Anyone can help with Oklahoma 529
Parents, grandparents, family and friends—everyone can help your child achieve their education goals.
Most anyone can open, contribute to, or benefit from an account!
Who can open an account?
- Parents
- Grandparents
- Family members
- Family friends
- You
- Financial professionals
- Anyone with a valid Social Security Number or Taxpayer Identification Number
- Entity (e.g., a scholarship fund)
Which students can benefit from an account?
- Children
- Grandchildren
- Other family members
- Family friends
- Yourself
- Anyone with a valid Social Security Number or Taxpayer Identification Number
Who can contribute to an account?
Anyone, really, including:
- Grandparents
- Family
- Students
- Employers
- Financial professionals
- Trusts and estates
Not only can basically anyone open a 529 account for someone they care about, it only takes about 15 minutes and as little as $25 to get started!
Gifting
Your Oklahoma 529 makes it easy for anyone to make contributions to your child’s education. From grandparents to other family members to friends and more, everyone can help turn college dreams into a reality.
Contributions for any occasion can be easily made and managed through our secure online gifting platform, Ugift®. Gifts can also be made by mail with a check. And in certain cases, the gift giver can also receive state tax benefits. Consult your tax advisor.
Gift an account
Literally anyone with a valid Social Security Number or Taxpayer Identification Number can open an Oklahoma 529 on behalf of a beneficiary. The plan can also provide tax benefits for legacy and estate planning.
Relevant FAQs
Oklahoma 529 provides a unique set of benefits that can mean more flexibility and growth potential, including:
- Oklahoma state tax deduction
- Tax-free qualified withdrawals
- Low fees and expenses
- Easy to choose investment options
- Favorable financial aid treatment
- Use for a wide range of education expenses and programs – in Oklahoma and around the world
Get more details and compare savings options.
Contributing to an existing Oklahoma 529 account is easy and secure with our online Ugift® platform. Gift contributions can also be made by check and mailed in. Oklahoma residents’ gifts may be eligible for the state tax deduction. Check with your tax advisor.
For the tax year 2023:
- There’s no federal gift tax on contributions you make up to $17,000 per year if you’re a single filer or $34,000 if you’re a married couple.
- You can also accelerate your gifting with a lump-sum gift of $85,000 if you’re a single filer or $170,000 if you’re married and prorate the gift over five years per the federal gift tax exclusion.
- You can gift this amount to as many individuals or beneficiaries as you like, free from income tax.
Consult your tax advisor for more details. Learn more about gifting.
