Chris Kennedy, with UESP, points out that while you can save any time with UESP, the 20 dollar bonus has to happen on May 29.
May 29 – “529 Day”
In support of “529 Day,” the Utah Educational Savings Plan will match contributions up to $20 for accounts opened with a new Utah resident account owner for a new beneficiary, both unique to UESP. To qualify for the matching contribution, new account applications must be received at the Utah Educational Savings Plan office by 5:00 p.m., MT, or online at www.uesp.org by midnight, MT, on Friday. May 29, 2009. If you have further questions, you can call them at 800.418.2551.
Background – The Utah Educational Savings Plan
• is the official 529 college savings plan sponsored by the state of Utah.
• is a non-profit, “direct-sold” 529 plan, which means individuals can set up an account and make contributions by contracting directly with UESP.
• now holds more than 139,000 accounts valued at more than $2 billion:
– 24 percent of the accounts are owned by Utah residents
– 20 percent of the accounts are owned by grandparents
• Utah’s 529 college savings plan makes it easy to save. There are no enrollment fees and no minimum contributions. You can contribute as much as you want, whenever you want.
• Utah residents receive a five percent tax credit for contributions up to $1,740 per beneficiary, if filing singly. For Utah residents who file a joint return, the five percent credit applies to a maximum contribution of $3,480, per beneficiary. The account must be established before the beneficiary’s 19th birthday to qualify for the credit.
• If funds are used for qualified higher education expenses, earnings from a Utah Educational Savings Plan account are tax-free, under both Utah and federal tax laws.
• Qualified higher education expenses include tuition, books, fees, supplies, room and board, computer expenses for 2009-2010, and items required for enrollment or attendance at an eligible institution.
• The money can be used at any college in the country where federal financial aid can be used.
• The account owner retains control of the assets regardless of the beneficiary’s age.
• There are no age restrictions to be a beneficiary and a beneficiary can have more than one account.
• The beneficiary can be changed at any time to another member of the beneficiary’s family.
• Account owners can choose from eleven different investment options, including five age-based and six static options.
• The investment option can be changed twice in calendar year 2009.
For more information, you can visit
www.uesp.org. If you have further questions, you can call them at 800.418.2551.