Taxpayers can take advantage of the education savings plan | News

OKLAHOMA CITY — As millions of Oklahomans file taxes in the coming weeks, State Treasurer Randy McDaniel is encouraging Oklahomans to take advantage of a state income tax deduction by contributing at the Oklahoma 529 College Savings Plan.

“As families prepare to file their taxes, it’s important to remember the many benefits of saving now for future education expenses,” said McDaniel, chairman of OCSP’s board of directors. “An Oklahoma 529 College Savings Plan gives families a flexible account that can be used at colleges, universities, and technical schools across the country while providing tax benefits today.”

Deposits made to a new or existing OCSP account up to the April 18 tax filing deadline may be eligible for a 2021 state income tax deduction on contributions up to $20,000 for joint filers. Restrictions apply.

According to the Federal Reserve, the average college debt for a graduate student is over $38,000. On average, it takes 20 years to pay off student loans, according to Education Data Initiative.

“The cost of a college education continues to rise,” McDaniel said. “By contributing now to an OCSP account, Oklahomans can offset the cost of higher education for their children and grandchildren, allowing them to start their careers with less debt.”

Ahead of the tax filing deadline, Oklahoma parents and grandparents interested in learning more about saving for college are invited to attend a free webinar on Thursday, March 10 at 11 a.m. Registration is required and can be found on the OCSP website at www. ok4saving.org.

Funds saved in OCSP accounts can be used at colleges, universities, and technology centers nationwide, for K-12 tuition up to $10,000 per year, and apprenticeships. qualifying withdrawals.

McDaniel also noted that OCSP management fees were recently reduced, saving Oklahoma families a total of $500,000 per year.

For more information about the Oklahoma 529 College Savings Plan, the March 10 college savings webinar, or to open an account, go to www.ok4saving.org or call 877-654-7284.

Comments are closed.