Does Uncle Sam owe you a refund? Consider a contribution to your 529 account
A new laptop, overdue car repair or outstanding debts? You may already have plans for your tax refund when it arrives.
Consider dropping all or some of your refund from Uncle Sam in your my529 account. It’s a way to pay forward to your children’s educational future.
If you are a Utah resident taxpayer, contributions to your my529 account qualify for a state income tax credit. Having put money in your account in tax year 2019 may be the reason you have a bit of extra money in your state tax refund, and you can cycle it right back to your my529 account for a state tax credit this tax year.
If you haven’t yet filed your Utah state income tax return, remember there is an option on the tax form to direct all or some of your refund to your my529 accounts. The Utah State Tax Commission will forward the amount you choose directly to my529, and we’ll divide the amount among any accounts you own.