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posted Mar 2, 2021 8:50:11 PM

What qualify as a contribution for Oklahoma 529 plan?

This year I opened an Oklahoma 529 plan in September for my daughter, at the end of the year I received the statement showing as a total contribution for 2020 only the amount that I paid monthly. In my state tax return, Do I need to add the amount that I used to opening the account or only the amount that I added after like is showed in the statement?

 

Thanks

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1 Replies
Employee Tax Expert
Mar 3, 2021 6:49:51 AM

All of your contributions should count as a state tax deduction.  You should enter the monthly contributions and the amount you initially contributed to open the account.

 

However, you should contact the Oklahoma 529 administrator to ask about the statement you received.  If there is some reason that the amount you initially contributed does not count as a contribution, they can explain it or make the correction for your statement.