UESP Contest Winners!

We are excited to announce the winning schools for UESP’s 5-29 Day read-a-thon! Thank you for your participation during this contest, as well as throughout the year. The contest was neck and neck up to the very end.

The two winning schools are:

Jackling Elementary from Granite School District

Northlake Elementary from Tooele School District

Congratulations to these schools!

We would also like to remind all of you that UESP has generously offered a $25 matching contribution for new accounts opened on 5-29-15.

“Also in honor of 5·29 Day, UESP announced it will provide a $25 matching contribution to any new Utah resident account owner who opens a first-time UESP account for a first-time Utah beneficiary on May 29, either online at uesp.org or by submitting an Individual Account Agreement (form 100). Contribute $25 or more to the new account to be eligible for the UESP match.

To meet the requirements for a $25 matching contribution from UESP, new accounts opened and contributions made online at uesp.org must be received on May 29, 2015, by 11:59 p.m., Mountain Time (MT). New Individual Account Agreements submitted by mail, fax, overnight carrier, or in person must be received at UESP, State Board of Regents Building, 60 South 400 West, Salt Lake City, UT, 84101-1284, by 5 p.m. MT on May 29, 2015. Individual Account Agreements (form 100) are available for download at uesp.org or by calling 800.418.2551 toll-free. Applicants should be sure to enter the promotion code MAY29SAVE4COLLEGE on the account agreements.”

If parents have questions about UESP, here is some information about how it works.

“Earnings on contributions to a UESP account grow deferred from federal and Utah state income taxes. Withdrawals used for qualified higher education expenses are exempt from federal and Utah state income taxes. Qualified expenses include tuition and mandatory fees; required books, supplies, and equipment; and certain room-and-board costs at any university, college, or technical school in the United States or abroad that participates in federal student financial aid programs.

In 2015, a trust or single Utah taxpayer who files a Utah state income tax return can claim a 5 percent tax credit on contributions to a UESP account up to $1,900, for a maximum credit of $95 per qualified beneficiary. Spouses filing jointly can claim a 5 percent tax credit on contributions up to $3,800, for a maximum of $190 per qualified beneficiary. In order for an account owner to claim the credit, the beneficiary must have been age 19 or younger when designated as such on the account. If this requirement is met, the account owner can claim the credit each year a contribution is made for the life of the account.”

Thank you for your participation, and have a wonderful summer!