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Oklahoma 529

4 / 5

Our rating

Best OK resident benefits

OK resident benefits

Oklahoma 529, a TIAA-managed 529 savings program features an enrollment year options, three equity options, a balanced option, a fixed income option, and a guaranteed option.

Oklahoma 529High Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2000

State agency

Oklahoma 529 Board of Trustees

Tax deduction

For single filers: $10,000/yr per beneficiary

For joint filers: $20,000/yr per beneficiary

Program manager

TIAA-CREF Tuition Financing, Inc.

Program distributor

TIAA-CREF Individual & Institutional Services, LLC

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens or resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Oklahoma 529 plans for the same beneficiary reach $450,000.

Minimum contributions:

The minimum initial and subsequent contribution is $25. There is no minimum for contributions via payroll deduction direct deposit.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in Oklahoma 529 can select from the following investment options. Click on a portfolio name for more information.

The Enrollment Year investment option contains 10 portfolios of underlying mutual funds, ranging from 80% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. 9 portfolios shift to a more conservative investment allocation over time, eventually transferring to the In School Option.
PortfolioE.R. % Equity1yr performance
2036/2037 Enrollment Option0.2%67.9%6.78%
2034/2035 Enrollment Option0.2%60%6.58%
2032/2033 Enrollment Option0.2%54%6.54%
2030/2031 Enrollment Option0.2%48%6.34%
2028/2029 Enrollment Option0.2%37.2%6.21%
2026/2027 Enrollment Option0.17%29.8%5.5%
In School Option0.16%18.6%4.63%
2038/2039 Enrollment Option0.2%75.1%6.8%
2040/2041 Enrollment Option0.2%80%6.82%
2042/2043 Enrollment Option0.2%80%N/A

Age-based/Enrollment Year investment options:

The Enrollment Year investment option contains 10 portfolios of underlying mutual funds, ranging from 80% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. 9 portfolios shift to a more conservative investment allocation over time, eventually transferring to the In School Option.

Static investment options:

Select among 4 multi-fund options (Diversified Equity, Global Equity Index, Balanced, and Fixed Income), 1 individual fund option ( U.S. Equity Index) and the Guaranteed Option.

Underlying investments:

TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum rate based on the average five-year Constant Maturity Treasury Rate reported by the Federal Reserve.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

As of November 1, 2023, 0.10% program manager fee. No fee for the Guaranteed Option.

Expenses of the underlying investments:

Ranges from 0.06% to 0.10% (portfolio weighted average) in the enrollment year portfolios, and from 0.05% to 0.26% in the static multi-fund portfolios. None in the Guaranteed Option.

Total asset-based expense ratio:

0.15% - 0.36%. None for the Guaranteed Option.

Taxes and other Benefits

Tax deduction for single filers:

$10,000/yr per beneficiary

Tax deduction for joint filers:

$20,000/yr per beneficiary

Program match on contributions:

None.,

State tax deduction or credit for contributions:

Contributions to an Oklahoma 529 plan, including rollover contributions, of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Oklahoma taxable income, with a five-year carryforward of excess contributions. Contribution deadline is April 15 of the following year.

Calculate your Oklahoma 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Oklahoma 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

Non-Qualified Withdrawals and rollovers from an Account to an account in another state's 529 Plan may cause the otherwise applicable deductions for contributions to be limited or recaptured. If such a withdrawal or rollover is made in the same year in which a contribution is made or during the five-year carryforward period, the taxpayer must reduce the tax deduction otherwise available for the contribution or carryforward by the amount of the withdrawal or rollover. Taxpayers who take a rollover to another state's 529 Plan with respect to a contribution, which for an Oklahoma deduction was taken, within one year of the date of the contribution must include the amount of such rollover in their adjusted gross income in the taxable year of the rollover.

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education, K-12 tuition, apprenticeship programs and rollovers to Roth IRAs as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs.

State tax treatment of qualified distributions:

Qualified distributions from Oklahoma and non-Oklahoma 529 plans are exempt.

State tax treatment of rollovers:

Oklahoma follows federal tax-free treatment except that outbound rollovers made within 12 months of the date of contribution are subject to the recapture of prior state tax deductions.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Effective November 1, 2008, money in an Oklahoma 529 plan account is no longer considered in calculating eligibility for TANF, Food Stamps or the Low Income Home Energy Assistance Program (LIHEAP).

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

http://www.ok4saving.org

Telephone:

1-877-654-7284

Twitter

https://twitter.com/ocsp529

A good place to start:

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