Oklahoma 529 Plan: What College Savers Should Know

According to the Federal Reserve, Oklahoma held about $1.32 billion in 529 plans in December 2023.^[1]

529 plans are designed to help people save for college and other educational expenses. In Oklahoma, residents can also use 529 plans to save for K-12 costs. Plus, they get tax advantages for participating in the state's plan.

Keep reading to learn about the Oklahoma 529 program and state tax deduction rules.

Oklahoma 529

Oklahoma offers two 529 plans.

Oklahoma 529

• Requires State Residency? No
• K-12 Expenses Eligible? Yes
• Fees: 0-0.51%
• Performance Notes: The 2024/2025 enrollment option has gained 4.67% in average annual returns since its inception.

OklahomaDream Advisor-Sold 529 Plan

• Requires State Residency? No
• K-12 Expenses Eligible? Yes
• Fees: 0.25-2.28% plus a $20 annual maintenance fee
• Performance Notes: This plan's OK 529 Moderate Growth portfolio has gained 3.45% in average annual returns since its inception.

Oklahoma 529 Tax Deduction

According to the College Savings Plan Network:^[2]

• Single state residents can deduct annual contributions to an Oklahoma 529 on their taxes — up to $10,000.
• Married residents who file jointly can deduct up to $20,000.
• Oklahoma residents can contribute up to $450,000 in total to college savings plans.