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SALT LAKE CITY (AP) -- The Utah Educational Savings Plan, a tax-free way to invest money for college, began the new year with 87,000 accounts worth $1.9 billion.
Officials say the plan is sending a message to students that NOT only do we want them --- but we expect them to go to college.
There are nine investment options, from stocks to bonds to conservative money-market accounts. Much like an I-R-A, gains are NOT taxed when money is withdrawn to pay for college.
Utah taxpayers who invest can deduct just over $1,600 on their tax forms or a little over $3,200 if filing jointly. Most account holders, however, live outside the state.
Investment returns are NOT guaranteed.
------ On the Net: http://www.uesp.org -------- Information from: Deseret Morning News, http://www.deseretnews.com
(Copyright 2007 by The Associated Press. All Rights Reserved.)
