Oklahoma's College Savings Plan Offers Two Advantages

Thursday, January 31st 2013, 7:32 am

Oklahoma's 529 Savings Plan can help parents save money to pay for their children's college and get a tax break, too.

It's called the Oklahoma 529 College Savings Plan.  Parents or guardians can use it to set aside up to $300,000 to pay for college expenses. That would be enough for five years tuition at the most expensive school in the country.

The amount you contribute to the Oklahoma 529 College Savings Plan can be deducted from your Oklahoma taxable income up to a maximum of $10,000 per year or $20,000 for couples filing jointly.

It's tax sheltered while you're contributing to it and when you withdraw the money for college expenses.

With the savings plan, there are no sales charges, start-up or maintenance fees.

11/12/2012 Related Story: Owasso Student Gets $529 Toward College Savings Account