The Norman Transcript


March 20, 2014

Tax saving time, Oklahoma

NORMAN — April marks the deadline for income tax filing and is also National Financial Literacy Month. Enhance your financial literacy by April 15 by opening or adding to an Oklahoma 529 College Savings Plan account to take advantage of the plan’s exclusive state tax deduction and other benefits.

With college costs rising steadily, investing wisely in your child’s education has never been more important. Opening or adding to an Oklahoma College Savings Plan account today will give you and your child an advantage when it comes time to start paying for college. The more you save now, the less you will need when your child starts college.

Contributing to the plan before April 15 allows Oklahoma families the opportunity to deduct up to $20,000 a year if married filing jointly or $10,000 if filing as a single taxpayer.

In addition, funds moved to the plan from any other 529 plan qualify for the Oklahoma state income tax deduction. The Oklahoma College Savings Plan is the only 529 plan with an Oklahoma income tax deduction.

In December 2013, the Oklahoma 529 College Savings Plan conducted a survey. The survey found that 86 percent of Oklahoma parents and grandparents believe it’s “very important” that their child or grandchild attend college; however, only 43 percent of those polled are saving or investing for college.

College graduates generally earn about $1 million more than high school graduates over their lifetimes. Your child also will have a wider array of employment opportunities than those without a college degree.

A college education can fulfill many of your desires for your child’s future, and saving now will help make a college education a reality.

Earnings in an Oklahoma 529 College Savings Plan account are federal and Oklahoma income tax free. Qualified withdrawals are permanently free from Oklahoma state and federal income tax.

Funds may be used at virtually any private or public college nationwide. The savings can be applied to tuition as well as other qualified expenses, including fees, books, supplies and room and board costs.

Text Only | Photo Reprints
  • Keeping the war buried

    International outrage over the downing of a Malaysian passenger plane over Ukraine on July 17 does not appear to have affected either the actions of pro-Russia forces in that country or the material support Russia is offering the rebels. ...

    July 26, 2014

  • Gaza’s victims: civilians and peace

    After more than two weeks of fighting between Hamas and Israel, there is no question which side has the upper hand. Thursday’s strike on a U.N.-run school for Palestinian children increased the Palestinian death toll to more than 760. By ...

    July 26, 2014

  • Norman Forward builds momentum

    The quiet campaign to build momentum for a citywide public works project is beginning to attract some attention....

    July 20, 2014

  • Tax those trees out of here

    I read your editorial “Pesky red cedars” in the Norman Transcript of Tuesday, July 15, 2014. I have attended two meetings where the problem of the eastern red cedar trees was discussed. Because of the drought conditions in Oklahoma, we ...

    July 20, 2014

  • Make gun safety a health issue

    Quick, are you more likely to die by a bullet or in a car crash? Common sense would seem to suggest the latter. Cars are everywhere. We are an auto-obsessed nation. To be American is to drive — everywhere. Teenagers itch to get behind the ...

    July 20, 2014

  • They just want to be free ... maybe

    Massoud Barzani, president of Iraq’s semiautonomous Kurdistan region, rattled many cages this month when he announced in parliament that the KRG would be moving ahead soon on a referendum on independence from Iraq. If Kurdistan goes ahead ...

    July 20, 2014

  • Congress must accelerate solutions

    Congress has roused itself, at the last minute, and now is scrambling to save the Highway Trust Fund. Better late than never. Better still will be if lawmakers agree to come up with the money to prevent the fund from becoming insolvent. ...

    July 20, 2014

  • The heavy burden of college aid

    Return on investment is a clear measure of what you get for your money. Incredibly, the federal government doesn’t apply that simple concept to the $137 billion a year it spends on college financial aid....

    July 19, 2014

  • James bears weight of Cav’s dreams

    LeBron James has done it all on a basketball court. He’s a great scorer, rugged defender, proven big-play leader and champion. But that might not be enough in Cleveland, where he’ll also need the powers of Merlin the Magician....

    July 17, 2014

  • Steve Boaz.jpg Breathing Rhythm Studio a center for creativity

    Recording engineer Steve Boaz has brought his musical ambitions to fulfillment in a downtown Norman studio.

    July 14, 2014 1 Photo