What are the federal and state tax advantages?
When you contribute to OCSP, your account earnings have the opportunity to grow federal and Oklahoma income tax-deferred until withdrawn. The earnings portion of any withdrawals used to pay for qualified higher education expenses will be free from federal and Oklahoma income tax. This federal income tax-free treatment of qualified withdrawals and other federal tax benefits are permanently in place for 529 plans through the passage of the Pension Protection Act of 2006.
When you contribute to CHET, your account earnings have the opportunity to grow federal and Connecticut income tax-deferred until withdrawn.The earnings portion of any distributions used to pay for qualified higher education expenses will be free from federal and Connecticut income tax. This federal income tax-free treatment of qualified withdrawals and other federal tax benefits are permanently in place for 529 plans through the passage of the Pension Protection Act of 2006. Is there a Connecticut income tax deduction? Yes, you may also be eligible for a Connecticut income tax deduction. The amount contributed by a Connecticut taxpayer to CHET accounts during a tax year is deductible from Connecticut adjusted gross income in an amount not to exceed $5,000 for a single return or $10,000 for a joint return for that tax year. The Connecticut income tax deduction applies to contributions made in calendar year 2006 and beyond, including contributions dating back to January 1, 2006.
When you contribute to CHET, your account earnings have the opportunity to grow federal and Connecticut income tax-deferred until withdrawn.The earnings portion of any distributions used to pay for qualified higher education expenses will be free from federal and Connecticut income tax. This federal income tax-free treatment of qualified withdrawals and other federal tax benefits are permanently in place for 529 plans through the passage of the Pension Protection Act of 2006. Is there a Connecticut income tax deduction? Yes, you may also be eligible for a Connecticut income tax deduction. The amount contributed by a Connecticut taxpayer to CHET accounts during a tax year is deductible from Connecticut adjusted gross income in an amount not to exceed $5,000 for a single return or $10,000 for a joint return for that tax year. The Connecticut income tax deduction applies to contributions made in calendar year 2006 and beyond, including contributions dating back to January 1, 2006. The Con
When you contribute to the Minnesota College Savings Plan, your account earnings have the opportunity to grow federal and Minnesota income tax-deferred until withdrawn. The earnings portion of any distributions used to pay for qualified higher education expenses will be free from federal and Minnesota income tax. This federal income tax-free treatment of qualified withdrawals and other federal tax benefits are now permanently in place for 529 plans through the passage of the Pension Protection Act of 2006.
