![]() Computers and related technology such as internet access fees, software or printers are also considered qualified higher education expenses when used primarily by the beneficiary when enrolled at an eligible educational institution. This includes most postsecondary institutions. Qualified higher education expenses include tuition, certain room and board expenses, fees, books, supplies and equipment required for the enrollment and attendance of the beneficiary at an eligible educational institution. Student loan repayment subject to a lifetime limit of $10,000 per individual when using a 529 plan. You should talk to a qualified professional about how tax provisions affect your circumstances.Īpprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act. If you are not an Oklahoma taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. 1Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Oklahoma income tax.1 For a list of qualifying expenses and the state tax treatment of withdrawals for these expenses, view the Plan Description. In addition, up to $10,000 annually can be used toward K-12 tuition (per student) from all 529 plans and student loan repayment (lifetime limit). This includes public and private colleges and universities, CareerTech, community colleges, graduate schools and professional schools and costs associated with apprenticeships. Your Oklahoma 529 funds can be used at any accredited university in the country-and even some abroad. But if you’d like to stick to one account, you can change beneficiaries at any time and at no additional cost. Multiple accounts can also aid in estate planning by ensuring that education funds are allocated appropriately to each beneficiary upon the death of the account owner. For example, adding the Guaranteed Option can help ensure a portion of your college savings is principal-protected. This offers you more control to manage risk on your terms. Keep in mind: Oklahoma 529 allows you the flexibility to select multiple investment options within each account. You may also prefer to pay college expenses first out of your highest growth account to maximize federal tax benefits and to encourage gift contributions from friends and family. ![]() For example, an older child’s account could be more conservatively invested to help protect your contributions as they near college, whereas a younger child’s account might be invested to balance growth and income strategies during a longer time frame. You might do this to align investment strategies with the time frame each child will begin using the funds. You could open a different account for each child. There’s no cost associated with opening an Oklahoma 529 account or owning more than one account. ![]() Please consult your tax or legal advisor to address your specific circumstances.
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