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SALT LAKE CITY (AP) -- About 4,500 accounts were opened between Thanksgiving and the end of December, capping a record year for the Utah Educational Savings Plan, a tax-free way to invest money for college.
The program began the new year with 87,000 accounts worth $1.9 billion.
"It's sending the message to the child that we want you to go to college. We expect you to go to college," director Lynne Ward said.
There are nine investment options, from stocks to bonds to conservative money-market accounts. Gains are not taxed when money is withdrawn to pay for college.
Utah taxpayers who invest can deduct as much as $1,620 on their tax forms; $3,240 if filing taxes jointly. Most account holders, however, live outside the state. Investment returns are not guaranteed.
There is no minimum investment to start an account.
On the Net: http://www.uesp.org
Information from: Deseret Morning News,
(Copyright 2007 by The Associated Press. All Rights Reserved.)
