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Smart Savers Blog

Contributions and Withdrawals during the Holidays


The holiday season is here! Virginia529 will be closed on certain days in observance of holidays.

Here’s what you need to know to ensure that your withdrawals and other account-related changes are processed in a timely manner and that your contributions meet the deadline to qualify for a 2023 state tax deduction.


Virginia529 Holiday Schedule/Processing Timeframes

December: Virginia529 will be closed from Monday, December 25 through Tuesday, December 26. Normal business hours will resume on Wednesday, December 27 at 8:30 a.m. ET.

January: Virginia529 will be closed on Monday, January 1. Normal business hours will resume on Tuesday, January 2 at 8:30 a.m. ET.

Due to the holiday closing schedule, please anticipate a delay in receipt of your check from Virginia529 for refunds, payments to schools and all withdrawal requests. Virginia529 encourages you to send Spring 2024 semester withdrawal request forms early to ensure meeting your student’s school payment deadline. These institutions have their own holiday closing schedule, so be sure to check with them about the timing of payments for Spring 2024.


Online Contributions and Withdrawals

Save time and a stamp! Use your online account to make contributions and withdrawals.

  • Contributions: One-time contributions through your online bank account can be made daily up to 11:59 p.m. ET.
  • Withdrawals: Online withdrawal requests can be submitted daily. Generally, requests received by 3:59 p.m. ET on each business day will be withdrawn from your account the next business day.

Note: Online contributions and withdrawals are subject to bank validation. If you add a new bank or additional information is required, processing times may be delayed.


Requests Submitted via Mail or Email

Virginia529 will process your requests or according to the following schedule:

Date Received Date Processed
Thursday, November 23, 2023 through
Friday, November 24, 2023 until 5:00 p.m. ET
Tuesday, November 28, 2023
Monday, December 25, 2023 through
Tuesday, December 26, 2023 until 5:00 p.m. ET
Friday, December 29, 2023


Year-End Contributions

Virginia taxpayers may deduct contributions up to $4,000 per Virginia529 account per year from Virginia taxable income. To qualify for a 2023 state tax deduction, be sure to complete your transaction by the following deadlines:

  • Electronic Bank Transfers/ACH transactions: must be received by Virginia529 by 11:59 p.m. ET on Sunday, December 31, 2023.
  • Checks or money orders: must be postmarked by Sunday, December 31, 2023. Contributions may not post to your account until January but can qualify as long it is postmarked by December 31. Consider tracking the postmark date or using Certified Mail for tax documentation purposes. Be sure to include the Virginia529 account number or Gift ID on the check.

As a reminder, Virginia529 does not accept cash contributions. Checks or money orders should be mailed to the addresses below.

Account Type Prepaid529 Invest529
(excluding Tuition Track Portfolio)
Tuition Track Portfolio
Mailing Address: Wells Fargo Bank
P. O. Box 719232
Philadelphia, PA 19171-9232
Wells Fargo Bank
P. O. Box 719226
Philadelphia, PA
Wells Fargo Bank
P. O. Box 716485
Philadelphia, PA 19171-6485

Resources to help you learn

Frequently Asked Questions

Find answers to the most common questions about 529 plans.

Smart Savers Academy

Tune in to a live episode and ask questions of the presenter, or watch a previously recorded webinar below.

Invest529 Portfolio Performance

Review and compare historical returns of Invest529 portfolios.