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Connecticut 529 deduction

ptax255
Level 5

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!

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1 Solution

Accepted Solutions
Terry53029
Level 14
Level 14

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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4 Comments 4
sjrcpa
Level 15

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.


Ex-AllStar
ptax255
Level 5

Selling securities from UTMA to get cash and fund the 529 with that cash. Would this contribution be deductible? 

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sjrcpa
Level 15

It doesn't matter where the cash comes from to fund the 529 Plan.


Ex-AllStar
Terry53029
Level 14
Level 14

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