Utah 529 Plan
From Bogleheads
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.
- 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 2008, contributions to the Utah 529 plan of up to $1,650 per beneficiary for single taxpayers, and $3,300 per beneficiary for married taxpayers filing jointly, are deductible in computing Utah taxable income for those selecting the "traditional" tax method. For those selecting the "single-rate" method, a 5.00% tax credit may be claimed on those contributions. The deduction/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 deductible or creditable by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by the last business day of the year.
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, two individual-fund index portfolios, and two equity-index, multi-fund portfolios. Refer to Static Investment Options.
Single Funds
| 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) |
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Expenses: 0.22% - 0.34%; 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.
See also
529 Plan Pages
- 529 Plans
- 529 Plans Indexed Options
- 529 Plan Account Transfers
- 529 Plan Recapture Tax on Rollovers
- Collegesure 529 Tuition Indexed Programs
Links
How to Cite
You can link to this page from the Bogleheads Forum by copying and pasting the following text into your forum posting:
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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