If you contributed to the 529 plan, you will be able to claim a subtraction from income. If you withdrew money from your 529 plan, you may have to add the withdrawal back to your income, if it was not used for educational purposes.
What is the 529 plan?
Its main purpose is to help families contend with the future high costs of their children’s or grandchildren’s college or vocational education
What are the qualifications?
- Tuition, fees, books, supplies, and equipment required to enroll or attend an eligible educational institution.
- Computers, peripheral equipment, educational software, Internet access, and related services.
- Room-and-board expenses up to certain limits, and more!
What are the limits?
You can contribute up to $16,000 ($32,000, if married filing joint).
What about carryovers?
Money can be rolled over from another 529 plan to my529 or from my529 to another 529
plan once every 12 months for the same beneficiary
What if I don’t use it for education expenses?
Earnings on withdrawals to cover expenses other than qualified education expenses will be subject to ordinary income tax and, in most cases, a 10% federal penalty.
Where to Enter?
- State Section
- Apportionable Nonrefundable Credits
- Add New
- Choose my529 (UESP) Credit from the drop down menu
Utah also offers the ability to apply your state refund to your 529 college savings plan
- State Section
- Indicate the amount of state refund that you would like to be deposited into your Utah Educational Savings Plan (UESP) accounts
For more information, please see the following link: