Utah has raised the maximum my529 contribution amounts eligible for a state tax credit.
Effective Jan. 1, 2022, individuals qualify for a Utah state tax credit for contribution amounts up to $2,130 per qualified beneficiary.
For Utah-based trusts and flow-through entities, the maximum contribution amount eligible for the tax credit is also $2,130 per qualified beneficiary. Corporations are limited to a $2,130 deduction for contributions.
The maximum contribution amount for the tax credit for married couples filing a joint return, and for Utah-based trusts whose grantor filing status is married and filing jointly, is $4,260 per qualified beneficiary.
The tax credit for 2022 is 4.85% of the total year’s contribution, up to the maximum contribution amount. The Utah Legislature changed the tax rate this year from 4.95% to 4.85%.
|Tax filer||2022 Maximum Allowable Contribution for Utah State Income Tax Credit||2022 Maximum Utah State Income Tax Credit per Beneficiary (4.85%)|
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