Utah 529 Plan
From Bogleheads
| College Savings |
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| 529 Plans |
| Coverdell Education Savings Accounts |
| US Savings Bonds |
This page provides information on Direct-sold 529 Plans and highlights indexed portfolios. All information is derived from Savingforcollege.com and from 529 plan sites and disclosure documents. If you would like to compare this plan with other direct sold plans, use these Compare by Plan Name and Compare by Feature tools.
- Open to Residents
- Open to non-residents
| Program match on contributions: | Pilot program matches contributions of low-income Utah participants. |
| State tax deduction or credit for contributions: | In 2010, a 5-percent tax credit on up to $1,710 per beneficiary in contributions by a single taxpayer, and on up to $3,420 per beneficiary in contributions by married taxpayers filing jointly, may be claimed against Utah income tax. The maximum credit is $85.50 per beneficiary for single taxpayers and $171 per beneficiary for joint filers. The credit limits are increased each year for inflation. 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 the last business day of the year. The credit does not phase out based on the taxpayer’s income. Married couples taking the tax benefits are not required to have separate UESP accounts. |
| 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. |
| Age-based investment options: | Five age-based options, with different underlying investments and risk levels, are offered. Contributions are allocated among the underlying investments according to the option selected and the age of the beneficiary, and are reallocated to become more conservative as the beneficiary approaches college age. |
| Static investment options: | Select among the State Treasurer’s Investment Fund, FDIC-Insured Savings, two individual-fund index portfolios, two equity-index, multi-fund and a Customized allocation portfolios. Refer to Static Investment Options. |
| Customized Allocation option: | The Utah 529 plan allows one to select custom allocation from a choice of 10 funds. Use the calculator to estimate the fees for the custom allocation. |
| Single funds: | The Utah 529 plan provides for two fund of funds portfolios and four individual fund portfolios besides the customized allocation option. |
| Expenses: | 0.22% - 0.69%; maintenance fee: $3.75 per $1,000 of account balance up to a maximum of $15 annually (waived for Utah residents); charged quarterly. Accounts with less than $5,000 are charged only 0.075% of the balance each quarter. If you are a non-Utah resident, you can avoid the Administrative Maintenance Fee by electing to view your quarterly statements online rather than receiving them in the mail. |
| Policy Regarding Ownership Changes | Accepts requests to transfer account ownership. |
| Option 6 Diversified Equity | Option 4 S&P 500 | Option 5 Total Bond | Option 10 Equities 30% International | Option 1 Public Treasurers Investment Fund (PTIF) | Option 11 FDIC-Insured Savings | Option 12 Customized Allocation |
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Links
- Morningstar Overview
- State Creditor Protections for 529 Plans
- Direct link to 529 Plan site
- Plan document
How to Cite
Link to this page from your Bogleheads Forum post by copying the text inside the box below:
Please see [url=http://www.bogleheads.org/wiki/Utah_529_Plan]Utah 529 Plan[/url] on the [url=http://www.bogleheads.org/wiki/Main_Page]Bogleheads Wiki[/url].
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