Send your Utah tax refund to a my529 account

529 plans are known for their tax benefits. Utah taxpayers can take advantage of yet another tax-related benefit by contributing all or part of their 2018 Utah state income tax refund directly into their my529 accounts.

On Utah tax form TC-40, enter the amount of the refund you want to go to your my529 account(s).

If you own more than one account, the tax refund contribution will be distributed equally among all individual accounts. Married couples who file jointly will have their contribution allocated equally among all individual accounts.

Tax refunds will be contributed only to individual accounts, not to institutional or UGMA/UTMA accounts.

As an added bonus: The amount you contribute from your tax refund is eligible toward a 5 percent tax credit applied to the tax year you contribute to the account.