What is the Utah Educational Savings Plan (UESP) Contributions Credit?

Each Utah taxpayer is entitled to a nonrefundable tax credit for contributions to a UESP account during 2014 of up to five percent of $1,840 per beneficiary, equaling $92 per beneficiary. A married couple can deduct up to five percent of $3,680 per beneficiary, equaling $184 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 2014. 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.

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