Connecticut 529 College Savings Plan


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Connecticut 529 College Savings Plan

Connecticut Higher Education Trust (CHET) College Savings Program

Some benefits of opening a CHET 529 account include earnings grow Federal and Connecticut income tax-deferred, and as long as the earnings are used to pay for qualified higher education expenses are also Federal and Connecticut Income tax free. You may also be eligible for a Connecticut State tax deduction of up to $5,000 for a single taxpayer and $10,000 on a joint return.

You can open a Connecticut Higher Education Trust 529 Account with as little as $25 and there is no maximum contribution, other than the upper limit of the account is $300,000. Of course, you would need to pay attention to gift tax limits. You could contribute up to $65,000 in one year ($130,000 for joint filers) and treat it as being spread over 5 years for Federal gift tax exclusion purposes. For more information on the CHET 529 college savings plan, visit the CHET website at http://www.aboutchet.com. You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.

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