Mercy Hospital Oklahoma City’s first baby born on April 15, tax day, was awarded a
$1,529 Oklahoma 529 College Savings Plan
OKLAHOMA CITY –April 15 is commonly known as the day many will spend in line at the post office or finishing final preparations for tax returns. This year, one Oklahoma family spent April 15, tax day, welcoming their new son, born at 2:07 a.m. and was recognized as the first Tax Day Baby at Mercy Hospital Oklahoma City.
As the first Tax Day Baby, State Treasurer Ken Miller awarded, Quan Ta, with an Oklahoma 529 College Savings Plan (OCSP) worth $1,529. Miller, who serves as board chair for the OCSP, reminds parents and grandparents that any contribution made to an OCSP account by today, April 15, 2014, qualifies for a 2013 Oklahoma income tax deduction.
“Any contribution made to an Oklahoma 529 College Savings Plan account by the tax deadline of April 15 qualifies for a prior year dedication,” said Miller. “With the cost of a college education on the rise, investing in your child’s or grandchild’s future today gives you and your child or grandchild an advantage when it comes time to start paying for college. As Oklahoma’s only state-sponsored college savings plan, the Oklahoma 529 College Savings Plan allows for tax advantages today, while saving for the future.”
Quan Ta’s parents, Winnie Nguyen and Duy Ta are thrilled to be able to give their son a head start on college, just after being born. This is the first child for the couple.
“This is a big investment for his future education,” said Quan Ta’s Mother, Winnie Nguyen. “This is the first step to planting the seed for his education down the road.”
Quan Ta was the first winner in the Oklahoma 529 College Savings Plan’s Tax Day Baby promotion. OCSP has plans to continue the promotion again in 2015.
Treasurer Miller had a special reminder for all parents who have welcomed a new baby this year or who are expecting a newborn later this year. The annual OCSP Newborn Sweepstakes will award one baby born in Oklahoma $5,529 towards his/her college savings. Parents and grandparents have until April 14, 2015 to enter their 2014 newborn. The hospital where the baby is born will also receive $1,529. For official rules and to enter the sweepstakes, go to www.ok4saving.org/newborn. No purchase necessary. Void where prohibited.
Treasurer Miller encourages Oklahomans to gain knowledge about investing in college during April, National Financial Literacy Month.
“In Oklahoma, 86 percent of parents and grandparents believe it’s very important that their child or grandchild attend college,” said Miller. “But only 43 percent have started saving or investing for college. During Financial Literacy Month, spend time looking at the college savings options and implement a plan to accomplish your college savings goals.”
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 $619 million in total assets and more than 53,000 accounts, as of March 28, 2014.
* 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.
Funding for prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan. No state funds are used.
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