my529: Utah’s 529 college savings plan
my529 is a tax-advantaged 529 college savings plan designed to encourage saving for future qualified higher education expenses.
It’s never too early to save for your student’s higher education. Even small amounts invested regularly can potentially grow to be a sizeable sum. A tax-advantaged my529 college savings account can help.
my529 is Utah’s official and only tax-advantaged 529 college savings plan. One of the nation’s top 529 plans, my529 offers 14 flexible and innovative investment options, including two customized options. Other benefits include:
- Opening an account is free and no minimum balance is required.
- Fees are low.
- Earnings grow deferred from federal and Utah state income taxes and are tax-free when used for qualified higher education expenses such as tuition, mandatory fees, required books and supplies, and certain room-and-board costs.
- Utah taxpayers may claim a 5% Utah state income tax credit for each account they own for contributions up to a certain amount.