Utah Educational Savings Plan

Contributing to Your Account

How do I make contributions to UESP?

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Contributions can be made online, by check (in U.S. dollars only), through one-time or recurring electronic contributions from a checking or savings account, through special occasion contributions, or through payroll contributions with participating employers.

Checks should be made payable to UESP and must include the UESP account number and  beneficiary’s name on the front. Mail contributions to UESP, PO Box 145100, Salt Lake City, UT 84114-5100.

Both account owners and nonaccount owners can use UESP’s Gift Notice feature to let the future scholars in their lives know of a contribution made in their behalf by presenting the beneficiary with the printable UESP Gift Notice.


Can I fund an account with UGMA/UTMA money?

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You can fund a UESP account with money from a Uniform Gifts to Minors Act/Uniform Transfers to Minors Act (UGMA/UTMA). However, you must liquidate assets in the UGMA/UTMA account to do so, as you cannot open a 529 account with securities or other investment instruments. Also, when you open the UESP account, it may only be used to fund a UESP UGMA/UTMA custodial account. This means that the beneficiary is the account owner, with a custodian (agent) acting on his or her behalf until he or she reaches the age of majority in the state in which the UGMA/UTMA was created. Additionally, the beneficiary cannot be changed on these accounts until the beneficiary reaches the age of majority and acts to do so, and funds can only be withdrawn for the benefit of the beneficiary.

Noncustodial money may be contributed to an Individual account for the same beneficiary.


Can more than one person contribute to an account?

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Yes. Anyone can contribute to a UESP account, but only the account owner/agent can, regardless of who contributed to it, (1) control how assets are invested and used, (2) claim tax benefits related to the account, and (3) contribute online.


Is there a minimum contribution requirement?

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UESP has no minimum initial or ongoing contribution requirement.


Is there a maximum contribution limit?

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UESP will accept contributions until all UESP account balances for the same beneficiary reach $418,000. However, balances may exceed this amount as a result of market performance. UESP may adjust the maximum aggregate account balance annually.


Is there a limit on how often I can contribute?

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You may contribute to an account as often or as seldom as you like.


How can family members contribute to my UESP account?

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UESP makes it easy for family and friends to contribute to a UESP account. Gifts may be made online, or by mail with a paper check. To enroll in the UESP Gift Program and invite family members to contribute to your UESP account, go to Account Access and select Gift Program. To learn more, please visit the UESP Gift Program page.

If a family member has your account information, including your account number, and would prefer to send a check by mail to UESP, please direct them to this page to contribute with a UESP Gift Notice. The bottom portion of the Gift Notice is a certificate that can be given to the beneficiary to let him or her know the contribution has been made. The giver can complete and send the top portion with the contribution to UESP.


Can I redeposit a refund of tuition into a 529 account?

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If a student withdraws from school due to unforeseen circumstances and receives a refund of qualified higher education expenses (e.g., tuition) that had been paid with 529 savings, the account owner can redeposit the funds into the same account. The funds would not be deemed a nonqualified withdrawal or be subject to any taxes or tax penalties. The money must be redeposited within 60 days of the date of the refund, and the recontribution cannot exceed the amount of the refund. It is recommended that account owners keep a receipt of refunds in order to have documentation of the amount of the refund and the date it was issued.