2022 contribution limits raised for Utah tax credit

Utah has raised the maximum my529 contribution amounts eligible for a state tax credit.

Effective Jan. 1, 2022, individuals qualify for a Utah state tax credit for contribution amounts up to $2,130 per qualified beneficiary.

For Utah-based trusts and flow-through entities, the maximum contribution amount eligible for the tax credit is also $2,130 per qualified beneficiary. Corporations are limited to a $2,130 deduction for contributions.

The maximum contribution amount for the tax credit for married couples filing a joint return, and for Utah-based trusts whose grantor filing status is married and filing jointly, is $4,260 per qualified beneficiary.

The tax credit for 2022 is 4.85% of the total year’s contribution, up to the maximum contribution amount. The Utah Legislature changed the tax rate this year from 4.95% to 4.85%.

Tax filer 2022 Maximum Allowable Contribution for Utah State Income Tax Credit 2022 Maximum Utah State Income Tax Credit per Beneficiary (4.85%)
Single $2,130 $103.31
Joint $4,260 $206.61
Trusts $2,130 $103.31
Grantor Trust,
Married Filing Jointly
$4,260 $206.61
Flow-Through Entities $2,130  $103.31
Corporation $2,130  $2,130 (Deduction)