2020 contribution limits increase for Utah income tax credit or deduction

The amount that Utah taxpayers can contribute to their my529 accounts that qualifies for a 5% Utah

state income tax credit or deduction has increased for tax year 2020.

Effective Jan. 1, 2020, the maximum contribution limit for individuals, Utah-based trusts, flow-through entities and Utah-based corporations is $2,040 per qualified beneficiary. The new limit also allows a $2,040 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 $4,080 per qualified beneficiary. Maximum credit amounts are in the table below.