my529 is a 529 plan established and sponsored by the State of Utah.

Benefits of 529 plans - 529 plans provide important advantages to account owners and beneficiaries.

Earnings aren’t subject to federal or state tax when used for qualified higher education expenses, such as:

• Tuition and mandatory fees.
• Computers, peripheral equipment, educational software, and internet access.
• Books, supplies, and required equipment.
• Room and board for students enrolled at least half-time.
• K-12 tuition expenses at public, private, or religious schools.
• Payments on qualified education loans. This includes amounts paid—as principal or interest—on any qualified education loan of the beneficiary, or a sibling of the designated beneficiary. Withdrawals for loan repayments are limited to a total of $10,000 from all 529 accounts. Distributions to a sibling also have a $10,000 limit. However, the account owner cannot use 529 funds to repay a qualified loan and then use those same 529 funds to claim a tax deduction for student loan interest.
• Costs for registered apprenticeships, including fees, books, supplies, and equipment required for participation. To qualify, apprenticeship programs must be registered and certified with the Secretary of Labor under Section 1 of the National Apprenticeship Act.
• Many states offer tax credits or deductions on contributions.
• Enrollment is open all year.
• Account owners—not the beneficiary—control their accounts.
• There are no age, income, or residency restrictions.
• Plans typically offer a range of investment options.
• Withdrawals can be used at any eligible higher education institution.
• 529 funds can be used for college, university, post-secondary vocational or technical school, or graduate school.
• Funds can be used for tuition at K-12 schools.
• Saving is less costly than borrowing.

My529 Educational Video

Contact the my529 team at employer@my529.org