Some tips on meeting our year-end deadlines

As 2019 comes to a close, please be aware of several items to make your account transactions go as smoothly and quickly as possible.

Year-End Deadlines

Some states offer tax benefits for contributions to 529 accounts. In order for contributions or other transactions to be noted on a 2019 tax return, they must meet my529’s year-end deadlines. Below is a list of our deadlines.

Mistakes on Forms

As you fill out forms, take a second look to ensure you haven’t missed any information and/or made any mistakes. Some errors can prevent an account from being opened.

Some of the most common mistakes are:

  • Missing required data (SSN/name/DOB/address) for the account owner or beneficiary
  • Outdated signature or a signature older than 60 calendar days
  • Missing the DocuSign certificate or LexisNexis authentication
  • Missing trust documents if you have a trust account

Some omissions would not prevent an account from being opened but would delay the processing of a form or require a request for additional information. If processing for a contribution is delayed until 2020, then the account owner the contribution will be recorded as a 2020 tax-year contribution.

Two of the most common omissions are:

  • Missing contribution information
  • Successor data is missing, successor is a minor or successor is the account owner

Going Digital

As year-end deadlines near, you can save time by ditching paper forms for our digital process. Open a new my529 account for a client or multiple clients online at advisor.my529.org.

You can upload new accounts in bulk. At the same time, you can authorize your clients’ accounts for limited power of attorney access.

The Online Account Opening Advisor Guide will walk you through the process. The Online Account Opening User Guide will help you walk your clients through the approval process for uploading their accounts.

The my529 Professional Services Team also can prefill forms required to open and rollover client accounts from another 529 plan into the Utah 529 plan.

The process is summarized here.

Contact Us

We know it is a busy time of year. We are here to assist with what you need. Please reach out to our team.

advisorinfo@my529.org

Schedule an appointment with our team.

Toll-free telephone number: 888-529-1886