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  • Chet Advisor Account Application Form - Hartford Funds

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DO NOT STAPLE CSCTA FRM 01268A 0415 Page 1 of 12 CHET ADVISOR Questions? Customer Service: 1.877.407.2828 Monday through Thursday, 8 a.m. to 7 p.m. ET Friday, 8 a.m. to 6 p.m. ET Internet Access at:.

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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.

We recommend that Connecticut residents use the Connecticut Higher Education Trust (CHET) 529 plan due to the tax benefits, low fees, and plan investment options. We recommend that out-of-state residents utilize other plans.

A 529 college savings plan is a state-sponsored investment plan that enables you to save money for a beneficiary and pay for education expenses. You can withdraw funds tax-free to cover nearly any type of college expense. 529 plans may offer additional state or federal tax benefits.

The Hartford® SMART529® College Savings Plan, offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, offers all the benefits of a 529 plan plus a range of investment options designed to help investors meet their college savings goals.

Annual 529 plan contribution limits 529 plans do not have annual contribution limits. However, contributions to a 529 plan are considered completed gifts for federal tax purposes, and in 2023 up to $17,000 per donor ($16,000 in 2022), per beneficiary qualifies for the annual gift tax exclusion.

CHET is a state-sponsored, tax-advantaged 529 college savings plan that's helping families and individuals plan for the cost of higher education.

Contributions to a Connecticut 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Connecticut taxable income, with a five-year carryforward of excess contributions. Rollover contributions are not deductible.

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.

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© Copyright 1997-2025
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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
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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