- Meet Treasurer Miller
- Newsroom
- Economic Reports
- Unclaimed Property
- Inside the Office
- Investments
- Banking
- SEED OK
- Linked Deposit
FAQs
| Contact
| Notifications
| Newsroom
-
Please read the Savings Match Terms for complete details.
What is the Savings Match? How does it work?
The Savings Match is a SEED OK incentive for you to save for your child’s future. To receive this match, you must open your own Oklahoma College Savings Plan (Your Account). When you save money in Your Account, you may be eligible for a $1 to $1 or $0.50 to $1 match in 2011. This match will be placed in your child’s SEED OK Account.
If you open Your Account, your child will have two Oklahoma College Savings Plan accounts:
Do I qualify for the Savings Match? If so, how much?
Your Savings Match eligibility is based on your federal adjusted gross income. How much Savings Match you receive depends on the deposits you make into Your Account.
If your adjusted gross income is less than $29,000, the largest match you can receive each year is $250. For example, if you save $250 or more in Your Account in 2011, then you child's SEED OK Account will receive $250.
If your adjusted gross income is $29,000 to $43,499, the largest match you can receive each year is $125. For example, if you save $250 or more in Your Account in 2011, then your child's SEED OK Account will receive $125.
What is my federal adjusted gross income? How will it be used?
Your federal adjusted gross income is an amount that you report to the Oklahoma Tax Commission when you file a State income tax return. The State will use your income from earlier tax returns because more current records will not be available when the Savings Match is calculated. For example:
If I was not required to file an Oklahoma Tax Return, can I still qualify for the Match?
Yes. If you did not file an Oklahoma Tax Return because your income was below the amount required for filing in a given year, you can qualify for the Savings Match if you received Food Stamps, Medicaid, or Temporary Assistance for Needy Families (TANF) benefits from the State in that same year. The Oklahoma Department of Human Services will check if you received these benefits. If you were not required to file for other reasons, see the Savings Match Terms.
What must I do to receive the Savings Match?
1. Open an Oklahoma College Savings Plan account for your child;
2. Complete, sign, and return the Match Eligibility Form to the State, and;
3. Save money from birthdays, other gifts, or tax refunds in Your Account.
Why do I need to fill out and sign the Match Eligibility Form?
The State will use this form to check if you qualify for the Savings Match. To protect your privacy, the Oklahoma Tax Commission and Department of Human Services may only release information to the State with your written permission. This form gives that permission.
When do I need to return the Match Eligibility Form?
Sign and return the Match Eligibility Form now, so your deposits can be matched as soon as possible. You only need to fill out, sign and return this form once. It will be valid from 2009 through 2011, when the SEED OK savings match ends.
When will my savings be matched?
Any time you deposit money in Your Account, your savings will be matched in the next quarter. For example, if you save money in Your Account in August 2011, the Savings Match will be deposited in your child’s SEED OK Account between October and December 2011.
I may not qualify for the Match. Should I open an account anyway?
Yes! There are many reasons why you should open an account.
• Save for your child’s education.
• Receive tax benefits. (See Disclosure Booklet.)
• Qualify later for the Savings Match if your income or the SEED OK income ranges change. (See Savings Match Terms.)What if someone else opens an account for my child? Can they get the Match?
No. Only you—the individual who completed the SEED OK Study phone interview—can qualify for the Savings Match.
More Information for SEED OK Participants
- Saving in SEED OK - Learn how to save with the Oklahoma College Savings Plan and SEED OK
- Frequently Asked Questions - Find answers to common questions about SEED OK
- Parent Tools - Fun activities to help your child grow and develop
- Savings Match - Read complete details about the SEED OK Savings Match
- Forms - Download the Match Eligibility and Self-Certification forms, and other guides and documents
- Oklahoma College Savings Plan Home - Learn more about the OCSP
- Open an OCSP Account - Open an account and start saving for your child's future today
- Contact - Call these contacts if you have additional questions