Saving for College the Smart way - 529 Plans          

 

Connecticut 529 Plan

Connecticut offers one 529 college savings plan, a traditional 529 savings plan called Connecticut Higher Education Trust (CHET).

Connecticut Higher Education Trust (CHET)

Connecticut Higher Education Trust is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct - this Connecticut 529 plan can be purchased directly.

Fund Family: TIAA-CREF

Minimums: To get started you can deposit $25 unless you choose to automatically deduct from your paycheck. With this option, you can open an account as little as $15. Subsequent contributions are at least $25 unless you choose the paycheck deduction method of $15.

Maximum Contributions:  Currently, you can contribute to your Connecticut 529 plan until your combined account balance per beneficiary is $300,000.  Of course, your total amount in the plan can be higher as your investments grow.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Good news for Connecticut residents -- by investing in your state's 529 plan, you can deduct up to $5,000 on your state income taxes for single filer and $10,000 for married filers.  You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Residency: The non-advisor program is available to residents of the United States.

You can learn more about the this 529 plan at the official web site.



529 Plan Report

529 plan report pic

Free report:
"5 Biggest 529 Plan Mistakes"

Download a free copy - click here.

Need Help?

Contact a 529 and college savings plan advisor in your area.

Click here.

 

Navigate

Home
Site Map
529 Plan Overview
State 529 Plans
529 Advisors
Obama 529 Plan
529 Plan Tax Benefits
College Cost Calculator
I Bonds
Contact
Advertising
529 Plan Report

529 Blog