Connecticut residents can deduct up to $5,000 in contributions to a CHET Advisor plan annually ($10,000 for residents filing jointly) from their state income tax return. This deduction is for contributions made during the calendar year for which the return is filed.
Earnings on contributions are tax-deferred, and are income tax free if funds from the plan are used for qualified education expenses, including tuition, certain room and board expenses, and necessary fees and supplies.* See the Disclosure Booklet for more information.
*Non-qualified withdrawals are taxable as ordinary income to the extent of earnings and may also be subject to a 10% federal income tax penalty.
CHET Advisor is administered by the Treasurer of the State of Connecticut as the trustee of the Connecticut Higher Education Trust Program and Hartford Life Insurance Company serves as Plan Manager.
Investments in CHET Advisor are not guaranteed or insured by the State of Connecticut, the Connecticut Higher Education Trust Program, the Connecticut State Treasurer's Office, Hartford Life Insurance Company, The Hartford Financial Services Group, Inc., the investment sub-advisors for the Underlying Funds or any depository institution and are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.
Connecticut provides its taxpayers with tax advantages for investing in CHET Advisor. Before investing in a 529 plan, investors should consider whether the state they or their designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if they invest in that state's 529 plan.
Investors should carefully consider the investment objectives, risks, charges and expenses of CHET Advisor and its Underlying Funds before investing. This and other information can be found in the Disclosure Booklet for CHET Advisor and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained in the College Savings pages of www.hartfordfunds.com or by calling 877-407-2828. Please read them carefully before investing or sending money. CHET Advisor is distributed by Hartford Funds Distributors, LLC. Member SIPC
This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, your clients should consult their own tax or legal counsel for advice.
"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.
No state funds have been used to produce these materials nor have materials been produced at taxpayer expense.