CHET 529 CT state tax deduction

Forum|Forum|2 years ago
April 23, 2024
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I have two CHET 529 accounts, one for each of my two children (beneficiaries). I file taxes jointly with my wife. I see that we can deduct a maximum of $10,000 from our CT taxable income, but it's not clear if we can deduct $10,000 per each 529 account ($20,000 total deduction), or if it's simply a flat $10,000 limit, independent of how many accounts. I've spoken to Fidelity and a tax advisor and neither can answer this question definitively.

Thanks

Not A Product Question

AnnetteB6

According to the instructions for the CT Individual Income Tax, the deduction is limited to $10,000 for a Married Filing Joint return, regardless of the number of accounts you contribute to during the year. It does also state that if you contributed more than the deductible limit that the excess contribution may be carried over for up to five years.

Here is a link to the instructions for reference, and a picture of that section in the instructions:

Form CT-1040
Connecticut Resident Income Tax Return Instructions