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Are there Utah tax benefits?

April 26, 2017Benefits tax Utah

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Are there Utah tax benefits?

2 Answers

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Investment gains in UESP accounts are not subject to Utah state income tax as long as the funds are used for the qualified higher education expenses of the beneficiary. Utah taxpayers who are account owners have additional state tax benefits. Utah Individuals: The 2009 individual Utah state tax credit is up to $1,740 in contributions per beneficiary multiplied by five percent, equaling $87.00 per beneficiary. If filing jointly, the maximum credit is $3,480 in contributions multiplied by five percent, equaling $174.00 per beneficiary. 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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Posted

Investment gains in UESP accounts are not subject to Utah state income tax as long as the funds are used for the qualified higher education expenses of the beneficiary. Utah taxpayers who are account owners have additional state tax benefits. Utah Individuals: The 2009 individual Utah state tax credit is up to $1,740 in contributions per beneficiary multiplied by five percent, equaling $87.00 per beneficiary. If filing jointly, the maximum credit is $3,480 in contributions multiplied by five percent, equaling $174.00 per beneficiary. 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.