How can I access my CHET account?
24-hour account access and customer service: View and manage your CHET account anytime at Fidelity.com. Should you need help, our education planning specialists are available Monday–Friday from 8 a.m.–9 p.m. ET at 888-799-CHET (2438).
Are 529 contributions tax deductible in CT?
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.
How does CT 529 plan Work?
Connecticut taxpayers are eligible to receive a Connecticut income tax deduction of up to $10,000 on contributions made to CHET. Use the funds for a wide range of college expenses at accredited schools nationwide—plus tuition expenses for K–12th grade, certain apprenticeship costs, and student loan repayments.
How much can I put into a CHET account?
CHET features state and federal tax free earnings and withdrawals on qualified higher education expenses. Connecticut families can take an income tax deduction (up to $5,000 for single filers, $10,000 for joint filers) on contributions to CHET accounts.
Do I have to report 529 withdrawals?
Unlike an IRA, contributions to a 529 plan are not deductible and therefore do not have to be reported on federal income tax returns. What’s more, the investment earnings in your account are not reportable until the year they are withdrawn. 529 plans save taxpayers billions of dollars on their income taxes.
What happens to 529 account if child doesn’t go to college?
If assets in a 529 are used for something other than qualified education expenses, you’ll have to pay both federal income taxes and a 10% penalty on the earnings. (An interesting side note is that if the beneficiary gets a full scholarship to college, the penalty for taking the cash is waived.)
What can Chet be used for?
Why open a CHET 529 college savings plan? Connecticut taxpayers could receive a state income tax deduction of up to $10,000 on contributions made to your CHET account. Use for a wide variety of expenses at any accredited university, college, or vocational school nationwide—and many abroad.
Where can I find fee details for the Chet funds?
For fee details, please view the CHET Fact Kit (PDF), starting on page 26. View information on the funds’ short-term performance since inception date of February 2, 2021 (when the funds were established at Fidelity), or average annual total returns by month or by quarter.
What is the Chet Program Investment Guide (PDF)?
This CHET Program investment guide (PDF) provides information about investment options, performance details, fees and more. for the most recent annual report. View the plan Fact Kit (PDF) and download the application and supporting documents.
What is the Chet 529 plan?
Connecticut Higher Education Trust (CHET), a Fidelity-managed 529 plan follows the same approach as other Fidelity plans in Arizona, Delaware, Massachusetts and New Hampshire. It features three age-based options; one using Fidelity Series actively managed funds; one using Fidelity Series index funds; and a third using a combination of the two.
What is Chet Dream Big?
CHET is dedicated to helping Connecticut families find ways to afford the costs of higher education. Learn more about the CHET Dream Big! Competition Consider these tips from Fidelity customers who found easy ways to ask their family and friends to consider gifting to their 529 on gift-giving occasions.