Connecticut taxpayer alert – there’s a deduction waiting for you
Connecticut residents have a tax loophole in their 529 Savings Plan. Any taxpayer who sets up a Connecticut Higher Education Trust College Savings Program (CHET), regardless of income, or whether there’s a college or college-bound student in that household, can claim a $5,000 deduction on their state tax return. Here's how it works: 1. If your filing status is married filing jointly and you have a dependent, be they toddler, student, or older adult: Set up a CHET Name