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SEED OK has already started saving for your child's education with $1,000 deposited into an Oklahoma College Savings Plan account (SEED OK account). Your child will be able to use this money to attend college or university, community college, or vocational school. |
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Your child has a bright future. Educational activities are one important way to invest in your child’s future, by helping them grow and develop. Another investment is an Oklahoma College Savings Oklahoma College Savings Plan (OCSP).
SEED for Oklahoma Kids has already started saving for your child's education with $1,000 deposited into an Oklahoma College Savings Plan account (SEED OK account). Your child will be able to use this money to attend college or university, community college, or vocational school.
Your Oklahoma College Savings Plan Account (Your Account) Once your OCSP Account (Your Account) is open, you can make deposits at any time, for as little as $25 per deposit. You, your relatives, and family and friends can make deposits into this account to celebrate birthdays, holiday, or any special occasion. Depositing a little money each year can make a big difference for your child! How can I save in My Account? You can make deposits by:
Are there future deposit requirements? Is there a minimum amount to contribute? There are no future contributions required. If you do add to your account, the minimum deposit is $25 per investment option. If your employer allows payroll deduction, the minimum subsequent contribution to an account may be as low as $15 per investment option, per pay period. How do I track My Account? You will receive a statement every three months that shows Your Account activity. You will also have online access to Your Account information 24 hours a day at www.ok4saving.org. About the Savings Match (available during 2008-2011) What is the SEED OK Savings Match? The Savings Match was a SEED OK incentive for you to save for your child’s future. When you deposited money in Your Account, you may have been eligible for a $1 to $1 or $0.50 to $1 match on your savings. The match was placed in your child’s SEED OK Account held by the State. This incentive was available during 2008-2011. Who qualified for the Savings Match? Savings Match eligibility was based on your federal adjusted gross income.* How much Savings Match you received depended on the deposits you made into Your Account.
If your adjusted gross income was less than $29,000, the largest match you were eligible to receive was $250 per year. For example, if you saved $250 or more in Your Account during 2008 - 2011, then you child's SEED OK Account was eligible to receive $250 per year.
Gifts from you or from family and friends deposited into Your OCSP Account were eligible to be matched during 2008-2011.
What is my federal adjusted gross income? 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 used your income from earlier tax returns because more current records were not be available when the Savings Match was calculated. For example:
The Savings Match has ended. Should I still save? Yes! When you save money in Your OCSP Account you can receive a state tax deduction and other tax benefits. If I was not required to file an Oklahoma Tax Return, could I have still qualified 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 could have qualified for the Savings Match, even if you received Food Stamps, Medicaid, or Temporary Assistance for Needy Families (TANF) benefits from the State in that same tax year. The Oklahoma Department of Human Services determined if you received these benefits. The savings match incentive was only available from 2008 - 2011. During that time, when you deposit money in Your Account, your savings was matched in the next quarter. For example, if you saved money in Your Account in August 2011, the Savings Match was deposited in your child's SEED OK Account between October and December 2011.
Parent Resources: Saving for college Planning for a college education shouldn't be keeping you up at night. We've put together a collection of college planning resources to help you rest easier, including materials that make it easier for friends and family to give the gift of education to your child.
The information on this page is meant to answer general questions you may have about saving in your Oklahoma College Savings Plan account. For complete details about the Oklahoma College Savings Plan, please read the Disclosure Booklet. For more details about the Savings Match (available during 2008-2011), see the Savings Match Terms. If I have questions about an Oklahoma College Savings Plan Account, who should I contact? For questions about... SEED OK, Oklahoma College Savings Plan,
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