Oklahoma to Match College Savings to $25 In Last Days of 2020
State Treasurer Randy McDaniel is encouraging all Oklahomans to consider opening or gifting to their child or grandchild’s Oklahoma 529 College Savings Plan account at OK4Saving.org.
“OCSP makes it easy to contribute online,” said McDaniel. “Oklahoma parents and grandparents can create or add to an account through the website, increasing their loved ones’ opportunities to attend college and reduce future debt.”
Between now and until the end of the 2020 year, any Oklahoma College Savings Program (OCSP) account created with $25 or more with recurring contributions of $25 or more set up for at least 3 months will receive a $25 match from the state.
Parents, grandparents, relatives or friends who are U.S. residents and are at least 18 years old may open an OCSP account on behalf of a beneficiary, and the minimum initial contribution is only $25. Once an account is open, anyone can contribute, making an OCSP account a great gift idea for all family and friends.
Contributions to an Oklahoma 529 College Savings Plan may qualify for a state tax deduction up to $20,000 for joint filers and up to $10,000 for single filers. Plus, taxpayers can carry forward larger gifts into subsequent years. Limitations apply.4
For more information about the Oklahoma 529 College Savings Plan or to open an account, go to www.oklahoma529.com or call (877) 654-7284.