588: Form 588 Oklahoma First-Time Homebuyer Savings Account Holder and Designated Beneficiary Form (Revision 2024-07)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2024, 2025, 2026
Oklahoma Form 588 designates a savings account as a first-time homebuyer savings account and identifies its designated beneficiary. It reports account holder and financial institution details, the date the account was opened, and beneficiary information, including any change of b
Who files this form
Account holders use Form 588 to designate a qualifying interest-bearing savings account as an Oklahoma first-time homebuyer savings account and name its beneficiary. The account holder owns the account and is the person eligible for Oklahoma income tax deductions for contributions made during the tax year.
Use this form also to change the designated beneficiary.
Joint account holders must be spouses who jointly own the account and file a joint Oklahoma individual income tax return. Spouses filing separately, or separately on a combined return, must open separate accounts to participate.
When it's due
To qualify the account for the calendar year in which it was opened, submit Form 588 no later than April 15 of the immediately following year. You may submit it any time after opening the account.
You may change the beneficiary at any time, but the change does not take effect until the form is submitted to the Oklahoma Tax Commission (OTC).
What you'll need
Have the following information ready to complete the form:
- Primary account holder’s name, Social Security number, and address.
- Secondary account holder’s name and Social Security number, if applicable.
- Financial institution’s name, routing number, and the last four digits of the account number.
- Date the account was opened, in MMDDYY format.
- Designated beneficiary’s name and Social Security number.
- New beneficiary’s name and Social Security number, if changing the beneficiary.
If you cannot find the routing or account number, contact your financial institution.
How to file
Complete the account holder, account, and beneficiary information. If changing the beneficiary, enter the new beneficiary’s information and provide all other required information.
The primary account holder and any secondary account holder must sign and date the form. The signatures declare under penalty of perjury that the information provided is true, correct, and complete to the best of their knowledge and belief.
Mail to:
Oklahoma Tax Commission
Oklahoma City, OK 73194
Submit Form 588 separately from your income tax return and any other form or payment, unless the OTC directs otherwise.
Common mistakes
- Sending the form with a tax return or payment. Submit it separately unless the OTC directs otherwise.
- Leaving required information blank when changing a beneficiary. All required information must be provided for the OTC to process the change.
- Assuming a beneficiary change is already effective. It does not take effect until the form is submitted to the OTC.
- Naming more than one beneficiary for an account. Each account may have only one designated beneficiary.
- Opening multiple accounts for the same beneficiary as the same account holder. An account holder may not establish more than one account for the same designated beneficiary.
- Using the account for another purpose. Once designated as a first-time homebuyer savings account, it must be used only for that purpose.
Questions people ask
Can I name myself as the beneficiary?
Yes. An account holder may also be the designated beneficiary, but the beneficiary must qualify as a first-time homebuyer.
Can someone be the beneficiary of more than one account?
Yes. An eligible individual may be the beneficiary of multiple accounts. However, no account holder may establish more than one account for that same beneficiary.
Can my spouse and I hold one account together?
Yes, if you jointly own the account and file a joint Oklahoma individual income tax return. Spouses filing separately, or separately on a combined return, must open separate accounts to participate.
Where must the account be opened?
The account must be opened at a bank, trust company, savings institution, industrial loan association, consumer finance company, credit union, benefit association, insurance company, safe deposit company, money market mutual fund, or similar entity authorized to do business in Oklahoma.