State Presents Jenks Baby With $5,529 For College Savings Plan

Oklahoma State Treasurer Ken Miller today awarded $5,529 toward an Oklahoma 529 College Savings Plan (OCSP) account to one lucky Oklahoma baby.

As one of more than 51,000 babies born last year in Oklahoma, Hannah Gabel of Jenks, born in September at St. John Medical Center in Tulsa, was entered into the Newborn Sweepstakes by her parents Katie and Brad Gabel.

"The Newborn Sweepstakes is a great way to let new parents and grandparents know there are options for saving right from the start for their loved one's future college education," Miller said in a news release. "Saving for college is important, and starting early helps ensure that there are funds for college expenses.

Miller said the Newborn Sweepstakes will continue in 2013, with entries already being accepted via the OCSP website. New parents or grandparents can go to the website to enter for a chance to win. Parents or grandparents of a child born in 2013 will have until April 14, 2014 to enter. Details and official rules also can be found on the OCSP website.

Oklahoma taxpayers may deduct from their Oklahoma adjusted gross income up to $10,000 in contributions to the Oklahoma College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carry forward.

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.

Introduced in April 2000, the Oklahoma College Savings Plan currently has more than $557 million in total assets and more than 51,500 accounts, as of June 7, 2013, according to the treasurer's office.