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Processing Your Investments and Distributions During the Holidays

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During the month of December, Virginia529 will be closed on certain days in observance of federal holidays. Here’s what you need to know to ensure that your investment directions and distributions are processed in a timely manner, and that your contributions meet the 12/31 deadline to qualify for a 2018 tax deduction.

 

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

Virginia529 will process your investment direction or distribution request received in good standing according to the following schedule:

 

Received Date Processing Date
Thursday, December 20, 2018 through Friday, December 21, 2018, until 5 p.m. Wednesday, December 26,  2018
Monday,  December 24, 2018 through 5 p.m. Thursday, December 27, 2018
Tuesday,  December 25, 2018 through 5 p.m. Friday, December 28, 2018

Due to the holiday closing schedule, please anticipate a delay in receipt of your check. This includes refunds, payments to schools and all distribution requests. We encourage you to send Spring 2019 semester distribution 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 2019 semester and its holiday closing schedule.

Note:  For same-day faster processing, submit your distribution requests by 3:59 p.m. One-time debit from your bank account (ACH) by 11:59 p.m. online will process sooner.

 

Year-End Contributions

Maximize your 2018 Virginia income tax deduction. Virginia taxpayers may deduct contributions up to $4,000 per account per year from Virginia taxable income.

2018 tax deduction deadlines:

To ensure your contribution qualifies for a 2018 Virginia income tax deduction, please provide it by the following deadlines:

  • Electronic debits/ACH transactions: received by Virginia529 by 11:59 p.m. Monday, December 31, 2018
  • Cash contributions: received by Virginia529 by noon  Monday, December 31, 2018
  • Checks or money orders: received by Virginia529 by 3 p.m. Monday, December 31, 2018

Contributions received after these deadlines will not qualify for 2018 deductions.


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Resources to help you learn

Virginia529 offers free, in-person information sessions at locations across Virginia. These hour-long sessions highlight the program’s three plans, explain the benefits to account owners and give you the chance to get your questions answered. If you don’t live near one of our in-person sessions, Virginia529 offers online webinars where you can learn more from the comfort of your own home.