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Article #: 13549
If the taxpayer’s my529 (formerly Utah Educational Savings Plan – UESP) credit exceeds 5% of the taxpayer’s contribution in View/Print mode, review your data entry. The software does not calculate the my529 credit – you must make that calculation and directly enter the credit amount on UT screen 2 (not the taxpayer’s contribution). See my529 (code 20) for information on how to figure the credit. Utah limits the credit per beneficiary to 5% of the taxpayer’s contribution, not to exceed $100 per qualifying beneficiary ($200 for MFJ).
Calculate the my529 credit and enter it on UT screen 2, in the code (20) field under Apportionable Nonrefundable Credit. The my529 credit then appears on the UT Form TC-40A in View/Print mode.
For more information regarding my529 or the older Utah Educational Savings Plan, visit the webpage my529.
Drake Tax 2017 and prior
This was called the Utah Educational Savings Plan (UESP) Credit, and the limits were different. Also, for those years of Drake Tax, if the credit amount entered exceeds the limit per beneficiary, that software limits it and produces a note advising you that the limit was exceeded.