I know in CT the tax deductible limit for 529 contribution is $10000 for a couple. But we did contribute $32000 into 529 last year and use 529 to pay the college cost for my kid. The TurboTax review always stops at the form and complaint about the amount is too large. Should I just ignore it? Thanks.
Only he could set up an IRA for himself, and he would have to have his own earned income in order to make a contribution.
Thank you for your answer. After posing the question, I googled online and found the same answer. I tried to delete my question but failed. So I modified it to another question, then I found your answer. Thank you very much for your help.
Does he have any earned income to report? You/he can only contribute to a IRA up to the amount of his earned income. And then it only goes on his return.
Did you ever get an answer about your CHET contribution amounts? The answers posted here appear to be about IRAs and not the CHET 529 college savings plan (I assume your original q was about IRAs but I can't see it in the thread). I have a similar CHET issue and was wondering how you dealt with it. My wife and I contributed ~17K to CHET this year, so that's what we reported on form CT1040 p3,4, but Turbotax flags that as "CHET amount is too large." I realize the annual CT tax-deductible amount is 10K for joint filers, but it seems that the form is asking for the total amount you contributed, and I don't want to misrepresent that amount. Do you just report 10K? Confusing...
any answer for this ‘CHET amount is too large’ We contributed more than 10K ,the TurboTax keep suggesting to correct it.
I am having same issue when reporting the CHET Contributions for CT State tax preparation.
CT allows maximum 10K deduction for CHET 529 but I contributed more.
I am using 2020 TurboTax Home and Business CD / Download
Do not enter more than $10,000, regardless of the amount you actually contributed. There is a $10,000 tax deduction limit. See Connecticut Higher Education Trust - CT.gov.
Amy, if you work for TurboTax you need to explain your answer and how taxpayers should handle excess/carryover contributions (you need to keep track of them yourself, TT 2021 will not know you made them). This section in the TT CT program is worse than confusing. It is basically incomprehensible (including the help dropdown) to users. I am sure that you can't fix the problem but you can at least explain what taxpayers should do and why.
Thanks
Robert