News & Press Releases
Important News: Federal legislation includes changes to Section 529 college savings plans
Jan 30, 2019
Effective January 1, 2018, distributions for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school are Connecticut and federal income tax free up to a maximum of $10,000 of distributions for such tuition expenses per taxable year per Beneficiary from all 529 Plans.
Additionally, transfer of funds from a CHET account to a Section 529A Qualified ABLE Program (“ABLE”) is considered a qualified rollover. Please see the disclosure book for further details and restrictions.
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