Utah my529 Plan (code 20)

Formerly called Utah Educational Savings Plan (UESP)

About my529

Utah Code §59-10-1017 and Rule R865-9I-49

The Utah my529 Plan (formerly called Utah Educational Savings Plan, UESP) is a nonprofit, Section 529 college savings plan administered by the Utah State Board of Regents and the Utah Higher Education Assistance Authority. my529 allows individuals, trusts, and institutions to save for qualified future higher education expenses of their children, their grandchildren, or any other beneficiary.

If a qualified contribution was made to your my529 account, you may claim a nonrefundable credit up to 5% of the maximum allowed contribution as calculated annually. 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, Utah Educational Savings Plan 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.

Federal and State Income Tax Treatment

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.

Contributing Your Tax Refund to Your Individual my529 Account(s)

Utah Code §59-10-1313

You may contribute all or part of your refund to your my529 individual account(s) by entering the amount you want deposited. The deposit will be sent to my529 with your name, address and Social Security number as identification.

my529 will deposit your refund into your my529 account(s). If you have multiple my529 individual accounts under your Social Security number, your refund will be divided equally among all your individual accounts. Both Social Security numbers from a joint return will be matched to existing my529 individual accounts for dividing the refund.

If you do not have a my529 individual account, my529 will send you information to open an account. If you do not open an account within the designated time frame, your refund will be returned to you by my529 without interest or earnings.

Note: Your refund will not be contributed to your my529 individual account until your return has completed processing, which may take up to 90 days. Any outstanding federal or state debt you owe may be subtracted from your refund before it is contributed to your my529 individual account(s). The refund will be treated as a current year contribution in the year contributed.

For More Information on my529

For more information on my529 accounts, or to request an enrollment kit, call my529 at 801-321-7188 or 1-800-418-2551. You can also download a Program Description, download an Account Agreement, or open an account online at the my529 website, my529.org.