If a taxpayer contributes to an Oklahoma 529 plan, a portion of the contribution can be subtracted from income on the Oklahoma return.
Taxpayer contributions to the OK savings plan are generally tax deductible up to $10,000 per year for a single return and $20,000 per year for a joint return. Any contribution in excess of this amount may be deducted over the following five tax years.
To enter the deductible portion of the contributions that were made in TaxSlayer ProWeb, from the main menu of the Oklahoma return, select:
- Adjustments
- Contributions to OK 529 Savings Plans
*If the contribution amount was more than the deductible limit, do not enter more than $10,000 ($20,000 if both taxpayer and spouse contributed) per beneficiary.
Additional Information: