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posted Apr 7, 2023 9:21:57 AM

CHET 529 deduction

I live in CT and am entering my CHET contributions. I have one account for each of my daughters, and my combined contributions to their accounts will meet the $10,000 max, but turbotax will not let me enter more than one account. Am I only able to enter one account, and therefore leave $ on the table? I know about the carry forward deal, but would rather claim the full 10k now if possible. 

 

Thanks in advance!

 

 

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1 Replies
Level 7
Apr 7, 2023 1:20:34 PM

 

 You can enter the total contribution. If you have more than one account, enter one account number and in the CHET Contribution enter 10,000.

 

 

The law limits annual deductions to $5,000 for individual taxpayers and $10,000 for joint filers. It allows taxpayers to carry forward any unused deductions for contributions on or after January 1, 2006 for the five following years as long as each deduction does not exceed the annual maximum.