The Utah Legislature established my529 in 1996 to help you save for college.
The mission of my529 is to provide the best 529 educational savings plan at the lowest possible cost, and my529 is the plan of choice for Utah residents.
Why Utahns choose my529
- my529 offers 14 investment options—four age-based options, eight static options, and two customized options.
- Investment options are comprised of Vanguard and Dimensional funds, the Utah Public Treasurers’ Investment Fund, and FDIC-insured accounts.
Accounts are easy to set up
- No enrollment fee.
- No minimum balance or contribution is required.
- Annual asset-based fees for age-based and static investment options range from $0 to $2.02 per $1,000 investment.
- Annual asset-based fees for customized investment options range from $2.00 to $5.95 per $1,000 investment.
- my529 does not charge an annual asset fee for the Public Treasurers’ Investment Fund investment option.
- Learn more about low fees.
- Account earnings grow deferred from federal and Utah state income tax. This means any earnings in your account are not taxed as they accumulate.
- Individual Utah taxpayers can claim a 5 percent Utah state income tax credit for contributions to their accounts, up to a certain limit.
- You pay no federal or Utah state income tax if your withdrawals are used for qualified higher education expenses.
A Utah taxpayer may not claim Utah state tax benefits for a contribution made to an account for which he or she is not the account owner.
- If your my529 beneficiary receives a Regents’ Scholarship, administered by the Utah State Board of Regents, he or she may be eligible for a Supplemental Award of up to $400.
- The qualifications for the Regents’ Scholarship and eligibility for the Supplemental Award will change beginning with the class of 2019. my529 beneficiaries who meet the requirements for the Regents’ Scholarship may be eligible for the Supplemental Award up to a maximum of $300.
- Visit regentsscholarship.org or call 801.321.7159 for more information about the Regents’ Scholarship.