Utah my529 (code 20)
Formerly called UESP
- About my529
- Federal and State Income Tax Treatment
- Voluntary Subtraction from Refund — Contributing Your Tax Refund to a Utah my529
- Utah my529 Website
If a qualified contribution was made to your Utah my529 account, you may claim a nonrefundable credit. To qualify, the contribution must be made during the taxable year and must not have been deducted on your federal return.
If you are a my529 account owner, you will receive form TC-675H, my529 Tax Statement for Contributions, Withdrawals, and Transfers, from my529. If your filing status is single, head of household, married filing separate or qualifying widower, enter on TC-40A, Part 3, the amount from TC-675H, box 1A. If your filing status is married filing joint, enter the amount from TC-675H, box 1B. Use code 20.
If you are a grantor trust and you receive more than one TC-675H for the same beneficiary, contact my529 (see below) for instructions to correctly calculate the credit.
Keep form TC-675H with your records.
Note: Any credit that is more than the tax liability may not be carried back or forward.
If you have any questions about my529 accounts, call my529 at 1-800-418-2551, or visit my529.org.
Contributions to my529 accounts are not deductible for federal income tax purposes. However, earnings on investments in my529 accounts grow tax-deferred for federal and state purposes.
Withdrawals from a my529 account are exempt from federal and Utah income taxes if the funds are used for the beneficiary’s qualified higher education expenses (including tuition and fees; required books, supplies and equipment; computers, peripheral equipment, educational software, and internet access; and certain costs for room and board) at any college, university, or technical school in the United States or abroad that participates in federal financial aid programs for students. Visit fafsa.ed.gov for a list of eligible schools.