Invest in education with my529

my529 is a tax-advantaged 529 educational savings plan designed to make it easier for families to invest in and pay for the qualified higher education expenses of a beneficiary.

Spend a few minutes learning about my529, Utah’s official and only nonprofit 529 plan.

my529 is direct-sold

You can open a my529 account directly. A financial advisor isn’t necessary.

We have a lot of fans

my529 has earned Morningstar’s highest rating for the last seven years and 12 of the last 14 years.

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

  • No enrollment fee
  • No initial contribution or minimum balance required

Tax-deferred growth

Account earnings accumulate tax-deferred. Your balance can grow faster because you don’t pay taxes annually on account earnings.

Tax-free withdrawals

Earnings on withdrawals are exempt from federal and Utah state income tax if the funds are used to pay for qualified higher education expenses, including K-12 tuition expenses.

Low fees

my529 fees are among the lowest in the 529 industry.

Investment options

my529 offers 14 investment options. (Note: Your investment could lose value.)

  • Four age-based options. These automatically reallocate your funds to be weighted less in equity funds and more in fixed-income funds or FDIC-insured accounts as your beneficiary ages.
  • Eight static options. The asset allocation you choose when you open an account stays the same unless you request a change.
  • Two customized options. You can design a customized age-based or a customized static option that works best for you.
  • You can change investment options twice a year.
  • More information on my529’s investment options: age-based, static, customized

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 that participates in federal student aid programs.

An eligible educational institution generally includes any accredited public or private college, university, or vocational school. You can determine the eligibility of an educational institution by visiting fafsa.gov.

my529 account owners also may withdraw funds tax-free up to $10,000 annually from their account for K-12 tuition expenses at public, private, and religious elementary or secondary schools.

What are qualified higher educational expenses?

  • Tuition and mandatory fees
  • Books, supplies, and equipment required for enrollment
  • Computers, related software and equipment, and internet service
  • Room and board (up to a certain amount) for students enrolled at least half time
  • Services a student with special needs requires to attend a post-secondary school
  • K-12 tuition expenses at public, private, or religious schools

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

  • A 5 percent state income tax credit is available to individuals, couples, and trusts for annual contributions up to a certain limit.
  • A 5 percent state income tax deduction is available to corporations for annual contributions up to a certain limit.

 

Please read the my529 Program Description.