Looking for a tax break in 2019? Invest in education with my529


Contact: Bryn Ramjoue’, Marketing Director, 801.321.7161, bramjoue@my529.org

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December 2, 2019

Qualify for tax credits or deductions with contributions before the end of 2019

(Salt Lake City) When you invest in a my529 educational savings account as a Utah taxpayer, you can qualify for a tax credit or deduction. A contribution toward your beneficiary’s education makes a meaningful gift that lasts long after the holidays.

my529 account owners can claim a 5% Utah state income tax credit or deduction for 2019 tax year contributions for each qualified beneficiary. Contributions are eligible for tax benefits up to the allowed maximum. (See the table below.)

Account owners with more than one beneficiary can claim a credit for each beneficiary. For example, if a Utah account owner files “single,” and contributes $2,000 to a my529 account for each of three beneficiaries, they can claim the 5% Utah state income tax credit of $100 for all three beneficiaries, for a total tax savings of $300.

A corporation may deduct up to $2,000 per beneficiary from its taxable income.

Account owners qualify for the tax benefits even if they contribute more or less than the maximum amounts. Also, if someone else contributes to the account, the account owner can include that contribution toward their total tax credit. Friends or family can easily make contributions through the my529 Gift Program.

In addition to the Utah state income tax credit, earnings on my529 accounts grow tax-deferred. Withdrawals are free from federal and Utah state income taxes when used for qualified higher education expenses, such as tuition, fees, books, supplies, computers and certain room and board costs. Learn more at my529.org.

About my529

my529, Utah’s official nonprofit 529 educational savings plan, is highly rated by Morningstar Inc.

Accounts are free to open, and my529 requires no minimum deposit or account balance. my529’s user-friendly website, my529.org, makes it easy to open, manage, and contribute to an account online.

To learn more, visit my529.org, call toll-free at 800.418.2551, or email info@my529.org.


Important Legal Notice

Investing is an important decision. Read the Program Description in its entirety for more information and consider all investment objectives, risks, charges, and expenses before investing. For a copy of the Program Description, call 800.418.2551 or visit my529.org.

Investments in my529 are not insured or guaranteed by my529, the Utah State Board of Regents, the Utah Higher Education Assistance Authority or any other state or federal agency. Your investment could lose value. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured accounts. Please read the Program Description to learn about the FDIC-insured accounts.

The state in which you or your beneficiary pay taxes or live may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds, and protection from creditors, not otherwise available to you by investing in my529. You should consider such benefits, if any, before investing in my529.

my529 does not provide legal, financial, investment, or tax advice, and the information provided in this document does not contain legal, financial, investment, or tax advice and cannot be construed as such or relied upon for those purposes. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation.

A Morningstar Analyst Rating™ for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions. Morningstar does not represent its analyst ratings to be guarantees. Please visit Morningstar.com for more information about the analyst ratings, as well as other Morningstar ratings and fund rankings.