Each Utah taxpayer is entitled to a nonrefundable tax credit for contributions to a UESP account during 2012 of up to five percent of $1,780 per beneficiary, equaling $89 per beneficiary. A married couple can deduct up to five percent of $3,560 per beneficiary, equaling $178 per beneficiary, on a Married Filing Jointly return.

The credit is five percent of the total contributions that you made to a UESP account during 2012. The credit does not phase out based on your income. Married couples taking the tax benefits are not required to have separate UESP accounts.

Contributions are reported in Box 1 of Form TC-675H, Statement of Contribution for Utah Educational Savings Plan.

Keep Form TC-675H with your records.