Oklahoma City (March 18, 2025) – With the tax filing date approaching, State Treasurer Todd Russ wants to remind Oklahoma families there’s still time to open or contribute to an Oklahoma 529 account. Oklahoma taxpayers have until April 15, 2025, to qualify for a state deduction on their 2024 Oklahoma state tax return.
Contributing to an Oklahoma 529 account provides families with a triple tax benefit to potentially save thousands of dollars in taxes. There are three ways to save after opening and contributing to an account:
- Oklahoma tax payers may qualify for up to a $20,000 state tax deduction if married filing jointly or up to a $10,000 state tax deduction if filing single
- State and federal tax-deferred growth of any earnings in the account
- Tax-free withdrawals for qualified education expenses
“Opening and contributing to an Oklahoma 529 account now not only gives you a tax advantage on your 2024 state income tax filing but provides tax and other financial benefits for the long-term,” Russ said. “Throughout your student’s education journey, Oklahoma 529 offers the flexibility to choose an education path that best meets your financial and educational goals—from private universities to certificate programs at community colleges and CareerTech Centers.”
With the rise of college tuition costs, saving for higher education is more important than ever. In 2024-25, the average tuition for full-time, in-state students at public four-year institutions is $11,610, 2.7% higher than it was in 2023-24. The average cost for out-of-state tuition at public four-year institutions is $30,780, 3.2% higher than it was in 2023-24.2
Russ also noted that Oklahoma 529 is celebrating its 25th anniversary this year. Since the Plan’s launch in 2000, Oklahoma 529 has served almost 100,000 students across all 77 Oklahoma counties.3
Visit Oklahoma529.com to learn more about Oklahoma 529 and ways to open an account.