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Corporation Franchise and Income Tax Utah Form

Corporation Franchise and Income Tax Utah Form

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welcome to pomr at taxes today's video is about the 529 plan specifically with the Utah series on uh deductions tax deductions so by contributing to Utah's my 529 plan you can receive a tax deduction uh if you're a resident of Utah and have a tax liability so 529 plans are education accounts to save for future education costs so the assets the investment in the 529 account grow deferred from federal and state taxes and then withdrawals are taxfree when they're used for qualified educational expenses so for the tax benefit um it's important to note that the beneficiary on the account must be in rather than age 19 when designated on the account and if the beneficiary is younger than age 19 when designated the account owner can claim the credit each year a contribution is made for the life of the account so let's scroll down to 2024 four contributions if you're filing single then the max credit you can receive um really uh the credit

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