Deadline for Virginia 529 college savings account is Tuesday
If you have a Virginia 529 college savings account, Tuesdays is the last day you can make contributions to your account and earn a 2013 state income tax deduction.
You may deduct up to $4,000 per account, per year.
However, if you're 70 or older, there is no dollar limit.
Virginia taxpayers have two days left to make contributions to their Virginia529 college savings accounts and earn a 2013 state income tax deduction. The deadline is December 31.
Virginia taxpayers may deduct contributions up to $4,000 per account per year; no dollar limit exists for taxpayers age 70 (by December 31) and above. Taxpayers with multiple accounts (including couples filing jointly) may deduct up to $4,000 in contributions to each Virginia529 account. Excess contributions may be deducted in subsequent years.
The deduction applies to contributions made to any Virginia529 program–prePAID, inVEST, CollegeWealth and CollegeAmerica.
Virginia529 accepts applications for new accounts and payments for new and existing accounts online at Virginia529.com, by mail or in person at the agency’s office in Chesterfield. Visit Virginia529.com for more information, addresses and December office hours.
About the Virginia529 College Savings Plan:
Virginia529 is a 529 college savings plan that offers flexible, affordable, tax-advantaged savings for qualified higher education expenses through its four programs: Virginia529 prePAID SM (prePAID SM), Virginia529 inVEST SM (inVEST SM), CollegeAmerica® and CollegeWealth®. More than $47 billion in assets under management and 2.3 million accounts as of November 30, 2013 make Virginia529 the largest 529 plan available. For more information on Virginia529’s college savings options, visit Virginia529.com.
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