How to save money for higher education worry-free

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Your child is about to finish another school year—one of the most challenging for many students. With their future in mind, my529 is celebrating 529 Day by offering a boost for their educational dreams. Join the celebration of both occasions during May by opening a new account. 

my529 is a 529 plan legally known as a “qualified tuition program.” Section 529 of the Internal Revenue Code allows states, state agencies, and eligible educational institutions to sponsor qualified tuition programs (529 plans), which are tax-advantaged vehicles designed to encourage
saving for future qualified higher education expenses and certain K-12 tuition expenses of a beneficiary.

Earnings on contributions to a my529 account are exempt from federal and Utah state income
taxes if used for qualified higher education expenses, including K-12 tuition, qualified education
loan repayment, or registered apprenticeship programs. Utah taxpayers may also claim Utah state
income tax credits or deductions for contributions made to their my529 accounts.

Open a new account in May and you might be eligible for some great additional bonuses.  You may be eligible to receive a $40 match for new beneficiaries.

Receive a $40 match To receive a $25 matching contribution from my529, the account owner must open an account for a beneficiary who is new to my529, and contribute $25 or more to the new account to be eligible for the match. Use code 529DAY2021 during setup. my529 will match the $25 contribution on or about June 7, 2021. Account owners need to be Utah residents. The beneficiary does not need to be a Utah resident. Offer good while promotional funds are available. 

To receive an additional $15 from my529—for a total amount of $40 with the initial $25 match—the account owner can set up an automatic monthly recurring contribution on the new account. The recurring contribution must take place uninterrupted for six consecutive months to be eligible. my529 will contribute $15 to those accounts on or around December 31, 2021, as long as promotional funds are available.

Get started at my529.org or by submitting an Individual Account Agreement.

This story contains sponsored content.

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