What are the incentives for saving through UESP?
Your account will grow free from federal and Utah state income taxes while you save. If you use your account for qualified higher education expenses, earnings are also exempt from federal and Utah state income taxes. Utah taxpayers have the following additional state tax benefits: Utah Individuals: The 2009 individual Utah state tax credit amount 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. Utah Trusts: The Utah tax credit for Utah trusts for 2009 is up to $1,740 in contributions per beneficiary multiplied by five percent, equaling $87.00 per beneficiary. A joint tax credit is not allowed for institutional accounts. Utah Corporations: Utah corporati
