Oklahomans are presented with a unique opportunity this week as they could receive free money towards their child's education. However, it comes with a crucial deadline that must be met. The state treasurer's office is stepping up to assist by offering a $50 to $100 match to those who open an Oklahoma 529 plan by 10 p.m. on Friday. To avail this match, applicants need to deposit a minimum of $250 or $500.
Expanded Use of Oklahoma 529
Initially designed strictly for college savings, the IRS-recognized Oklahoma 529 program has now been expanded. It can cover a wide range of programs that your child might aspire to pursue, such as career tech training, graduate school, and even apprentice programs. This flexibility allows parents to plan for their child's future in various educational directions.The account holds great advantages. Money stored within it can be withdrawn at any time, providing parents with the flexibility they need. Moreover, an account can be opened in your child's name at any age, ensuring that the educational savings start early.Since Oklahoma 529 is a federally recognized organization sponsored by the state treasurer's office, there is an added benefit. Any money invested in it can be deducted from your income, meaning you will not have to bear the burden of taxation. This makes it an attractive option for parents looking to save for their child's education while also minimizing their tax liabilities.Parents can take advantage of this opportunity to secure their child's future. By opening an Oklahoma 529 plan and meeting the deposit requirements, they can access the free match offered by the state treasurer's office and enjoy the tax benefits associated with it. It is a win-win situation that can make a significant difference in a child's educational journey.READ MORE