student may be receiving a living expense or tuition refund for the Spring 2020 semester. If you paid for those costs using your 529 plan, you can return the funds to your OCSP account tax- and penalty-free by July 15, 2020. This is a one-time extension to the normal 60-day re-contribution requirement due to Covid-19.
Any re-contribution must be for refunds from higher education institutions (not private landlords, prepaid internet services, leases, etc.) The refund must be deposited into a 529 account for the same beneficiary.
New July 15 State Tax Deadline
Due to IRS deadline changes, contributions made by July 15, 2020 are still deductible for 2019 Oklahoma income tax purposes up to $20,000 per year for those filing a joint return and up to $10,000 per year for individual filers. Limitations apply.*
*To learn more about the Oklahoma 529 College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at ok4saving.org. Read it carefully.