Thank you and I thought the same. But when I enter distribution (around 7K), my state refund went up by
Thank you, Thats what I thought but when I added distribution in CT state tax form under:
'Education Trust Fund Distribution- about 7K, getting about $500 additional refund.
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TT help notes reads:
When you take distributions from the Connecticut Higher Education Trust account, to pay for qualified higher education expenses, federal income taxes are based on the student beneficiary's rate, which is likely to be lower than the tax rate of the Account owner. A distribution used to pay for your beneficiary's qualified higher education expenses is exempt from Connecticut income tax.
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both 1098T and 1099-Q on child name and I'm not filing any forms in federal tax. Just want to make sure this is correct, and I can claim that.
