Utah taxpayers may claim 5 percent credit for contributions.
This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Taxpayers have just a few day left to qualify for a 2012 state income tax benefit for Utah Educational Savings Plan (UESP) contributions.
Utah individual taxpayers and trusts can claim a 5 percent state tax credit for contributions of up to $1,780 per qualified beneficiary made this year. For taxpayers who are married filing jointly, the 5 percent credit can be claimed for contributions of up to $3,560 per qualified beneficiary. These credits equal up to $89 and up to $178.
Utah corporations also are eligible for a tax deduction of up to $1,780 per qualified beneficiary.
Beneficiaries must be younger than 19 when designated on the account for the Utah resident to claim the tax benefit. A beneficiary does not have to be a Utah resident for the UESP account owner to qualify for the benefit. Account owners can contribute more or less than the maximum tax benefit amounts.
To qualify for the 2012 state income tax benefit, contributions and new account applications that are submitted by mail or overnight carrier, in person, or by fax must be received at the UESP office before 5 p.m. Dec. 31. Contributions and new accounts that are done online at uesp.org must be completed before 11:59 p.m. Dec. 31. Mailed contributions that are postmarked on or before Dec. 31, 2012, but received by UESP in 2013 will be recorded as 2013 contributions and are not eligible for the 2012 credit.
The mailing address is UESP, PO Box 145100, Salt Lake City, UT 84114-5100. Delivery in person or by overnight carrier should be made to UESP, Board of Regents Building, Gateway 2, 60 S. 400 West, Salt Lake City, UT 84101-1284. The fax number is 800-214-2956 and the web address is uesp.org.
To send an application
Mail • UESP, P.O. Box 145100, Salt Lake City, UT 84114-5100
Delivery • In person or by overnight carrier should be made to UESP, Board of Regents Building, Gateway 2, 60 S. 400 West, Salt Lake City, UT 84101-1284
Fax • 800-214-2956
Online • uesp.org