Simple Cost Sharing Agreement With 529 In Utah
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FAQ
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).
Utah's plan garners honors. Morningstar awarded my529 its top analyst rating based on the following criteria: Underlying investment quality and selection process. Asset allocation methodology.
Depending on their tax-filing status, Utah taxpayers can claim a 4.55% tax credit or deduction up to a certain limit per qualified beneficiary for contributions to their my529 account1.
State tax deduction or credit for contributions: Contributions to the Utah 529 plan of up to $2,490 in 2025 per beneficiary by an individual, and up to $4,980 in 2025 per beneficiary by a married couple filing jointly, are eligible for a 4.55% credit against Utah income tax.
State tax deduction or credit for contributions: Contributions to the Utah 529 plan of up to $2,490 in 2025 per beneficiary by an individual, and up to $4,980 in 2025 per beneficiary by a married couple filing jointly, are eligible for a 4.55% credit against Utah income tax.
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.
There is no specific minimum contribution requirement for friends and family making a gift to a 529 account. There is no specific minimum contribution requirement for payroll direct. Single filers can deduct up to $10,000 from contributions made to the 529 plan.
