With the holidays and year-end deadlines fast approaching, refer to the dates below to make 2021 contributions and ensure your transactions are processed in a timely manner.
Virginia taxpayers may deduct contributions up to $4,000 per account per year from Virginia taxable income. To qualify for a 2021 state tax deduction, be sure to complete your transaction by December 31 using the following methods:
- Electronic debits/ACH transactions: must be received by Virginia529 by 11:59 p.m. Friday, December 31, 2021.
- Checks or money orders: must be postmarked by Friday, December 31, 2021. As a reminder, Virginia529’s office building will remain closed due to COVID-19, therefore, checks or money orders should be mailed to the addresses below.
For tax purposes, it's recommended that you track the postmark date. If you're mailing a check on December 31, you may want to consider using Certified Mail. Please see the section below for more information about processing timeframes.
|Account Type||Prepaid529 accounts||Invest529 accounts
(excluding Tuition Track Portfolio)
|Tuition Track Portfolio accounts|
|Mailing Address:||Wells Fargo Bank
P. O. Box 719232
Philadelphia, PA 19171-9232
|Wells Fargo Bank
P. O. Box 719226
Philadelphia, PA 19171-9226
|Wells Fargo Bank
P. O. Box 716485
Philadelphia, PA 19171-6485
Virginia529 Holiday Schedule/Processing Timeframes
Virginia529 will be closed on Friday, December 24 and Friday, December 31 in observance of state holidays. Here’s what you need to know about the processing of withdrawals and other account-related changes.
Online Contributions and Withdrawals
Contributions: One-time debits from your bank account (ACH) can be made daily up to 11:59 pm.
Withdrawals: Online withdrawal requests can be submitted daily. Generally, requests received by 3:59pm on each business day will be withdrawn from your account the next business day.
Requests Submitted via Mail, Fax, or Email
Virginia529 will process your investment direction or withdrawal request according to the following schedule:
|Received Date||Processing Date|
|Wednesday, December 22, 2021 through Thursday, December 23, 2021, until 5 p.m. ET||Monday, December 27, 2021|
|Friday, December 24, 2021, until 5 p.m. ET||Tuesday, December 28, 2021|
|Wednesday, December 29, 2021 through Thursday, December, 30, 2021, until 5 p.m. ET||Monday, January 3, 2022|
|Friday, December 31, 2021, until 5 p.m. ET*
*If making a contribution via mail, the envelope simply needs to be postmarked by December 31 to qualify for a 2021 tax deduction
|Tuesday, January 4, 2022|
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 2022 semester withdrawal request forms early to ensure meeting your student’s school/college/university payment deadline. These institutions have their own holiday closing schedule, so be sure to check with them about the timing of payments for Spring 2022.