State Tax Deduction Deadline
Year-end contributions to Virginia's college savings programs must be received by noon on December 29 to be eligible for 2006 Virginia tax deductions. Funds received after 12 p.m. will not be recorded until the first business day in January. Virginia provides state residents with a $2,000 annual tax deduction for each college savings account. Contributions over that amount are carried forward until they have been deducted in full.
Final 2006 contributions to VPEP accounts should be mailed in time to be processed before December 29 to: Virginia College Savings Plan, P.O. Box 7606, Merrifield, Va. 22116-7606.
For VEST accounts, send contributions in time for them to be processed before December 29 to: Virginia College Savings Plan, P.O. Box 7624, Merrifield, Va. 22116-7624.