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Connecticut Higher Education Trust Fund (CHET)

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Question
Connecticut Higher Education Trust Fund(CHET)

Answer

Enter your contributions to a CHET account(s). The modification cannot exceed the maximum allowable contribution. The maximum CHET contribution that may be subtracted is the lesser of (1) the amount of contributions to all CHET accounts during the taxable year; or (2)(A) $5,000 for each individual taxpayer (including individuals whose filing status on their Connecticut income tax return is single, head of household, filing separately, or (B) $10,000 for individuals whose filing status on their Connecticut income tax return is filing jointly or qualifying widow(er).

If your CHET contribution during the taxable year exceeds the maximum CHET contribution, the excess may be carried forward for the five succeeding taxable years. The CHET carryforward amount subtracted from federal adjusted gross income in the succeeding taxable years can not exceed the maximum CHET contribution limitations above. CHET contributions made in the current taxable year should be used before using any carryover from prior years


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Views: 2480 Created on: Jun 15, 2013
Date updated: Dec 17, 2019
Posted in: States, Connecticut

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