Save for higher education, save on taxes with my529


Contact: Bryn Ramjoue’, Marketing Director, 801.321.7161,

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December 7, 2020

[PITCH: This information is valuable for consumers, and might be good as part of a year-end tax story for a business or finance section. For your gifting stories, a my529 contribution also makes a great holiday gift. Learn more about the my529 Gift Program below.]

Qualify for tax credits or deductions with contributions by the end of 2020

(Salt Lake City) Investing for your beneficiary’s future with my529, Utah’s educational savings plan, can provide a significant gift that lasts beyond the holidays. When you contribute to a my529 educational savings account before December 31 as a Utah taxpayer, you can qualify for a tax credit or deduction.

my529 account owners can claim a 5% Utah state income tax credit for 2020 tax year contributions for each qualified beneficiary. Contributions are eligible for tax benefits up to the allowed maximum. It’s not too late to open an account and get started. (See for details and deadlines.)

Account owners qualify for the tax benefits even if they contribute more or less than the maximum amounts. Also, if someone else contributes to the account, the account owner can include that contribution toward their total tax credit. Friends or family can easily make contributions through the my529 Gift Program. Visit for more information.

Utah state income tax credits are one of the tax advantages of a my529 account. Earnings on investments in a my529 account grow tax-deferred. Withdrawals are free from federal and Utah state income taxes when used for qualified higher education expenses, such as tuition, fees, books, supplies, computers and even internet access for the beneficiary. Funds can be used at any eligible educational institution—college, university or trade and technical school—in the United States or abroad that is qualified to participate in student aid programs. Learn more at

About my529
my529, Utah’s official nonprofit 529 educational savings plan, is highly rated by Morningstar Inc. my529 earned Morningstar’s Analyst Rating of Gold in October 2020. This is the 10th year straight Utah’s educational savings plan has achieved Morningstar’s top rating.

Accounts are free to open, and my529 requires no minimum deposit or account balance. my529’s user-friendly website,, makes it easy to open, manage, and contribute to an account online.

To learn more, visit, call toll-free at 800.418.2551, or email

Important Legal Notice
Investing is an important decision. Read the Program Description in its entirety for more information and consider all investment objectives, risks, charges, and expenses before investing. For a copy of the Program Description, call 800.418.2551 or visit

Investments in my529 are not insured or guaranteed by my529, the Utah Board of Higher Education, the Utah Higher Education Assistance Authority or any other state or federal agency. Your investment could lose value. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured accounts. Please read the Program Description to learn about the FDIC-insured accounts.

The state in which you or your beneficiary pay taxes or live may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds, and protection from creditors, not otherwise available to you by investing in my529. You should consider such benefits, if any, before investing in my529.

my529 does not provide legal, financial, investment, or tax advice, and the information provided in this document does not contain legal, financial, investment, or tax advice and cannot be construed as such or relied upon for those purposes. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation.

A Morningstar Analyst Rating™ for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions. Morningstar does not represent its analyst ratings to be guarantees. Please visit for more information about the analyst ratings, as well as other Morningstar ratings and fund rankings.