2018 contribution limits increase for Utah tax credit or deduction

The maximum amount that Utah taxpayers can contribute to their my529 accounts that qualifies for a 5 percent Utah state income tax credit or deduction was raised for tax year 2018.

Effective January 1, 2018, the new contribution limit for individuals, Utah-based trusts, and Utah-based corporations is $1,960 per qualified beneficiary. The new limit allows for a $98 tax credit for individuals whose filing status is single and trusts, and a $1,960 deduction for corporations.

The maximum contribution eligible for a tax credit for married couples filing a joint return, and for Utah-based trusts whose grantor filing status is married and filing jointly, is $3,920 per qualified beneficiary. The new limit allows for a $196 tax credit for such individuals and entities.