2019 contribution limits increase for Utah tax credit or deduction

The 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 2019.

Effective January 1, 2019, the maximum contribution limit for individuals, Utah-based trusts, and Utah-based corporations is $2,000 per qualified beneficiary. The new limit also allows a $2,000 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 $4,000 per qualified beneficiary. Maximum credit amounts are in the table below.