| (1) |
Terms Used In Utah Code 59-10-1313- contribution: means a contribution a resident or nonresident individual makes on an individual income tax return as allowed by this part. See Utah Code 59-10-1302
- Individual: means a natural person and includes aliens and minors. See Utah Code 59-10-103
- Nonresident individual: means an individual who is not a resident of this state. See Utah Code 59-10-103
- Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter:
| (ii) | an estate, a trust, or a beneficiary of an estate or a trust that is not a pass-through entity or a pass-through entity taxpayer; |
| (iii) | a pass-through entity; or |
| (iv) | a pass-through entity taxpayer. See Utah Code 59-10-103 |
| (a) |
If a resident or nonresident individual is owed an individual income tax refund for the taxable year, the individual may designate on the resident or nonresident individual‘s income tax return a contribution to a Utah Educational Savings Plan account established under Title 53B, Chapter 8a, Utah Educational Savings Plan, as provided in this part. |
| (b) |
If a resident or nonresident individual is not owed an individual income tax refund for the taxable year, the individual may not designate on the resident or nonresident’s individual income tax return a contribution to a Utah Educational Savings Plan account. |
| (2) |
| (a) |
The commission shall send the contribution to the Utah Educational Savings Plan along with the following information:
| (i) |
the amount of the individual income tax refund; and |
| (ii) |
the taxpayer‘s:
| (B) |
Social Security number or taxpayer identification number; and |
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| (b) |
The commission shall provide the taxpayer’s telephone number and number of dependents claimed, as requested, to the Utah Educational Savings Plan. |
| (c) |
If a contribution to a Utah Educational Savings Plan account is designated in a single individual income tax return filed jointly by a husband and wife, the commission shall send the information described under Subsection (2)(a) or (b) for both the husband and wife to the Utah Educational Savings Plan. |
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| (3) |
| (a) |
If the taxpayer owns a Utah Educational Savings Plan account, the Utah Educational Savings Plan shall deposit the contribution into the account. |
| (b) |
If the taxpayer owns more than one Utah Educational Savings Plan account, the Utah Educational Savings Plan shall allocate the contribution among the accounts in equal amounts. |
| (c) |
| (i) |
If the taxpayer does not own a Utah Educational Savings Plan account, the Utah Educational Savings Plan shall send the taxpayer an account agreement. |
| (ii) |
If the taxpayer does not sign and return the account agreement by the date specified by the Utah Educational Savings Plan, the Utah Educational Savings Plan shall return the contribution to the taxpayer without any interest or earnings. |
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| (4) |
For the purpose of determining interest on an overpayment or refund under Section 59-1-402, no interest accrues after the commission sends the contribution to the Utah Educational Savings Plan. |
Amended by Chapter 94, 2015 General Session
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