What you should know before opening a my529 college savings account.
Who can open an account?
Anyone who is at least 18 years old and possesses a valid Social Security or Tax Identification Number. You do not have to be a Utah resident to open an account on behalf of a beneficiary.
Who can be a beneficiary?
Anyone with a valid Social Security or Tax Identification Number can be the beneficiary of your account.
- The account owner and beneficiary can be the same person.
- The account owner and beneficiary do not need to be related.
- The beneficiary must be younger than age 19 when designated on the account for a Utah resident account owner to claim a Utah state income tax credit or deduction.
- The beneficiary does not have to be a Utah resident.
Who can contribute?
Anyone can contribute to a my529 account.
How to contribute
- One-time or recurring electronic contribution
- my529 Gift Program
- Payroll contribution
- Online bill pay
- Money order
- Wire transfer
- Special occasion electronic contribution