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Connecticut Higher Education Trust State of Connecticut Employee Payroll Deduction Form Use this form to establish or modify Payroll Deduction Use this form only if you are a State of Connecticut.

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Related content

Connecticut Higher Education Trust - CT.gov
For information or materials call 1-888-799-CHET (2438) or visit www.aboutchet.com (haga...
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CHET
Plan; Fast Facts About CHET · About CHET · Tax Advantages · Reducing the Cost of...
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Chet Baker - zxc.wiki
Literature by and about Chet Baker in the catalog of the German National Library ·...
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Pros and Cons of 529 Plans AdvantagesDisadvantagesFederal income tax benefits, and sometimes state tax benefitsMust use funds for educationLow maintenanceLimitations on state tax benefitsHigh contribution limitsNo self-directed investmentsFlexibilityFees1 more row

And when you pull the funds out, as long as they're used for qualified higher education expenses, there's no federal income tax on the distribution, and often no state income tax. 529 accounts also receive some favorable treatment for financial aid purposes, so they're really a great way to save for college education.

Tax savings still count Still, it's likely to be worthwhile, ing to O'Leary. “If your kid has just started college and you haven't opened a 529, even getting two or three years of potentially tax-free growth in the account can be helpful," she says.

You live in a state where you won't receive a tax credit or deduction for 529 plan contributions. You're not sure if your child will attend college. You're not sure how much money you'll need to save for college. You have investment experience and prefer to choose from a wide range of investment options.

Contributions are deductible for Connecticut income tax purposes up to $5,000 per year for a single return or $10,000 per year for a joint return.

If you're saving for college, a 529 savings plan may be a superior option to a traditional savings account, particularly if you have a while until your child heads off to college. A 529 may lead to a higher return on your investment long term, and it grows tax-free. You then can withdraw your earnings tax-free, too.

CHET features state and federal tax free earnings and withdrawals on qualified higher education expenses. Connecticut families can take an income tax deduction (up to $5,000 for single filers, $10,000 for joint filers) on contributions to CHET accounts.

Ranges from 0.02% to 0.11% annualized in the Fidelity index fund portfolios, from 0.30% to 0.78% annualized in the Fidelity funds portfolios, 0.28% to 0.48% in the Fidelity Blend portfolios and 0.45% in the Stable Value Portfolio. For the Bank Deposit Portfolio, there is no underlying fund expense.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232