Simple Cost Sharing Agreement With 529 In Salt Lake
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FAQ
Morningstar's annual review of 529 plans named my529 as one of only two plans in 2024 to receive the Analyst Rating™ of Gold. That means Utah's 529 plan has earned Morningstar's top accolade for 13 consecutive years, an accomplishment unmatched by any other 529 plan in the industry.
My529 - Utah Education Savings Plan.
Fees & Expenses Target Enrollment Date options range from 0.023% to 0.034%, Static options range from 0.000% to 0.110%, and Customized options range from 0.000% to 0.278%. Total asset-based expense ratio: 0.113% - 0.124% for my529 Target Enrollment Date options. The Static Investment options range is 0.090% - 0.120%.
529s count against you for federal aid “The greater the assets in the plan, the less aid is available from grants, loans and financial scholarships.” It's important to note, however, that the hit to financial aid depends on who owns the account.
Utah does have a very good 529, as the plan mostly uses Vanguard funds, but the expense ratios are slightly higher than the New York plan.
Anyone who is at least 18 years old and possesses a valid Social Security or Taxpayer Identification Number. You do not have to be a Utah resident to open an account on behalf of a beneficiary.
My529 is one of only five 529 plans nationwide to earn the Morningstar Analyst Rating™ of Gold for 2024. Utah's plan receives consistent recognition for investment options, state stewardship and low fees.
Opening a 529 can be completed in (as little as) these four steps: Select a plan. You'll have to choose between a savings plan or a prepaid plan. Choose a beneficiary. This will likely be your child — but remember, you can change the beneficiary at any time without penalty. Open the account. Build your portfolio.
If an investor opened a tax-deferred 529 account with an initial investment of $2,500 and contributed $100 every month for 18 years, the account could be worth over $6,300 more than with similar contributions into a taxable account.
How do I open an account? Read the Program Description. Open your individual account online or by submitting an Individual Account Agreement (Form 100). Open an individual, institutional, or UGMA/UTMA account by submitting the appropriate Account Agreement form (Form 100, 102, or 104).
