Deadline for Utah college tax savings approaching

SALT LAKE CITY — Utah taxpayers have until Friday to reduce their 2010 state income taxes by contributing online to a Utah Educational Savings Plan college savings account.

For 2010, Utah taxpayers can claim a 5 percent state income tax credit for UESP contributions up to $1,710 per beneficiary for single filers.

That equals an $85.50 tax savings.

To qualify for the credit, the beneficiary on the account must have been designated before turning 19.

Mailed contributions postmarked on or before Dec. 31, but received by UESP in 2011 will be recorded as 2011 tax year contributions and will not be eligible for the 2010 Utah state tax credit.