Utah 529 plan: Difference between revisions

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| '''State tax deduction or credit for contributions:'''
| '''State tax deduction or credit for contributions:'''
| In 2009, a 5-percent tax credit on up to $1,740 per beneficiary in contributions by a single taxpayer, and on up to $3,480 per beneficiary in contributions by married taxpayers filing jointly, may be claimed against Utah income tax. The maximum credit is $87.00 per beneficiary for single taxpayers and $174 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.
| 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.
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|'''State tax recapture provisions:'''
|'''State tax recapture provisions:'''
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|'''Static investment options:'''
|'''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 [http://www.uesp.org/pdfs/Investment%20Info/StaticOptionInfo.pdf 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 [http://www.uesp.org/pdfs/Investment%20Info/StaticOptionInfo.pdf Static Investment Options].
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| '''Customized Allocation option:'''
|The Utah 529 plan allows one to select custom allocation from a choice of 10 funds. Use the [http://www.uesp.org/feecalculator.html calculator] to estimate the fees for the custom allocation.
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| '''Single funds:'''
| '''Single funds:'''
|The Arizona 529 plan provides for three [[fund of funds]] portfolios and four individual fund portfolios.
|The Utah 529 plan provides for two [[fund of funds]] portfolios and four individual fund portfolios besides the customized allocation option.
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|'''Expenses:'''
|'''Expenses:'''
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! width="20%" | '''Option 10 Equities 30% International'''
! width="20%" | '''Option 10 Equities 30% International'''
! width="20%" | '''Option 1 Public Treasurers Investment Fund (PTIF)'''
! width="20%" | '''Option 1 Public Treasurers Investment Fund (PTIF)'''
! width="20%" | '''Option 11 FDIC-Insured Savings'''
! width="20%" | '''Option 12 Customized Allocation'''


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*Public Treasurers Investment Fund (PTIF)
*Public Treasurers Investment Fund (PTIF)
|<!--- 6th column --->
*FDIC Insured Savings
|<!--- 7th column --->
*Public Treasurers Investment Fund (PTIF)
*FDIC Insured Savings
*Vanguard Institutional Total Bond Market Index
*Vanguard Institutional S&P 500 Index Fund
*Vanguard Institutional Mid Cap Index Fund
*Vanguard Institutional Small Cap Index Fund
*Vanguard Admiral International Growth Fund
*Vanguard International Value Fund
*Vanguard Institutional Total Stock Market Index Fund
*Vanguard Institutional Developed Market Index Fund


|}__NOTOC__<noinclude>
|}__NOTOC__<noinclude>

Revision as of 17:51, 3 February 2010

Template:College Savings Sidebar Template:529 Plan Box

  • Open to Residents
  • Open to non-residents
Utah 529 Plan:
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% - 0.35%; 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.
Policy Regarding Ownership Changes Accepts requests to transfer account ownership.


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) Option 11 FDIC-Insured Savings Option 12 Customized Allocation
  • Vanguard Institutional S&P 500 Index Fund (50%)
  • Vanguard Institutional Mid Cap Index Fund (20%)
  • Vanguard Institutional Small Cap Index Fund (20%)
  • Vanguard Admiral International Growth Fund (5%)
  • Vanguard International Value Fund (5%)
  • Vanguard Institutional S&P 500 Index Fund (100%)


  • Vanguard Institutional Total Bond Market Index (100%)
  • Vanguard Institutional Total Market Index Fund (70%)
  • Vanguard Institutional Developed Market Index Fund (30%)
  • Public Treasurers Investment Fund (PTIF)
  • FDIC Insured Savings
  • Public Treasurers Investment Fund (PTIF)
  • FDIC Insured Savings
  • Vanguard Institutional Total Bond Market Index
  • Vanguard Institutional S&P 500 Index Fund
  • Vanguard Institutional Mid Cap Index Fund
  • Vanguard Institutional Small Cap Index Fund
  • Vanguard Admiral International Growth Fund
  • Vanguard International Value Fund
  • Vanguard Institutional Total Stock Market Index Fund
  • Vanguard Institutional Developed Market Index Fund


Links

Template:529 Plans