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
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
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?
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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