Deadline nears for tax credit on college savings
Thursday is the deadline for Utahns to open new college savings accounts under the Utah Educational Savings Plan or to make contributions to an existing account if they hope to maximize a 2009 tax credit available to investors in the plan.
All transaction requests must be received in the UESP office, 60 S. 400 West, Salt Lake City, or made online at http://www.uesp.org" Target="_BLANK">http://www.uesp.org, before 5 p.m., according to the UESP Web site.
The UESP offers tax advantages to encourage college savings. Investments in UESP accounts are not subject to federal and state income taxes. Account earnings also are not taxed if the money is used for qualified higher education purposes, according to the Web site.
In addition, investors are eligible for state tax credits up to $87 per account beneficiary if filing tax returns individually and up to $174 per account beneficiary if filing jointly, according to the Web site.
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