What is the Utah my529 Plan Addback?

Generally withdrawals from a my529 account are not taxable. However, if you didn't use the full withdrawal for qualified education expenses or an exception and you previously claimed a Utah deduction or credit for your contributions to that my529 Plan, the unqualified amount needs to be added back. A my529 account holder should receive Form TC-675H, my529 Tax Statement for Contributions, Withdrawals, and Transfers. Keep this form with your records.

Qualifying education expenses are costs required for enrollment or attendance at an accredited university, college, or vocational school that participates in federal financial aid programs. These expenses include:

• Tuition, fees, books, and supplies
• A computer, internet access, and related equipment if used by the student
• Room and board for students enrolled at least half time, subject to limitations
• Enrollment or attendance expenses incurred by a student with special needs
• For tax years after 2017, up to $10,000 of K-12 tuition costs.

For more information call 1-800-418-2551 or visit the Utah my529 website.

For more information about Utah my529 plans see the following FAQs:

What is the Utah my529 Plan Contributions Credit?
What is a Utah my529 Plan?