Utah My 529 (formerlyUESP)

Article ID: 60134  

Question
Utah My 529 (formerly UESP)

Answer

(20) my529 Credit (UC §59-10-1017)

If a qualified contribution was made to your Utah my529 account, you may claim a nonrefundable credit. To qualify, the contribution must be made during the taxable year and must not have been deducted on your federal return.

If you are a my529 account owner, you will receive form TC-675H, my529 Tax Statement for Contributions, Withdrawals, and Transfers, from my529. If your filing status is single, head of household, married fi ling separate or qualifying widower, enter on TC-40A, Part 3, the amount from TC-675H, box 1A. If your filing status is married filing joint, enter the amount from TC-675H, box 1B. Use code 20.

If you are a grantor trust and you receive more than one TC-675H for the same benefi ciary, contact my529 for instructions to correctly calculate the credit.

Keep form TC-675H with your records. If you have any questions about my529 accounts, call my529 at 1-800-418-2551, or visit my529.org.

Note: You may not carry forward or back any credit that is more than your tax liability.


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Views: 1518 Created on: Jun 15, 2013