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Does a grandparent contribution to a 529 count as a gift?

Like other financial gifts, when a grandparent contributes to a grandchilds 529 plan, the amount will count against their lifetime exemption. If their total gifts exceed the lifetime exemption, the gift tax is a 40% flat tax.

Is CT 529 tax deductible?

State tax deduction or credit for contributions: 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.

Is Chet the same as 529?

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

Can grandparents deduct 529 contributions in CT?

Anyone can contribute to a Section 529 planparents, grandparents, or other relativesand theres no income limitation.

Does CT give a deduction for 529 contributions?

State tax deduction or credit for contributions: 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.

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