Utah 529 Plan
Utah my529
Morningstar GoldQuick Facts
- Expense Ratio
- 0.13%
- Fee Range
- 0.17% - 0.64% annual fees
- Tax Benefit Type
- Tax Credit
- Deduction Limit (Single / Married)
- $2,290 / $4,580
- State Marginal Tax Rate
- 4.65%
- Carryforward
- None
- Income Limits
- Yes
- Any-State Deduction
- No
Should You Use Utah's 529 Plan?
Utah my529 is one of the most widely recommended 529 plans in the country. It earns a Morningstar Gold rating, offers expense ratios as low as 0.13%, and provides access to Vanguard index funds with highly customizable portfolio options. Utah residents also receive a modest tax credit on contributions.
For Utah residents, my529 is the clear choice. For residents of other states with no tax deduction or no income tax, my529 is consistently one of the top two or three plans worth considering alongside Nevada Vanguard and New York Direct.
How to Open Utah my529
You can open an account directly through the plan's website. You will need your Social Security number, the beneficiary's Social Security number, and your bank account information for funding contributions.
Frequently Asked Questions
What is Utah's 529 plan?
Utah's 529 plan is called Utah my529. It is a tax-advantaged college savings account that allows you to invest money for qualified education expenses. Earnings grow tax-free at the federal level, and withdrawals for qualified expenses are not taxed.
What tax credit does Utah offer for 529 contributions?
Utah offers a 5% tax credit on 529 contributions up to $2,290 per year (single filer) or $4,580 (married filing jointly). Income limits apply.
Is Utah's 529 plan worth it?
It depends on your situation. Utah my529 has an expense ratio of 0.13% and offers a tax credit for contributions. Compare the value of the tax benefit against the fee difference with a lower-cost out-of-state plan like Utah my529 or Nevada Vanguard over your full savings horizon.
Can I use an out-of-state 529 plan in Utah?
Yes. You can open a 529 plan in any state, regardless of where you live. The funds can be used for qualified education expenses at any accredited institution nationwide. However, Utah's tax deduction only applies to contributions made to the in-state plan.
What is the expense ratio for Utah's 529 plan?
The Utah my529 has an expense ratio of approximately 0.13% for the age-based portfolio option. The full fee range across all investment options is 0.17% - 0.64% annual fees. For comparison, Utah my529 charges approximately 0.13%.