[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-302481-105":3,"detail-sidebar-cat-1-en-105":80,"doc-detail-302481-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","my529-frequently-asked-questions-about-my529-january-2022","my529 Frequently Asked Questions about my529 - January 2022","","Frequently Asked Questions about my529, Utah’s official 529 educational savings plan, explains what a 529 plan is and how it works, including tax advantages, eligibility for account owners and beneficiaries, and rules for changing beneficiaries. It details qualified uses for higher education and K-12 expenses, contribution methods, investment options, and limits on nonqualified withdrawals and penalties. It also covers how specific circumstances may allow penalty-free withdrawals.",{"@graph":14,"@context":72},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/letters/","Letters",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/my529-frequently-asked-questions-about-my529-january-2022/302481/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/my529-frequently-asked-questions-about-my529-january-2022/302481.png","ImageObject",442,249,{"name":42,"@type":43},"Pentious","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-09-25","2026-09-19",true,{"@type":52,"interactionType":53,"userInteractionCount":30},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58,64,68],{"name":59,"@type":60,"acceptedAnswer":61},"What is a 529 plan and what can the funds be used for?","Question",{"text":62,"@type":63},"A 529 plan is a tax-advantaged vehicle for qualified higher education expenses. Funds can also be used for up to $10,000 of annual K-12 tuition expenses and for other qualified education costs.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"What are the tax benefits of my529?",{"text":67,"@type":63},"Earnings grow tax-deferred from federal and Utah state taxes. Withdrawals are tax-free when used for qualified education expenses, and Utah taxpayers may qualify for a Utah state income tax benefit on contributions.",{"name":69,"@type":60,"acceptedAnswer":70},"What happens if I make a nonqualified withdrawal?",{"text":71,"@type":63},"The earnings portion not used for qualified education expenses (or up to $10,000 of K-12 tuition) is subject to federal and state income taxes and a 10% federal tax penalty, with Utah add-back requirements for Utah tax purposes.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},302481,1790176358,{"code":4,"msg":81,"data":82},"success",[83,88,93,98,103,108,113,117,122],{"id":84,"doc_module":22,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},11,"Presentations",90,"presentations",{"id":89,"doc_module":22,"doc_module_name":25,"category_name":90,"show_sort_weight":91,"slug":92},12,"Resumes",80,"resumes",{"id":94,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},14,"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social Media",50,"social-media",{"id":109,"doc_module":22,"doc_module_name":25,"category_name":110,"show_sort_weight":111,"slug":112},17,"Forms",40,"forms",{"id":114,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":115,"slug":116},18,30,"letters",{"id":118,"doc_module":22,"doc_module_name":25,"category_name":119,"show_sort_weight":120,"slug":121},21,"Paper Templates",5,"papers-templates",{"id":123,"doc_module":22,"doc_module_name":25,"category_name":124,"show_sort_weight":4,"slug":125},158,"General","general-158",{"code":4,"msg":81,"data":127},{"doc_id":78,"user_id":128,"nickname":42,"user_avatar":129,"doc_module":22,"category_id":114,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":30,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":26,"language":135,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":12,"update_tm":139,"read_time":22},1374404730887,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","PO Box 145100  \nSalt Lake City, UT 84114-5100 Phone: 800.418.2551  \nFax: 800.214.2956  \n[my529.org](my529.org)[ ](my529.org)[advisor.my529.org](advisor.my529.org)  \nFrequently Asked Questions about my529, an Educational Savings Plan  \n1. What is a 529 plan?  \nA 529 plan is a tax-advantaged vehicle designed to encourage individuals to invest for future qualified higher education expenses. 529 funds can also be used to pay up to $10,000 of annual K-12 tuition expenses. These plans are authorized by Section 529 of the Internal Revenue Code.  \n2. What is my529?  \nmy529 is the official 529 plan established and sponsored by the State of Utah. It is a direct-sold plan, which means you can set up an account and make contributions by dealing directly with my529 .  \n3. Is there any cost to open or maintain amy529 account?  \n• No. Opening an account is free—no startup fees.  \n• There are no initial or ongoing contribution requirements.  \n4. What are the tax benefits?  \n• Earnings grow tax-deferred from federal and Utah state taxes.  \n• Withdrawals are tax-free when used for qualified education expenses.  \n• Utah taxpayers may qualify for a Utah state income tax benefit on contributions.  \n5. Who can own an account?  \nAn account owner can be an individual, a corporation or even a trust. An individual can be an account owner regardless of the relationship to the beneficiary but must be at least 18 years old and a U.S. citizen with a valid Social Security or Taxpayer Identification Number. The individual account owner also must have a physical address in the United States.  \n6. Who can be a beneficiary?  \nAnyone can be a beneficiary of an account regardless of his or her relationship to the account owner. The beneficiary must be a U.S. citizen with a valid U.S. Social Security or Taxpayer Identification Number.  \n7. Can I change the beneficiary?  \nAn account owner may change the beneficiary of the account to a member of the family of the current beneficiary.“Member of the family” is broadly defined and includes but is not limited to siblings, first cousins, parents, children, and grandchildren.  \n8. How can 529 plan funds be used?  \nFunds saved through my529 may be used for a beneficiary’s qualified education expenses, including tuition and fees; required books, supplies, and equipment; computers, software, and internet access; and certain room and board costs. 529 funds can also be used to pay up to $10,000 of annual K-12 tuition expenses. Qualified education expenses also include payments on qualified education loans (up toa lifetime total of $10,000 from all 529 accounts) and costs of registered apprenticeship programs.  \n9. Where can 529 plan funds be used for higher education?  \nFunds may be used at any eligible educational institution that is qualified to participate in federal financial aid programs for students in the United States and abroad. You can find a complete list of eligible educational institutions at the U.S. Department of Education’s federal aid website, [www.studentaid.gov](www.studentaid.gov).  \n10. How can 529 plan funds be used for K-12 expenses?  \nFederal law allows that 529 plan funds may be used for K-12 tuition expenses at public, private, or religious schools from kindergarten through 12th grade.  \nWithdrawals cannot exceed a total of $10,000 per year per beneficiary from all 529 accounts (regardless of who owns the account) .  \n11. Who can contribute to an account?  \nAnyone can contribute to a my529 account, but only the account owner can (1) control how assets are invested and used, and (2) claim tax benefits related to the account, regardless of who contributed to the account.  \nThe term my529 is a registered service mark. January 2022 1 of 2  \n12. How can you make contributions to amy529 account?  \n• Online.  \n• Check.  \n• One-time or recurring electronic contributions from a checking or savings account.  \n• Rolling in funds from another 529 plan.  \n• my529 Gift Program.  \n• Special occasion contributions on","cbCaitILcnTXra2n","https://ap.wps.com/l/cbCaitILcnTXra2n","pdf",116391,"English","# Frequently Asked Questions about my529\n## What is a 529 plan?\n## What is my529?\n## Is there any cost to open or maintain a my529 account?\n## What are the tax benefits?\n## Who can own an account?\n## Who can be a beneficiary?\n## Can I change the beneficiary?\n## How can 529 plan funds be used?\n## Where can 529 plan funds be used for higher education?\n## How can 529 plan funds be used for K-12 expenses?\n## Who can contribute to an account?\n## How can you make contributions?\n## What are my529’s investment options?\n## Can I make an investment option change?\n## What if I make a nonqualified withdrawal?\n## How will a change in circumstances impact my529 accounts?","[{\"question\":\"What is a 529 plan and what can the funds be used for?\",\"answer\":\"A 529 plan is a tax-advantaged vehicle for qualified higher education expenses. Funds can also be used for up to $10,000 of annual K-12 tuition expenses and for other qualified education costs.\"},{\"question\":\"What are the tax benefits of my529?\",\"answer\":\"Earnings grow tax-deferred from federal and Utah state taxes. Withdrawals are tax-free when used for qualified education expenses, and Utah taxpayers may qualify for a Utah state income tax benefit on contributions.\"},{\"question\":\"What happens if I make a nonqualified withdrawal?\",\"answer\":\"The earnings portion not used for qualified education expenses (or up to $10,000 of K-12 tuition) is subject to federal and state income taxes and a 10% federal tax penalty, with Utah add-back requirements for Utah tax purposes.\"}]","my529 Frequently Asked Questions about my529 - January 2022 | PDF",1789793398]