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Important year-end state tax deduction, investment direction and settlement cutoff dates:
VIRGINIA STATE TAX DEDUCTION DEADLINE
In order to qualify for a 2007 Virginia state tax deduction, contributions MUST be received in our office in time for them to be processed and deposited into our account by 5:00 p.m. on Friday, December 28, 2007. Our office will close at 5:00 p.m. on Friday, December 28, 2007 and will not reopen until Wednesday, January 2, 2008. Opening an account on line will not qualify you for the 2007 Virginia state tax deduction unless the initial contribution is received, processed and deposited by 5:00 p.m. on December 28, 2007. We accept credit cards only for the application fee when applying on line--you may not make your initial contribution using a credit card on line. Any funds deposited after 5:00 p.m. on December 28, 2007 will be available for a 2008 Virginia state tax deduction of up to $2,000 per account, with an unlimited carry forward for future tax years. Account owners who are age 70 or above are not affected by the $2,000 limit. Only the account owner may claim a deduction for amounts contributed to a VCSP account.
INVESTMENT DIRECTION CHANGE DEADLINE
Investment direction changes are allowed once per calendar year. In order for an investment change to take place in 2007, forms must be received in our office in time for them to be processed by 5:00 p.m. on Friday, December 28, 2007. Investment direction forms received after 5:00 p.m. on December 28, 2007 will be processed during the first settlement period in 2008. Please contact us if you have questions about year-end investment direction changes.
YEAR-END SETTLEMENT SCHEDULE
The holiday closings will cause some changes in the normal settlement schedule for the Virginia Education Savings Trust. Following is the anticipated settlement schedule, taking into account holiday closings:
Settlement scheduled for November 21st will take place on November 20th
Settlement scheduled for December 26th will take place on December 27th
Settlement scheduled for January 2nd will take place on January 3rd
Please contact us if you have questions about a specific settlement date.
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