Student also receives prize from Oklahoma 529 College Savings Plan’s
10,000 Reasons to Save Sweepstakes
KREBS – One student and his school now have 10,000 reasons to look forward to the future. State Treasurer Ken Miller today announced the winner of the Oklahoma 529 College Savings Plan (OCSP) 10,000 Reasons to Save Sweepstakes—which awarded one child and his school $10,529.
Fifth grader Jaxon Walters received $10,529 toward an OCSP account, and his school, Krebs Elementary, received $10,529 for its programs. The 10,000 Reasons to Save Sweepstakes gives Oklahoma parents and grandparents over 10,000 reasons to continue conversations about the importance of higher education and how Oklahoma’s state-sponsored 529 college savings plan can help families accomplish their college savings goals.
Miller, who serves as board chair for the Oklahoma 529 College Savings Plan, encourages parents and grandparents to engage children in practical conversations about the importance of going to college as well as starting to save for higher education expenses - today. The holidays are an ideal time to start thinking about saving.
“The gift of higher education is one of opportunity that lasts a lifetime,” said Miller. “It’s that time of year that we search for the best present for our children, grandchildren and other loved ones. Rather than just giving the latest toy or electronic gadget, open or contribute to an Oklahoma 529 College Saving Plan for the young one on your shopping list. An OCSP account is the gift that keeps giving.”
Joseph Prichard, Jaxon’s Grandfather, said he opened an Oklahoma College Savings Plan for Jaxon because it was a great way to save for Jaxon’s future. Prichard started the plan a few years ago to ensure that Jaxon would have the funds available to attend college.
“An Oklahoma College Savings Plan is a simple way to save for Jaxon’s college education,” said Prichard. “The program offers a nice, yet structured solution to saving for college. It’s a simple choice as a grandparent, and the tax benefits are helpful as well.”
Jaxon’s school, Krebs Elementary, and Superintendent Patrick Turner were also presented with a $10,529 check from Miller today. Turner said the funds will be used to help Krebs Elementary with advancing the technology offering for the school’s children.
“I feel like we are on the forefront of school technology in Pittsburg County; we try to stay ahead of the curve,” said Turner. “With the gift of $10,529, I would like to continue advancing our technology offering for every student. This is the largest gift in school history, and we will really be able to make a dent in offering additional advanced technology for our students.”
In its inaugural year, Miller said the 10,000 Reason to Save sweepstakes has helped OCSP spread the word about saving for college. Launched August 15, the sweepstakes ran through November 15, and garnered more than 4,100 entries from Oklahomans across the state. Funding for prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan. No state funds are used.
For more information about the Oklahoma 529 College Savings Plan or to open an account, visit the website at www.ok4saving.org or call 1-877-654-7284.
About the OCSP
Oklahoma taxpayers may deduct from their Oklahoma adjusted gross income up to $10,000 in contributions to the Oklahoma 529 College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carryforward.* Amounts deducted may be subject to recapture if a non-qualified withdrawal or rollover is taken (depending on the timing of such transactions), resulting in adverse Oklahoma income tax consequences. Read the Disclosure Booklet carefully.
All contributions and any earnings to an OCSP account are federal and Oklahoma income tax-deferred, and distributions are also federal and Oklahoma income tax-free when qualified withdrawals are made to fund an array of student expenses at most institutions of higher learning. Funds may be used at virtually any private or public university, college or career technology center nationwide, and the savings can be applied to tuition as well as other qualified expenses including fees, books, supplies and certain room and board costs.
The Oklahoma 529 College Savings Plan is a state-sponsored, tax-advantaged 529 college savings plan managed by TIAA-CREF Tuition Financing Inc. Introduced in April 2000, the Oklahoma 529 College Savings Plan currently has more than $589 million in total assets and more than 52,000 accounts, as of November 29, 2013.
* To the extent a taxpayer does not take a deduction for contributions made for that tax year, they may make a deduction over the following five years, provided the amount deducted each year does not exceed the deduction limit.
Consider the investment objectives, risks, charges and expenses before investing in the Oklahoma College Savings Plan. Please call toll-free 1-877-654-7284 for a Disclosure Booklet containing this information. Read it carefully.
The tax information contained in this material is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
Non-qualified withdrawals are subject to income taxes and the federal additional 10% tax.
Account value in the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.
TIAA-CREF Tuition Financing, Inc., Program Manager.
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For more information contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Krista Bruce, Koch Communications, (405) 615-1526