Utah taxpayers enjoy a number of tax benefits by saving for future higher education expenses with the Utah Educational Savings Plan (UESP), Utah’s official nonprofit college savings plan. Utah taxpayer account owners can claim a 5 percent Utah state income tax credit for 2014 on UESP account contributions up to $1,860 (a maximum tax credit of $93) per qualified beneficiary for single filers or trusts. Joint filers may claim a 5 percent tax credit on contributions up to $3,720 ($186) per qualified beneficiary. In addition to the Utah state income tax credit, earnings on UESP accounts grow tax deferred, and withdrawals are free from federal and Utah state income taxes when used for qualified higher education expenses.
To qualify for the 2014 Utah state income tax benefit, UESP must receive new Account Agreements and contributions by mail, hand- or overnight delivery, or by fax, before 5:00 p.m., Mountain Time (MT), Wednesday, December 31, 2014. New accounts opened and contributions made online at uesp.org must be completed before 11:59 p.m., MT, Wednesday, December 31, 2014.
Account Agreements and contributions can be sent to UESP in the following ways:
- Mail. UESP, PO Box 145100, Salt Lake City, UT 84114-5100
- Hand- or overnight delivery. UESP, Board of Regents Building, Gateway 2, 60 South 400 West, Salt Lake City, UT 84101-1284
- Fax. 800.214.2956
- Online. uesp.org
For more information call UESP toll-free at 800.418.2551, or email firstname.lastname@example.org.
Important Legal Notice
The Utah Educational Savings Plan (UESP) is a Section 529 plan administered and managed by the Utah State Board of Regents and the Utah Higher Education Assistance Authority (UHEAA).
Read the Program Description for more information and consider all investment objectives, risks, charges, and expenses before investing. Call 800.418.2551 for a copy of the Program Description or visit uesp.org.
Investments are not guaranteed by UESP, the Utah State Board of Regents, UHEAA, or any other state or federal agency. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured accounts. Please read the Program Description to learn about the FDIC-insured accounts. Your investment could lose value.
Non-Utah taxpayers and residents: You should determine whether the state in which you or your beneficiary pays taxes or lives offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.