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And when you pull the funds out, as long as they're used for qualified higher education expenses, there's no federal income tax on the distribution, and often no state income tax. 529 accounts also receive some favorable treatment for financial aid purposes, so they're really a great way to save for college education.

Pros and Cons of 529 Plans AdvantagesDisadvantagesFederal income tax benefits, and sometimes state tax benefitsMust use funds for educationLow maintenanceLimitations on state tax benefitsHigh contribution limitsNo self-directed investmentsFlexibilityFees1 more row

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. Rollover contributions are not deductible.

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

And when you pull the funds out, as long as they're used for qualified higher education expenses, there's no federal income tax on the distribution, and often no state income tax. 529 accounts also receive some favorable treatment for financial aid purposes, so they're really a great way to save for college education.

Annual 529 plan contribution limits 529 plans do not have annual contribution limits. However, contributions to a 529 plan are considered completed gifts for federal tax purposes, and in 2023 up to $17,000 per donor ($16,000 in 2022), per beneficiary qualifies for the annual gift tax exclusion.

Pros and Cons of 529 Plans AdvantagesDisadvantagesFederal income tax benefits, and sometimes state tax benefitsMust use funds for educationLow maintenanceLimitations on state tax benefitsHigh contribution limitsNo self-directed investmentsFlexibilityFees1 more row

The Hartford® SMART529® College Savings Plan, offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, offers all the benefits of a 529 plan plus a range of investment options designed to help investors meet their college savings goals.

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. Rollover contributions are not deductible.

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

A 529 college savings plan is a state-sponsored investment plan that enables you to save money for a beneficiary and pay for education expenses. You can withdraw funds tax-free to cover nearly any type of college expense. 529 plans may offer additional state or federal tax benefits.

Annual 529 plan contribution limits 529 plans do not have annual contribution limits. However, contributions to a 529 plan are considered completed gifts for federal tax purposes, and in 2023 up to $17,000 per donor ($16,000 in 2022), per beneficiary qualifies for the annual gift tax exclusion.

We recommend that Connecticut residents use the Connecticut Higher Education Trust (CHET) 529 plan due to the tax benefits, low fees, and plan investment options. We recommend that out-of-state residents utilize other plans.

The Hartford® SMART529® College Savings Plan, offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, offers all the benefits of a 529 plan plus a range of investment options designed to help investors meet their college savings goals.

Contributions are deductible for Connecticut income tax purposes up to $5,000 per year for a single return or $10,000 per year for a joint return.

A 529 college savings plan is a state-sponsored investment plan that enables you to save money for a beneficiary and pay for education expenses. You can withdraw funds tax-free to cover nearly any type of college expense. 529 plans may offer additional state or federal tax benefits.

You live in a state where you won't receive a tax credit or deduction for 529 plan contributions. You're not sure if your child will attend college. You're not sure how much money you'll need to save for college. You have investment experience and prefer to choose from a wide range of investment options.

We recommend that Connecticut residents use the Connecticut Higher Education Trust (CHET) 529 plan due to the tax benefits, low fees, and plan investment options. We recommend that out-of-state residents utilize other plans.

Contributions are deductible for Connecticut income tax purposes up to $5,000 per year for a single return or $10,000 per year for a joint return.

You live in a state where you won't receive a tax credit or deduction for 529 plan contributions. You're not sure if your child will attend college. You're not sure how much money you'll need to save for college. You have investment experience and prefer to choose from a wide range of investment options.