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Contributions and Withdrawals during the Holidays

2021-Holiday-Schedule_1200x800-min.jpg

During November and December, Virginia529 will be closed on certain days in observance of federal holidays. Here’s what you need to know to ensure that your withdrawals and other account-related changes are processed in a timely manner while ensuring that your contributions meet the 12/31 deadline to qualify for a 2021 state tax deduction.

 

Processing Timeframes for 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 Generally, requests received in good order by 3:59pm on each business day will be withdrawn from your account the next business day.

 

Processing Timeframes for Requests Submitted via Mail, Fax, or Email

November 2021

Virginia529 will close at noon on Wednesday, November 24 and will remain closed through Friday, November 26 for the Thanksgiving holiday. Virginia529 will reopen for business at 8:30 a.m. on Monday, November 29, 2021.

 

Received Date Processing Date
Wednesday, November 24, 2021 until 10 a.m. ET Friday, November 26, 2021
Thursday, November 25, 2021 through Friday, November 26, 2021, until 5 p.m. ET Tuesday, November 30, 2021

December 2021

Virginia529 will be closed Friday, December 24. Virginia529 will reopen for business at 8:30 a.m. on Monday, December 27, 2021. Virginia529 will also be closed on Friday, December 31, 2021. Please note that until further notice, Virginia529's office building will remain closed due to COVID-19. Virginia529 will process your investment direction or withdrawal request received in good standing 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

Due to the holiday closing schedule, please anticipate a delay in receipt of your check. This includes 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 take extended breaks between the Fall and Spring semesters during which their accounting office also may be closed.

Please contact your student’s school/college/university for information on the timing of payments for the Spring 2022 semester and its holiday closing schedule.

 

Year-End Contributions

Maximize your 2021 Virginia income tax deduction. Virginia taxpayers may deduct contributions up to $4,000 per account per year from Virginia taxable income.

 

2021 tax deduction deadlines:

To ensure your contribution qualifies for a 2021 Virginia income tax deduction, please complete your transaction by the following deadlines:

  • Electronic debits/ACH transactions: received by Virginia529 by 11:59 p.m. Friday, December 31, 2021. Cash contributions: No longer accepted by Virginia529.
  • Checks or money orders: Please note that until further notice, Virginia529’s office building will remain closed due to COVID-19. Therefore, please mail checks or money orders to the addresses below.
  • Depending on when the contribution is received, it may post to your account in 2022. As long as your contribution is postmarked by December 31st, it could qualify as a 2021 contribution. Consider keeping a copy of the postmark date for tax documentation.

 

For Credit to: 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 19171-9226

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.