College Savings = Tax Deduction
Connecticut Residents can now deduct contributions to approved Connecticut Tuition Savings Plans on their Connecticut tax returns.
New legislation permits personal income taxpayers to deduct contributions to the Connecticut tuition savings plan from adjusted gross income. Joint filers may deduct up to $10,000 annually, while individual filers may deduct up to $5,000. Unused deductions may be carried forward for five years.
We're still waiting on all of the details of this new deduction. Contact us if you'd like to know how it applies to you. We can also make sure that you are contributing to an approved plan.
New legislation permits personal income taxpayers to deduct contributions to the Connecticut tuition savings plan from adjusted gross income. Joint filers may deduct up to $10,000 annually, while individual filers may deduct up to $5,000. Unused deductions may be carried forward for five years.
We're still waiting on all of the details of this new deduction. Contact us if you'd like to know how it applies to you. We can also make sure that you are contributing to an approved plan.
posted by JaegerCPA at 7:41 AM
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