For Grandparents
Make college a possibility for your grandchild. Open a my529 account today.
Accounts are free to open and flexible
- There is no charge to open an account.
- No initial or ongoing contribution is required.
- A variety of investment options.
- You control the account.
- You decide how much and how often to contribute.
- When it’s time for college, you—not the beneficiary—request withdrawals.
Tax benefits
- Account earnings grow deferred from federal and Utah state income tax. This means any earnings in your account are not taxed as they accumulate.
- Individual Utah taxpayers can claim a Utah state income tax credit for contributions to their accounts, up to a certain limit.
- Withdrawals are exempt from federal and Utah state income taxes when used to pay for qualified higher education expenses, including eligible K-12 expenses, of your beneficiary.
- Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty, as well as state and local income taxes.
Invite gifts
Enroll in the my529 Gift Program after you open an account.
Let others view your account
- Grant read-only online access.
- Parents, grandchildren, and others can see your account balance, investment option, and other details.
- You remain in control.
If you prefer not to open an account
- You can still contribute to a my529 account owned by another person.
- Mail a check to my529 with the account number and beneficiary’s name written on the front.
- Or ask the account owner to set up an online gift page on his or her account via the Gift Program.
