Parents invited to learn about CHET accounts

HARTFORD >> State Treasurer Denise L. Nappier and the Department of Revenue Services (“DRS”) have teamed up to make saving for college a little easier for Connecticut taxpayers. DRS offers the “Schedule CT-CHET” form which allows individuals to direct a portion or all of their state tax return to a CHET 529 college savings account.

With the deadline to file taxes right around the corner (April 18 this year), the timing is optimal for families to contribute to a Connecticut Higher Education Trust (“CHET”) account.

“Using your tax refund to boost your child’s college savings is a smart strategy, especially since refunds are often considered ‘found’ or unexpected money,” said Nappier, Trustee of CHET. “DRS has removed the barriers by allowing families to make contributions directly from their tax return. It’s easy and convenient – and the contribution itself would be tax deductible on your tax return next year.”

A CHET 529 account offers numerous tax benefits plus an account can be opened with as little as $25.

Connecticut residents are allowed to deduct 529 contributions from their state income taxes up to $5,000 for an individual or up to $10,000 for a married couple filing jointly. As with all 529 plans, investment earnings can grow free from state and federal taxes, and withdrawals are tax-free if used for qualified educational expenses.

CHET accounts also offer tax benefits for other family members who may be looking to help pay for a grandchild/niece/ nephew’s education. Even if they make a contribution into a parent’s existing account, they can claim the state tax deduction. CHET encourages online contributions. To help give a boost to your child’s CHET account, encourage family members to make a contribution for birthdays, holidays or graduation.

The State of Connecticut offers CHET to help families save for future college costs. Funds saved in a CHET account can be used at accredited colleges, universities, and vocational trade schools across the country for qualified higher education expenses. Some colleges abroad are also eligible.

Since CHET was established in 1997, more than 40,000 students have used more than $1.5 billion in CHET funds to pay for college costs through the CHET Direct and CHET Advisor programs, as of Jan. 31. CHET has more than $3.1 billion in assets and over 137,000 accounts.

The CHET direct-sold plan is administered by the Office of Connecticut State Treasurer Denise L. Nappier, and managed by TIAA-CREF Tuition Financing, Inc. For more information about CHET, visit www.aboutchet.com or call the customer service center at 866314-3939. Find CHET on Facebook (facebook.com/CHETcollegesavings) or follow it on Twitter (@CHET529).

Kent Shop Hop runs March 24-26

KENT >> The Kent Shop Hop, Friday, Saturday and Sunday, March 24, 25 and 26. Kent merchants put a twist on shopping by featuring sales, special events and fun promotions. Go from shop to shop to enter to win a drawing for one of three gift baskets valued at over $300. The Easter Bunny will be at the Gazebo on the Kent Green from 12:30 to 2:30 p.m. on Saturday, March 25 handing out goodies to kids and adults.

To be eligible for the drawing, shoppers need to pick up a map at any of the participating shops. To enter, visit at least three stores in three different zones in town, have your map stamped each time, fill out the form and drop it off at any of the listed shops. The map also will serve as a guide to the sales and events.

Over 30 stores will be featuring specials on spring merchandise, winter clearances, book sales and other fabulous activities. Make sure to stop in to one of our outstanding eateries to keep up your strength after all of your shopping.

For full details on the Kent Shop Hop, visit kentct.com or call 860-592-0061.

Theater to hold annual gala

TORRINGTON >> The Warner Theatre will host its 19th Annual Gala on Saturday, May 20 at 5:30 p.m. in the Carole and Ray Neag Performing Arts Center. The event will benefit the nonprofit theatre with funds supporting the Warner Stage Company, one of the most active community theatre companies in Connecticut, the Warner Theatre Center for Arts Education, an on-site performing arts school where students are free to explore their individuality and creativity and the preservation of the historic Warner Theatre.

The evening will begin with a cocktail and hors d’oeuvre reception where guests will have a chance to mingle and bid in the silent auction. The cocktail reception will be followed by an open bar, dinner, entertainment and a live auction conducted by Eric Hummel.

Tickets are $150 per person and are available by calling 860-489-7180 or at warnertheatre.org. Tables of 6, 8 and 10 are available. For more information on reserving a table or to sponsor the event, call 860-489-7180 x 189. Sponsors include Torrington Savings Bank, Barron Financial Group, Thomaston Savings Bank, Northwest Community Bank, Litchfield Bancorp and Karpas Strategies.