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ptax255
Level 6
November 28, 2023

Connecticut 529 deduction

  • November 28, 2023
  • 2 replies
  • 12 views

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!

2 replies

sjrcpa
sjrcpa
Level 15
November 29, 2023

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.

The more I know the more I don’t know.
    P
    ptax255Author
    Level 6
    November 29, 2023

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

    sjrcpa
    sjrcpa
    Level 15
    November 29, 2023

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

    The more I know the more I don’t know.
      T
      Terry53029Intuit Community Champion
      Intuit Community Champion
      November 29, 2023

      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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