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About 529 Plans
To view your transaction history, log in to your account, click "View Details" for your beneficiary, and scroll down to the transactions section. You can always speak to one of our college savings specialists at 1-877-654-7284, Monday through Friday, 7:00 AM to 7:00 PM CT.
With the Oklahoma 529 Plan, there are no sales charges, start-up or maintenance fees. To review the current total annual asset-based fees, which are comprised of the underlying investment expenses for each Investment Portfolio, the Plan Manager fee, and state administration fee, please see fees and expenses.
No. The money in your account may be used at any eligible educational institution in the United States, and some abroad. This includes public and private colleges and universities, technical colleges, graduate schools, and professional schools.
In addition, up to $10,000 annually per student, in aggregate from all 529 plans, can be withdrawn free from federal tax if used for tuition expenses at a public, private or religious elementary, middle, or high school.
For more on qualifying expenses and the state tax treatment of withdrawals for these expenses, including K-12 school tuition*, refer to Plan Details & Information.
*Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax and Oklahoma income tax.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, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.
To update your profile information online, including payment information, login here or call the Plan at 1-877-654-7284, Monday through Friday, 7:00 AM to 7:00 PM CT.
Individual 529 accounts have one owner and one named beneficiary.
Yes, you can transfer funds from another 529 college savings plan to your OCSP account for the same beneficiary once within a 12-month period without incurring a taxable event. The 529 plan from which you are transferring funds may be subject to different features, costs and surrender charges. You should consult your tax advisor or the other 529 college savings plan. State and local taxes may apply. For more information see: How to Manage an Incoming Rollover from another 529 Account.
Yes – funds may be redeposited to your account within 60 days of the refund without penalty should a student need to withdraw from a class. The recontributed amount cannot exceed the amount of the refund.
If there is no financial activity within your account, then statements will not be delivered via mail or email (depending on your delivery preference). However, Q4 statements will be delivered regardless of financial activity. You can log into your account at any time to view quarterly statements.
Anyone with a valid Social Security number or taxpayer identification number can be the beneficiary, including the account owner.
Yes, a beneficiary may have more than one Oklahoma College Savings Plan account. However, an account owner can have only one account for each beneficiary.
For example, a beneficiary may have an account owned by their parent, and/or their grandparent, and/or their aunt, etc. There is an overall maximum account balance limit of $450,000 which applies to all accounts opened for a beneficiary.
Performance data for the Oklahoma 529 College Savings Plan investment portfolios is available here: Historical Data.
OCSP offers you a choice of investment portfolios. These portfolios vary in investment strategy and degree of risk, allowing you to select a portfolio or combination of portfolios that fit your needs. To see the list of investment portfolios, brief descriptions and associated fees and expenses, visit Researching Investments. For more information on the investment objectives, risks, charges and expenses, read the Plan Description (PDF).
Yes, each time you make a contribution you may select from any of the OCSP investment portfolio options. Once invested in a particular portfolio, contributions and earnings may be transferred to another portfolio twice per calendar year or upon transfer of funds to a Plan account for a different eligible beneficiary (see the Plan Description for more information). To transfer funds between portfolios, log in to your OCSP account, click "View Details" for your beneficiary, then choose "Change investment options." You may also request and submit by mail the Change of Investment Form.
There is no maximum OCSP 529 contribution limit. However, there is an overall maximum account balance limit of $450,000, which applies to all accounts opened for a beneficiary in the Oklahoma College Savings Program. Accounts that have reached the maximum account balance limit may continue to accrue earnings.
No, 529 plan contributions are not deductible for federal income tax purposes.
Plan contributions are always made after-tax.
You can contribute to an OCSP 529 account by one of the following: check, an electronic funds transfer, establishing a recurring contribution, establishing payroll direct deposit, a rollover from another state’s 529 plan account, or redemption proceeds from a Coverdell Education Savings Account or qualified U.S. savings bond. Your contribution will be invested according to your Allocation instructions, which you may change at any time online, by telephone or by requesting and submitting the Change of Investment Form. For more information, click here.
If you wish to make contributions to your OCSP account from your paycheck, first ask your employer if direct deposit is available, then log in to your account and follow the "Payroll Direct Deposit" instructions found by clicking the Profile & Documents link.
Please see our Forms & Resources page for more payroll direct deposit information.
If you have forgotten your Username, please click here.
If you have forgotten your password, please tell us your username and registered email address here.
To change your password, log in here, and enter your current and new passwords.
If you have forgotten both your username and password, first retrieve your username by clicking here. Once you have received your username, enter it on the Log In page and click Continue. On the password page click on the Forgot password? link, and follow the instructions to create a new password.
If your account has been locked, please contact the Plan at 1-877-654-7284, 7:00 AM to 7:00 PM CT, Monday through Friday, excluding holidays. We can assist you with unlocking your account. We apologize for the inconvenience.
To sign up for e-delivery, log in here, and click on Edit Delivery Preferences.
For information, please click here.
If you are an Oklahoma taxpayer, your contributions to your OCSP account may be deducted from state taxable income up to a maximum of up to $10,000 per year for a single return and $20,000 per year for a joint return. You do not have to be related to the beneficiary. The state tax deadline is April 15 of the following year.
