529 PLANS

529 News

Utah tweaks state tax treatment for 529 plan

(March 2, 2010) - Utah has enacted SB 95 which provides that the annual cap on contributions eligible for the Utah state income tax credit ($1,710 for singles, $3,420 for married couples) is increased for inflation in future years but not decreased for deflation. The bill also eliminates state tax recapture for nonqualified withdrawals that are eligible for penalty waiver under the federal tax rules.

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