What is an Oklahoma 529 College Savings Plan or OklahomaDream 529 Account?

Each individual may exclude contributions, up to $10,000 ($20,000 if married) per taxable year, made to an account established pursuant to the Oklahoma College Savings Plan Act.

If a rollover or non-qualified withdrawal is taken within the same tax year as a contribution is made, the deduction for such contribution must be reduced by the amount of the rollover or non-qualified withdrawal.

Any amount of a contribution that is not deducted in the year for which the contribution is made may be carried forward as a deduction from income for the succeeding five years.

Enclose proof of your contribution including the name of the beneficiary and the account number. If you are mailing your return, be sure to include this information with your return. If you are e-filing your return, retain the information in your records for three years in case the Oklahoma Tax Commission requests it.

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