Utah reminds taxpayers of college savings credit

SALT LAKE CITY (AP) — Saturday marks a deadline for Utah parents to set aside some money for their children’s college education and qualify for a tax credit.Parents who use the Utah Educational Savings Plan can qualify for a credit of up to $87, or $174 for a couple filing jointly.Anyone can make a contribution to a child’s registered account.The credit tops out with contributions of $1,740 by an individual or $2,480 for parents filing jointly.Earnings on accounts are tax free when used for qualifying college expenses.Contributions mailed to the state agency must be received by late Friday for the 2011 tax year.Online contributions can be made until midnight Saturday.

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