(GTU) – Your child is just diving into another school year—one of the most challenging for many students. With their future in mind, my529 is offering a boost for their educational dreams. Join the quest for savings and higher education during October 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.
my529 offers a variety of investment options — 12 Enrollment Date options, 10 Static options, and two Customized options. They include funds managed by The Vanguard Group, Dimensional Fund Advisors, Pacific Investment Management Company (PIMCO), an FDIC-insured accounts held by Sallie Mae Bank, and U.S. Bank.
You decide how aggressive you want to be with your investment based on your goals and how much time you have to save. The Internal Revenue Service allows two investment option changes per calendar year for each beneficiary.
Get started at my529.org or by submitting an Individual Account Agreement.
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