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my529

4 / 5

Our rating

Good UT resident benefits

UT resident benefits

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Education

What stands out about this plan

  • This plan has received the top rating from Morningstar for 14 years in a row
  • Low-fee investment options from Vanguard help you to save more over time
  • Target year portfolios reduce your exposure to market volatility as your child approaches college
my529High Honors

KEY METRICS

DESCRIPTION

my529, Utah's 529 college savings plan, offers a Target Enrollment Date option with 12 portfolios, 10 Static or Fixed Income options, and two Customizable options. Underlying funds include Vanguard and Dimensional mutual funds, the PIMCO Interest Income Fund account and FDIC-insured accounts held at Sallie Mae Bank and U.S. Bank. my529 is a direct-sold 529 college savings plan available to residents of any state. my529 offers investment options consisting of Vanguard and Dimensional mutual funds, the PIMCO Interest Income Fund account and FDIC-insured accounts held at Sallie Mae Bank and U.S. Bank. Utah residents may enjoy a state tax credit for contributions to the plan.

OVERVIEW

Program type

Savings

Inception

1996

State agency

Utah Education Savings Board of Trustees.

Tax deduction

For single filers: 4.55% amounting to up to $113/yr

For joint filers: 4.55% amounting to up to $226/yr

Program manager

Utah Education Savings Board of Trustees.

Program distributor

Not applicable.

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

Individuals at least 18 years old, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None. The requirement that distributions begin by a certain age or date was removed in 2008.

Did you know?

  • UT residents can claim a tax deduction for contributions to a UT 529 plan.

    Up to $226/yr ($113/yr for single filers) per year are eligible.

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

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Contributions

Maximum contributions:

As of 11/1/2024, accepts contributions until all account balances in Utah's 529 plan for the same beneficiary reach $574,000.

Minimum contributions:

No minimum.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers an online tool to share a gift contribution link with family and friends.

Investment Options

Investors in my529 can select from the following investment options. Click on a portfolio name for more information.

The plan program description explains Target Enrollment Date as a single option having a single glide path and 12 portfolios at different stages of the glide path. A Target Enrollment Date option is offered. The Target Enrollment Date option takes into consideration the target year the account beneficiary will begin taking withdrawals to pay for qualified education expenses.
PortfolioE.R. % Equity1yr performance
Target Enrollment 2040/410.11%100%6.93%
Target Enrollment 2038/390.11%91.25%7%
Target Enrollment 2036/370.11%81.25%6.79%
Target Enrollment 2034/350.12%71.25%6.51%
Target Enrollment 2032/330.12%61.25%6.25%
Target Enrollment 2030/310.12%51.25%5.99%
Target Enrollment 2028/290.12%41.25%5.74%
Target Enrollment 2026/270.12%31.25%5.51%
Target Enrollment 2024/250.12%21.25%5.2%
Target Enrollment 2022/230.12%11.25%4.95%
Enrolled0.12%10%4.72%
Target Enrollment 2042/430.11%100%6.89%

Age-based/Enrollment Year investment options:

The plan program description explains Target Enrollment Date as a single option having a single glide path and 12 portfolios at different stages of the glide path. A Target Enrollment Date option is offered. The Target Enrollment Date option takes into consideration the target year the account beneficiary will begin taking withdrawals to pay for qualified education expenses.

Static investment options:

Ten static investment options are offered, allowing selection among one individual-fund index portfolio, one fixed income multi-fund portfolio, six equity-index multi-fund portfolios, an FDIC-insured account held in trust by my529 at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank), and a Stable Value option invested in the PIMCO Interest Income Fund. An eleventh, the Customized Static Option, allows for a customized mix of investments using as many as 30 underlying fund choices.

Underlying investments:

20 Vanguard mutual funds, eight Dimensional mutual funds, the PIMCO Interest Income Fund, and FDIC-insured accounts held in trust by my529 at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank).

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None

Program management fees:

Ranges from 0.09% to 0.12%

Expenses of the underlying investments:

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%. 0.200% for the Stable Value option.

Taxes and other Benefits

Tax deduction for single filers:

4.55% amounting to up to $113/yr

Tax deduction for joint filers:

4.55% amounting to up to $226/yr

Program match on contributions:

None

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. The maximum credit in 2025 is $113.30 per beneficiary for single taxpayers and $226.59 per beneficiary for joint filers. The credit limits are increased each year for inflation, but not decreased for deflation. Contributions to an account established after a beneficiary reaches age 19 are not eligible. Contributions from a non-owner are creditable by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by December 31 for online processing; December 31, or the last working day of the year, for manual processing. Utah-based corporations can claim a Utah state income tax deduction for contributions up to $2,490 per qualified beneficiary.

Calculate your Utah 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Utah 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

If a Utah taxpayer rolls over funds to another 529 plan, and they have claimed a my529 Utah tax credit or deduction, there is a tax consequence. They must add back the amount of the rollover as income on their Utah state income tax form for the taxable year of the rollover to the extent it was deducted or used in calculating the tax credit on their current or a previously filed Utah tax return

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education or an apprenticeship program, as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This does not include tuition for elementary or secondary education, or education loan payments. Distributions from a 529 account directly to a Roth IRA are not considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Utah and non-Utah 529 plans are exempt.

State tax treatment of rollovers:

Utah follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions or tax credits.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No, except that my529 account owners who resided in Utah and owned a my529 account for eight consecutive years prior to May 5, 2008, may be eligible to receive in-state tuition at an eligible Utah state school.

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner. K-12 tuition will only be payable to the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

https://my529.org/

Telephone:

1-800-418-2551

Twitter

https://twitter.com/my529plan

Social Media

https://www.facebook.com/my529plan/

Start saving for your child's future today

Complete the online application and make your first deposit

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