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According to the Federal Reserve, Oklahoma held about $1.45 billion in 529 plans in September 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: 0-0.52%
Performance Notes: The 2024/2025 enrollment option has gained 3.86% in average annual returns since its inception.
OklahomaDream Advisor-Sold 529 Plan (Advisor-Sold)
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 2.05% in average annual returns since its inception.
Behind the Numbers
The performance of any 529 plan is bound to change over time with the stock market. We updated our performance notes in November 2023.
Also, the plans listed above include many portfolios. If you're interested in an Oklahoma 529 plan, explore all the portfolios to see which is right for you.
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.
Sources
Section 529 College Plans by State. The Federal Reserve. September 2023. (back to content ⤶)
Find My State's 529 Plan. College Savings Plan Network. Accessed November 2023. (back to content ⤶)
