These are tax deductible ways to save for qualified education, established by the state of Oklahoma. You can exclude any contributions, up to $10,000 ($20,000 if Married, Filing Jointly) per year, made to one of these accounts.
If a rollover or non-qualified withdrawal is taken within the same tax year as a contribution is made, you can only exclude the net contribution made that year.
Any contribution that you can't deduct in the year for which the contribution is made may be carried forward for up to five years.
You'll need to have proof of your contribution including the name of the beneficiary and the account number. If you're mailing your return, include this information with your return. If you're e-filing your return, keep this information in your records for three years in case the Oklahoma Tax Commission requests it.
Beginning January 1, 2018, qualified education expenses also include K-12 tuition costs.