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Salt Lake City — The Utah Educational Savings Plan (UESP) will celebrate national 5⋅29 College Savings Day May 29 in hopes of increasing awareness among Utah families about the importance of saving for their children’s future higher education expenses. In support of 5⋅29 Day, UESP will match the first $25 in account contributions to new Utah resident UESP accounts opened Wednesday, May 29.
“It was always in the back of my mind to open Utah Educational Savings Plan accounts for my four children, but it was something easy to put off,” said Jennifer Knudsen, a Utah resident account owner since 5⋅29 Day in 2012. “The 5∙29 Day promotion in 2012 got me started—I contributed $25 and UESP matched my $25 contribution. It was easy to open the accounts and set up automated contributions.”
To qualify for the $25 matching contribution, the account owner and beneficiary must both be new to UESP and both must be Utah residents. The UESP account must be opened May 29, either online at uesp.org or by submitting a UESP Account Agreement. Enter the promotional code 1305MAY29 during the account setup process and contribute at least $25 to be eligible for the matching contribution from UESP.
New Account Agreements and contributions submitted by mail, fax, or overnight carrier or in person must be received by UESP on May 29, by 5 p.m., MST. Accounts opened and contributions made online at uesp.org must be received by UESP on May 29 by 11:59 p.m. Go to uesp.org/529Day for more details about the promotion.
“UESP prides itself on giving Utah families a highly ranked 529 program that allows families of all income levels to save what they can, when they can,” said Lynne Ward, executive director of the Utah Educational Savings Plan. “National 5⋅29 Day is a terrific reminder to start a conversation about the importance of saving for a child’s future higher education expenses.”
Utah residents also have the added benefit of a 5 percent state income tax credit for contributions to each beneficiary’s account, if the beneficiary is under age 19 when designated on the account. For the 2013 tax year, account owners can claim a Utah state income tax credit for contributions up to $1,840 per qualified beneficiary if filing singly or $3,680 per qualified beneficiary if married filing jointly. Utah-based corporations that own UESP accounts can benefit from a $1,840 tax deduction per qualified beneficiary.