Give a child money toward their Utah Educational Savings Plan (UESP) 529 college savings account, and that gift may appreciate in value over time. In the long term, your gift is an investment for their future education and career.
You’ve saved money for years, your children have graduated from college, and now you have unused funds in 529 accounts. What are your options?
You have a few options that don’t involve taking a taxable nonqualified withdrawal and incurring an additional tax penalty.
Account owners are allowed to change investment options twice per calendar year for the same beneficiary.
While college savings plan balances continue to reach year-over-year highs, some parents are unwisely dipping into their accounts to cover debts or pay for other discretionary expenses such as vacations and weddings.
Want a data-based breakdown of your UESP account(s)? Visit the Dashboard and have a glance beyond the balance.
Remember the following dates so your UESP contributions can count for the 2017 tax year.
Utah taxpayers, depending on their tax-filing status, can claim a 5 percent tax credit/deduction per qualified beneficiary for contributions to their UESP account up to a certain limit.
Performance returns through September 30, 2017, are now available for viewing.
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