Is there a limit on how much income I can earn and still qualify to open an Oklahoma College Savings Plan Account? How is a Qualified Tuition Savings Plan different from an Education IRA?
A. The Oklahoma College Saving Plan Account is available for people of all income levels. An Education IRA is limited to $ 500 per year, per child, and there are limits on the income a family can earn and still qualify to open an Education IRA. Additionally, if a contribution is made to the Oklahoma College Savings Plan in a given tax year, no contribution may be made to an Education IRA for that same beneficiary by anyone that same year. If this does occur, the amounts contributed to the Education IRA will be subject to a federal excise tax.
Related Questions
- Is there a limit on how much income I can earn and still qualify to open an Oklahoma College Savings Plan Account? How is a Qualified Tuition Savings Plan different from an Education IRA?
- Can I take a distribution from both an Oklahoma 529 College Savings Plan account and Coverdell Educations Savings Account to pay for expenses in the same year?
- Can assets from an UGMA/UTMA account be transferred to the Oklahoma 529 College Savings Plan?
