Looking for the perfect gift and a way to save on your 2018 Connecticut taxes? CHET, the state of Connecticut 529 college savings plan, has the answer!
During December, CHET wants to remind you the value of a GIFT of EDUCATION, and the benefits of a CHET 529 College Savings Plan. Especially with the Latino community, as studies show Latinos place the highest value on a college education but less than 4% of Latinos in Connecticut save for higher education. A CHET account can be opened for any child – your own, one in your family, or any loved one.
What’s more, when you open and contribute to a CHET account prior to December 31, families can deduct their savings from their state income taxes. Specifically, Connecticut residents can deduct up to $5,000 per year for a single return or $10,000 per year for a joint return. And, as a 529 plan, your earnings can also grow tax free from Federal and State taxes, and withdrawals are tax free if they are used for qualified expenses.
Other benefits include:
The Entire Family Can Contribute
With CHET, you don’t have to go it alone! Anyone can contribute to your child’s account. So, get a helping hand from your friends and family to help the account grow faster.
The Perfect Holiday Gift
Encourage your friends and family to give a CHET “Gift of College” gift card or give one yourself. The CHET “Gift of College” gift card makes the perfect stocking stuffer or 3 Kings Day present and is available in denominations from $25 – $200. They can even personalize the gift card and download a gift certificate from our website! Purchase one here.
Flexible and Easy to Use
When the time comes, you can use the funds for a lot more than just tuition — including required fees, certain room and board costs, books, supplies, as well as computers and related technology costs. Funds can be used at most accredited colleges and universities, community colleges and vocational schools in the United States — even some abroad. An account can be opened in just 15 minutes and the account can be managed online. You can establish automatic contributions to make regular deposits convenient and even establish deposit through payroll deduction.
Information in Spanish
For those wanting to share information in Spanish, CHET has a Spanish Website as well as a Spanish-language Facebook page you can follow.
For more information about CHET or to open an account online visit their website at www.aboutchet.com or in Spanish at www.aboutchet.com/espanol. You can also call (866) 314-3939 and to reach a customer service representative for help.
