Skip to main content

Smart Savers Blog

Contributions and Withdrawals During the Holidays

Holiday-Year-End-2022_1200x800-min.jpg

During 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 and your contributions meet the deadline to qualify for a 2022 state tax deduction.

 

Virginia529 Holiday Schedule/Processing Timeframes

Virginia529 will be closed on Friday, December 23 through Monday, December 26. Normal business hours will resume on Tuesday, December 27 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 2023 semester withdrawal request forms early to ensure meeting your student’s school/college/university payment deadline. These institutions have their own holiday closing schedules, so be sure to check with them about the timing of payments for Spring 2023.

Online Contributions and Withdrawals

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

  • Contributions: One-time or recurring 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 Generally, requests received by 3:59 p.m. ET on each business day will be withdrawn from your account the next business day.

Requests Submitted via Mail, Fax, or Email

Virginia529 will process your requests according to the following schedule:

Date Received Date Processed
Thursday, December 22, 2022 through Friday, December 23, 2022 until 5:00 p.m. ET Tuesday, December 27, 2022

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 2022 state tax deduction, be sure to complete your transaction by the following deadlines:

  • Electronic Bank Transfer/ACH Transactions: must be received by Virginia529 by 11:59 p.m. ET on Saturday, December 31, 2022.
  • Checks or Money Orders: must be postmarked by Saturday, December 31, 2022. Be sure to include your account number on your check. Contributions may not post to your account until January but can qualify as long the envelope is postmarked by December 31. Consider tracking the postmark date or using Certified Mail for tax documentation purposes.

As a reminder, Virginia529 no longer accepts cash contributions and the Virginia529 office building remains closed to visitors. Checks or money orders should be mailed to the addresses below.

Account Type Prepaid529 Accounts Invest529 Accounts
(excluding Tuition Track Portfolio)
Tuition Track Portfolio Accounts
Mailing Address: Prepaid529
P. O. Box 719232
Philadelphia, PA 19171-9232
Invest529
P. O. Box 719226
Philadelphia, PA 19171-9226
Tuition Track Portfolio
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.