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Compare 529 Plans
Plan
Utah
Summary
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.
Program type
Savings
How to enroll
Enroll directly with the program.
Initial year of operation
1996
State agency(ies)
Utah Education Savings Board of Trustees.
Program manager
Utah Education Savings Board of Trustees.
Program distributor
Not applicable.
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.
Maximum contributions
As of 11/1/2023, accepts contributions until all account balances in Utah's 529 plan for the same beneficiary reach $560,000.
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.
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).
Enrollment or application fee
None.
Account maintenance fee
None
Program management fees
Ranges from 0.10% to 0.13%
Expenses of the underlying investments
Target Enrollment Date options range from 0.034% to 0.038%, Static options range from 0.000% to 0.111%, and Customized options range from 0.000% to 0.323%.
Total asset-based expense ratio
0.134% - 0.138% for my529 Target Enrollment Date options. The Static Investment options range is 0.100% - 0.135%. 0.211% for the Stable Value option
Program match on contributions
None
State tax deduction or credit for contributions
Contributions to the Utah 529 plan of up to $2,410 in 2024 per beneficiary by an individual, and up to $4,820 in 2024 per beneficiary by a married couple filing jointly, are eligible for a 4.65% credit against Utah income tax. The maximum credit in 2024 is $109.66 per beneficiary for single taxpayers and $219.31 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 $2,410 per qualified beneficiary.
State tax recapture provisions
The principal portion of rollovers and nonqualified withdrawals from this plan are included in Utah taxable income to the extent of prior Utah tax deductions or Utah tax credits. Nonqualified withdrawals for this purpose do not include withdrawals eligible for federal penalty waiver.
State definition of qualified expenses
The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.
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.
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.
Policy regarding participant/owner changes
Accepts requests to transfer account ownership.
Does participant have online password-protected access to account?
Yes
Can the complete enrollment process including funding be done online?
Yes
Website
Telephone
1-800-418-2551