When you contribute to an OCSP 529 account, any account earnings can grow federal and Oklahoma income tax-deferred until withdrawn. In addition, withdrawals used to pay for qualified higher education expenses will be free from federal and Oklahoma income tax.
Contributions to an OCSP account may help reduce the taxable value of your estate. For more information about gifting, please click here.
The earnings portion of a non-qualified withdrawal is subject to state and federal income taxation and 10% federal tax on earnings (the "Additional Tax"). See the Plan Description for details.
If you are taking a withdrawal to pay for qualified higher education expenses of the beneficiary, there will be no federal or state income tax. Find out how to make a withdrawal.
The available federal tax benefits for paying qualified higher education expenses through these programs must be coordinated in order to avoid the duplication of such benefits. Account Owners should consult a qualified tax advisor regarding the interaction under the IRC of the federal income tax education-incentive provisions addressing Account withdrawals.
Assets in a parent owned 529 account have less of an impact on financial aid than some other savings methods. "Expected Family Contribution" (EFC) calculations generally factor parent assets outside of retirement savings at approximately 5% whereas student assets are generally factored in at 20% or more. Therefore, a parent owned 529 account may have less of an impact on financial aid eligibility than assets owned by the student.*
For more information, please click here.
*The treatment of investments in a 529 savings plan varies by school. Assets are typically treated as the account holder’s and not the student’s. (Student assets are generally assessed at 20% whereas parental assets are generally assessed at 5.6%.) Any investments, including those in 529 accounts, may affect the student’s eligibility to get financial aid based on need. You should check with the schools you are considering regarding this issue.
If the beneficiary receives a scholarship that covers the cost of qualified expenses, you can withdraw the funds from your account up to the amount of the scholarship without incurring the 10% federal tax penalty on the earnings portion. However, the earnings portion will be subject to federal and state income tax. If the amount withdrawn exceeds the amount of the scholarship, the earnings portion of the amount withdrawn will be subject to the additional 10% federal penalty tax. Please consult with a qualified tax advisor or consultant.
To view your transaction history, log in to your account or contact the Plan at 1-877-654-7284, Monday through Friday, 7:00 AM to 7:00 PM CT.
A taxable withdrawal will be subject to applicable state and federal income tax on earnings, if any, but will not be subject to the 10% additional federal tax on earnings (the "Additional Tax").
Examples of Taxable Withdrawals are: a beneficiary's death, permanent disability, receipt of a scholarship award, or attendance at a military academy.
See the Plan Description for additional information.
Qualified Higher Education Expenses include: tuition, certain room and board expenses, fees, books, supplies, and equipment required for the enrollment and attendance of the Beneficiary at an eligible educational institution, which includes most post-secondary institutions. Computers and related technology such as internet access fees, software or printers are also qualified education expenses when used primarily by the beneficiary when enrolled at an eligible educational institution.
Qualified Higher Education Expenses also include certain additional enrollment and attendance costs at eligible educational institutions of a beneficiary with special needs.
Qualified Higher Education Expenses also include (i) tuition in connection with enrollment or attendance at a primary or secondary public, private, or religious school, up to a maximum of $10,000 of distributions for such tuition expenses per taxable year per Beneficiary from all Section 529 Programs; (ii) expenses for fees, books, supplies, and equipment required for the participation of a Beneficiary in an certified apprenticeship program; and (iii) amounts paid as principal or interest on any qualified education loan of either the Beneficiary, or a sibling of the Beneficiary up to a lifetime limit of $10,000 per individual. Please see the Plan Description for additional information, including the state tax treatment of withdrawals for these expenses.
The beneficiary must be enrolled at least half time at an eligible post-secondary institution. For students living in housing owned and operated by the institution, the full invoice amount will be used to determine the qualified room and board expenses. For those students living at home or in off-campus housing, the "cost of attendance" allowance for the individual institution will be used for the qualified room and board expenses.
Computers and related technology such as internet access fees, software or printers are also qualified education expenses. The student must be the primary user of the equipment.
Federal tax treatment of 529 plan qualified higher education expenses or QHEEs includes the repayment of up to $10,000 (including principal and interest) on any qualified education loan of either a 529 plan designated beneficiary or a sibling of the designated beneficiary. To be a qualified expense, the loan repayment amount for an individual is subject to a lifetime limit of $10,000.
Please see the Plan Description for the state tax treatment of withdrawals used toward student loan repayment.
A non-qualified withdrawal is any withdrawal that does not meet the requirements of being: (1) a qualified withdrawal; (2) a taxable withdrawal; or (3) a rollover. The earnings portion of a non-qualified withdrawal is subject to state and federal income taxation, and the 10% additional federal penalty tax on earnings (the "Additional Tax"). See the Plan Information and Details section for more info.
Taxable withdrawals that are not subject to the 10% federal penalty tax are withdrawals due to the beneficiary's death, the permanent disability of the beneficiary, the beneficiary's receipt of a scholarship award or certain other tax-free amounts, or the beneficiary's attendance at a military academy. A taxable withdrawal will be subject to applicable state and federal income tax on earnings, if any, but will not be subject to the 10% additional federal tax on earnings (the "Additional Tax").