Indian Employment Exclusion (Employers Only)
All qualified wages equal to the Federal Indian Employment Credit set forth in 26 U.S.C.A., Section 45A, shall be deducted from taxable income. Deduct on your Oklahoma return, an amount equal to the reduction of salaries and wages reported on your Federal return as a result of your Form 8845 Indian Employment Credit. The deduction allowed shall only be permitted for the tax years in which the Federal credit is allowed, even if not used in such year because of your tax liability limit.

If the exclusion is through a Partnership or S corporation, include the partnerships or S corporations name and ID number and your pro-rata share of the exclusion.

Contributions to Oklahoma 529 College Savings Plan account(s)
Each individual may exclude contributions made to accounts established pursuant to the Oklahoma College Savings Act. The deduction is the amount contributed to all Oklahoma 529 College Savings Plan accounts, but under no circumstances can this deduction exceed $10,000 ($20,000 on a joint return) per tax year. Any contributions made during this tax year but not deducted may be carried over for a period not to exceed 5 years. Enclose proof of your contribution including the name of the beneficiary and the account number.

Contributions must be made to Oklahoma 529 College Savings Plan account(s). Contributions made to other state's college savings plans, the Coverdell Education Savings Account or transfers from one Oklahoma 529 College Savings Plan account to another, may not be excluded.

For information on setting up an Oklahoma College Savings Plan, visit the following web site: www.ok4savings.org or call (877) 654-7284.

Qualified Medical Savings Account
Contributions made to and interest earned from an Oklahoma medical savings account established in this state, pursuant to Title 63 O.S. Sections 2621 through 2623, shall be exempt from taxable income. In order to be eligible for this deduction, contributions must be made to a medical savings account program approved by either the State Department of Health or the Insurance Commissioner. A statement of the contributions made to and interest earned on the account must be provided by the trustee of the plan, and enclosed as part of the filed return. This is not on your W-2. Enclose a copy of your Federal return.

Note: If you took a Health/Medical Savings Account Deduction to arrive at Federal adjusted gross income, you cannot take a deduction on this line.

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