The Edmond Sun

State News

April 15, 2014

Treasurer Miller awards ‘Tax Day Baby’ with college savings plan

OKLA. CITY — April 15 is commonly known as the day many will spend in line at the post office or finishing final preparations for tax returns. This year, one Oklahoma family spent April 15, tax day, welcoming their new son, born at 2:07 a.m. and was recognized as the first Tax Day Baby at Mercy Hospital Oklahoma City. 

As the first Tax Day Baby, State Treasurer Ken Miller, R-Edmond, awarded, Quan Ta, with an Oklahoma 529 College Savings Plan worth $1,529. Miller, who serves as board chairman for the OCSP, reminds parents and grandparents that any contribution made to an OCSP account by April 15 qualified for a 2013 Oklahoma income tax deduction.

“Any contribution made to an Oklahoma 529 College Savings Plan account by the tax deadline of April 15 qualifies for a prior year dedication,” Miller said. “With the cost of a college education on the rise, investing in your child’s or grandchild’s future today gives you and your child or grandchild an advantage when it comes time to start paying for college. As Oklahoma’s only state-sponsored college savings plan, the Oklahoma 529 College Savings Plan allows for tax advantages today, while saving for the future.”

Quan Ta’s parents, Winnie Nguyen and Duy Ta are thrilled to be able to give their son a head start on college, just after being born. This is the first child for the couple.

“This is a big investment for his future education,” said Quan Ta’s mother, Winnie Nguyen. “This is the first step to planting the seed for his education down the road.”

Quan Ta was the first winner in the Oklahoma 529 College Savings Plan’s Tax Day Baby promotion. OCSP has plans to continue the promotion again in 2015.

Treasurer Miller had a special reminder for all parents who have welcomed a new baby this year or who are expecting a newborn later this year. The annual OCSP Newborn Sweepstakes will award one baby born in Oklahoma $5,529 toward his/her college savings. Parents and grandparents have until April 14, 2015, to enter their 2014 newborn. The hospital where the baby is born also will receive $1,529. For official rules and to enter the sweepstakes, go to www.ok4saving.org/newborn.

Treasurer Miller encourages Oklahomans to gain knowledge about investing in college during April, National Financial Literacy Month.

“In Oklahoma, 86 percent of parents and grandparents believe it’s very important that their child or grandchild attend college,” Miller said. “But only 43 percent have started saving or investing for college. During Financial Literacy Month, spend time looking at the college savings options and implement a plan to accomplish your college savings goals.”

 

FOR MORE information about the Oklahoma 529 College Savings Plan or to open an account, visit the website at www.ok4saving.org or call 1-877-654-7284.

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