Cyber Monday deal for college savings
Shopping’s a snap (and a click) with my529
Why not dispense with the hassle of shopping while getting a gift that has a lasting impact? A my529 account can help a loved one reach their dreams by helping to pay for future education.
If you open a new my529 account for a beneficiary new to my529 between November 29-December 1, 2020, and contribute at least $10 at opening, we’ll add a $10 contribution.* Just use the promo code CM2020 when prompted at opening.
How to do it
- Open a my529 account between November 29 and December 1, 2020.
- Enter promotional code CM2020.
- Contribute at least $10.
- my529 will deposit $10 into your new account.
To qualify, the new my529 account must be for a beneficiary who is new to my529.
*Only valid between November 29 and December 1, 2020, or while promotional funds are available.
Continue reading to determine whether my529 is right for you.
my529 is direct-sold
You can open a my529 account directly. A financial advisor isn’t necessary.
Anyone age 18 or older can open an account
- You don’t need to be related to the beneficiary
- You can open an account for yourself
- You don’t need to be a Utah resident
- No cost to open an account
Account earnings accumulate tax-deferred. Your balance can grow faster because you don’t pay taxes annually on account earnings.
Earnings on withdrawals are exempt from federal and Utah state income tax if the funds are used to pay for qualified higher education expenses, such as:
- Tuition and mandatory fees
- Books, supplies and equipment required for enrollment
- Computers, related software and equipment, and internet service
- Room and board for students enrolled at least half time
- Services required for a student with special needs to attend a post-secondary school
- K-12 tuition expenses of up to $10,000 per year per beneficiary (from all 529 accounts) at public, private, or religious schools
- Payments up to certain limits on qualified education loans (student loans)
- Registered apprenticeships
my529 fees are among the lowest in the 529 industry. Learn more about my529’s fees and fee structure.
my529 offers 13 investment options. (Note: Your investment could lose value.)
How account funds can be used
Withdrawals can be used for the qualified higher education expenses of your beneficiary at any eligible educational institution in the United States or abroad.
An eligible educational institution generally includes any accredited public or private college, university, or technical school that is qualified to participate in federal student aid programs. Contact your school of interest to determine their eligibility. You can also find a complete list of institutions, updated quarterly, at the U.S. Department of Education federal student aid site.
Important notice: Federal and state tax consequences will apply if account earnings are used for nonqualified expenses.
Utah account owners may qualify for a Utah state income tax credit or deduction.
Please read the my529 Program Description for more information.