Spend a few minutes learning about my529, Utah’s official 529 college savings plan.
Download a brief overview of what we offer here or by clicking the photo below.
my529 is direct-sold
You can open a my529 account directly. A financial advisor isn’t necessary.
We have a lot of fans
- my529 has earned Morningstar’s highest rating for the last 10 years.
- Consumer expert and syndicated columnist Clark Howard puts my529 on his Dean’s List, “529 plan guide: Here are the best places to invest your education savings”
Anyone age 18 or older can open an account
- You don’t need to be related to the beneficiary.
- Utah residency is not required.
- You can even open an account for yourself.
Open an account for free
- No enrollment fee
- No minimum contribution or balance required
Account earnings accumulate tax-deferred. Because you don’t pay annual taxes on account earnings, your balance can grow faster. When you withdraw your money for qualified higher education expenses or K-12 tuition expenses, you are not taxed on gains associated with the withdrawal.
Withdrawals are exempt from federal and state income tax if the funds are used to pay for qualified higher education expenses, including K-12 tuition expenses.
my529 fees are among the lowest in the 529 industry.
- Administrative fees are kept to a minimum.
- my529 does not charge a fee to open an account or to withdraw funds from an account.
my529 offers 13 investment options – four age-based options, seven static options, and two customized options. Each option utilizes a different investment strategy. Read the Program Description for details.
- Four age-based options automatically reallocate account funds to be weighted less in equity funds and more in fixed-income funds, a stable value fund, or FDIC-insured accounts as your beneficiary ages and gets closer to college.
- Seven static options do not change asset allocations as your beneficiary ages. The allocation you choose stays the same, unless you request a change.
- Two customized options that you design to fit your needs—age-based or static.
- You can change your investment option twice a year.
- Important notice: Your investment could lose value.
Utah taxpayers may qualify for a Utah state income tax credit or deduction
- A 5 percent state income tax credit is available to individuals, couples, and trusts for annual contributions up to a certain amount.
- A 5 percent state income tax deduction is available to corporations for annual contributions up to a certain amount.
How account funds can be used
Withdrawals can be used only for the qualified higher education expenses of your beneficiary at any eligible educational institution in the United States or abroad that participates in federal student aid programs.
An eligible educational institution generally includes any accredited public or private college, university, or vocational school. Contact your school of interest to determine their eligibility. You can also find a complete list of institutions, updated quarterly, at the U.S. Department of Education federal student aid site.
my529 account owners may take tax-free withdrawals up to $10,000 annually from their account for K-12 tuition expenses at public, private, or religious schools.
What are qualified higher education expenses?
- Tuition and mandatory fees
- Books, supplies, and equipment required for enrollment
- Computers and peripheral equipment, educational software, and internet access
- Room and board for students enrolled at least half-time
- Services a special-needs beneficiary requires to enroll or attend a post-secondary school
- K-12 tuition expenses at public, private, or religious schools
- Payments on qualified education loans. This includes amounts paid—as principal or interest—on any qualified education loan of the beneficiary, or a sibling of the designated beneficiary. Withdrawals for loan repayments are limited to a total of $10,000 from all 529 accounts. Distributions to a sibling also have a $10,000 limit. However, the account owner cannot use 529 funds to repay a qualified loan and then use those same 529 funds to claim a tax deduction for student loan interest.
- Costs for registered apprenticeships, including fees, books, supplies, and equipment required for participation. To qualify, apprenticeship programs must be registered and certified with the Secretary of Labor under Section 1 of the National Apprenticeship Act.
Important notice: Federal and state tax consequences will apply if account earnings are used for nonqualified expenses.