(Good Things Utah) National 5.29 Day, (fifth month, 29th day) is a time to celebrate the power of 529 plans in helping students achieve their educational goals. My529 is Utah’s official tax-advantaged Educational Savings Plan and has been helping families save for education for more than 25 years. Today we are talking to families about a way to jump start their savings by getting matched on your initial $25 dollars!
What are the benefits of starting a my529 plan?
Earnings in your my529 account accumulate free from federal and Utah state income taxes when used for qualified education expenses such as tuition, books, & computers. A Utah individual taxpayer who is a my529 account owner may claim a Utah state income tax credit up to certain limits on contributions to his or her account or accounts.
Not to mention, you can use your savings at any school that is qualified to participate in federal student aid programs, around the corner or the world, for trade school, law school or beauty school. Sounds Exciting, Right?
Right now, My529 is offering a promotion! Utah residents may be eligible for up to a $40 dollar match if they open a my529 account for a beneficiary who is new to my529 between now and May 31, 2022. To qualify, you need to contribute at least $25 dollars when you open the account, and set up a monthly automatic contributions for at least six consecutive months for an additional $15 dollars.
They want to help establish a savings habit. To take advantage of this promotion, visit their website, click on and enter PROMO CODE: 529Day2022 when prompted. You can also find more information about 529 Plans and what your best option is going to be and don’t forget to check out their College Savings Estimator!