Utah 529 Educational Savings Plan

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Utah 529 College Savings Plan

Utah Educational Savings Plan (UESP)

Utah provides a 529 plan that encourages saving for college. There is no minimum investment to open or maintain an account. The earnings in the account grow state and federal tax- deferred and when the disbursements are used for approved educational expenses, they are Federal and Utah state tax free.

Additionally, if you are a Utah taxpayer, you can receive a 5% tax credit on contributions up to $1,740 per beneficiary. Joint filers will receive the tax credit for contributions up to $3,480 per beneficiary. The actual credit would be up to $87 for single and up to $174 for joint filers. The Utah 529 plan is managed by the Utah State Board of Regents and the Utah Higher Education Assistance Authority.

The Utah Educational Savings Plan offers 12 different investment portfolios. Five of these are age-based, which begin more aggressively and move funds into more conservative investments as the beneficiary gets closer to college age. These moves are made automatically as the beneficiary moved into a new age group and the account owner need do nothing as long as they are satisifed with the portfolio.

There are also seven static portfolios which must be manually attended if changes to more conservative/aggressive funds are desired. These choices include:

  • Public Treasurers' Investment Fund (PTIF)
  • S&P Index Bonds Equities—10% International Equities—30% International FDIC-Insured Savings Customized Allocation
Other than the FDIC-Insured acount, none of the investment portfolios are insured or guaranteed and the value may fluctuate up or down depending on market conditions. FDIC insures up to $250,000 of deposits in the same bank per account owner. These funds are held in the Zions First National Bank, if you already have accounts there, you will need to check to see if your entire investment still falls within the insurance limits. You should check with a financial advisor and tax advisor about these limits and also to see if a 529 investment is right for you.

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