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MY 529 Plan

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What is it?


A 529 savings plan is a state sponsored, tax advantage, savings plan designed to save for future education costs for you or your immediate family members. There is no age, income, or residency restrictions. it is also completely free to enroll and does not have a minimum balance restrictions. Best part of all, since it is a state sponsored program, you are not taxed on any earnings in the account and Utah tax payers can claim a Utah State Tax Credit up to a certain amount every year they contribute to this program! To learn more about Utah's 529 income tax credit click here.

If you currently have a plan, you can set up your direct deposit to automatically contribute either a dollar amount or a percentage to this savings account! You can do this by logging into mybyu.edu and adding this account to your Direct Deposit page.

What can I use this money on?

This program is intended as a savings account for educational purposes. If you use this account to help pay for qualifying educational expenses then you will not have to pay federal or state income tax on the amount taken out. You can use this account for:

  • College/ University Tuition
  • Post-Secondary Vocational Training
  • Tech Schools
  • Graduate Schools
  • Tuition on private K-12 schools
  • Educational expenses (like books, computer, room and board, school supplies)
  • Educational loans

Where can I learn more?

To learn more about a 529 savings plan you click on this link!