Give the gift of education

2012-12-13T00:00:44Z Give the gift of education Daily Herald
December 13, 2012 12:00 am

SALT LAKE CITY-- Utah Educational Savings Plan (UESP), Utah's official nonprofit 529 college savings program, is teaming up with Zions Bank to help Utah residents give the gift of education this holiday season.

Utah residents and beneficiaries who are new to UESP when they open a UESP college savings account before Fridiay, Dec. 21, may be eligible to receive a $25 matching contribution, compliments of Zions Bank.

To enjoy an extra $25 toward college savings: visit uesp.org to open a new UESP account or download an account agreement; enter the promo code 1212HOL; and contribute at least $25 to the new UESP account.

"This promotion can provide a nice foundation toward saving for college," said Lynne Ward, executive director of UESP. "The holidays are a great opportunity for families to invest in a child's future."

Scott Anderson, president and CEO of Zions Bank echoes Ward's sentiments. "Zions Bank is excited to partner with UESP to encourage Utah residents to reach their goal of saving for a college education. The few moments it will take this holiday season to open a UESP account can have a long-term impact on a child's success."

In addition to the matching contribution this holiday, Utah residents also enjoy the added benefit of an annual state income tax credit on their contributions. Utah taxpayers can claim a five percent annual Utah state income tax credit on contributions to each beneficiary's account, if the beneficiary is under age 19 when designated on the account.

For the 2012 tax year, account owners can claim a Utah state income tax credit for their UESP contributions up to $1,780 per qualified beneficiary if filing singly or $3,560 per qualified beneficiary if married filing jointly. Utah-based corporations that own UESP accounts can benefit from a $1,780 tax deduction per qualified beneficiary.

About the Utah Educational Savings Plan

UESP, which manages $5 billion in assets, requires no minimum deposits or balances to open an account, so families can save a little or a lot according to their own schedules. Earnings on UESP accounts grow tax deferred and are federal and Utah state income tax free when used for qualified higher education expenses such as tuition, fees, certain room and board costs, and required books and supplies. Funds can be used at any eligible educational institution that participates in federal financial aid programs for students, not just at institutions in Utah.

Visit uesp.org, call 800.418.2551 or e-mail info@uesp.org to learn more.

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