Hi,
I'm reading mixed articles about the following questions:
- Is the CT 529 deduction $10K per child or per tax return? When I enter $20K in proseries it says amounts is too large, but it will accept $10K (MFJ)
- Are contributions from liquidating a UTMA deductible?
Thanks!
Best Answer Click here
1. Check the CHET website and/or the CT form instructions. Better yet, CT law. Not articles.
2 "Are contributions from liquidating a UTMA deductible?" I don't know what this means.
Selling securities from UTMA to get cash and fund the 529 with that cash. Would this contribution be deductible?
It doesn't matter where the cash comes from to fund the 529 Plan.
Seems to be $10,000 per return MFJ. see line 48 instruction at the following link.
https://portal.ct.gov/-/media/DRS/Forms/2021/Income/CT-1040-Online-Booklet_1221.pdf
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