The Utah Legislature established my529 in 1996 to help you save for college.
The mission of my529 is to provide the best 529 educational savings plan at the lowest possible cost, and to make my529 the plan of choice for Utah residents.
Why Utahns choose my529
- my529 offers a variety of investment options.
- Investment options comprise Vanguard, Dimensional and PIMCO funds and FDIC-insured accounts.
Accounts are easy to set up
- No enrollment fee.
- No minimum balance or contribution is required.
- 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.
- You pay no federal or Utah state income tax if your withdrawals are used for qualified higher education expenses.
- Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty, as well as state and local income taxes.
New to Utah? Check out Utah’s my529 educational savings plan
While you are becoming acquainted with the many available outdoor activities like skiing, hiking and mountain biking that living in Utah affords you, make sure to check out my529, Utah’s nationally rated 529 educational savings plan.
- Rollovers: If you already have a 529 account in another state, you may qualify for Utah’s state income tax benefits if you roll those funds over to my529. See Rollovers for more information about how to rollover funds from another state’s 529 plan.