If a taxpayer contributes to a Connecticut Higher Education Trust 529 College Savings plan, the contribution can be subtracted from income on the Connecticut return. Contributions are deductible for Connecticut income tax purposes up to $5,000 per year for a single return or up to $10,000 per year for a joint return. If the contribution exceeds this amount, it can be carried forward for the 5 taxable years following the deduction.
To enter the deductible portion of the contributions in TaxSlayer Pro, from the Connecticut Tax Return Menu select:
- Subtractions from Federal Adjusted Gross Income
- Contributions to CT Higher Education Trust (CHET) - Enter the contribution amount and the CHET Account Number. For joint returns, combine the contribution amounts made by the taxpayer and the spouse.
Additional Information:
Connecticut State Tax Information
Connecticut Higher Education Trust 529 College Savings Program
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