The CT Department of Revenue Services has recently confirmed that 529 Education Savings Accounts, which can now be used for private K-12 school tuition, just as they are currently used for college tuition, will not be subjected to any state tax penalties under current state law.
This means that parents, grandparents, and other family members can invest in the State of Connecticut’s CHET Program, and apply funds saved in those accounts to K-12 nonpublic Catholic school tuition bills. They will be able keep their state tax deductions for their CHET contributions, the same as if the funds were used for college tuition.
The Connecticut Catholic Conference, which has assisted in achieving this clarification from the State of Connecticut, has asked the State Treasurer’s Office to make this information clearer on the CHET website and to implement procedures that facilitate these withdrawals for K-12 tuition. (The private schools have not yet been assigned “numbers” as has been done for colleges and universities. However, that should not deter anyone as long as he/she can demonstrate that any amount withdrawn for private school tuition was then paid to that institution).
Many families may benefit from the use of this vehicle for saving and for paying Catholic school tuition. Families are encouraged to consult with their financial advisors and/or contact the CHET program directly for more information. Thank you.
Michael S. Griffin., Ph.D.
Superintendent of Catholic Schools
Archdiocese of Hartford