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Account Updates

Processing your Investments and Distributions during the Holidays

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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 distributions 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 2019 state tax deduction.

 

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

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

Received Date Processing Date
Monday, November 25, 2019 through Tuesday, November 26, 2019, until 5 p.m. Friday, November  29, 2019
Wednesday, November 27, 2019, until 10:00 a.m. Monday, December 2, 2019
Wednesday, November 27, 2019, after 10:00 a.m. through Thursday, November 28, 2019, until 5 p.m. Tuesday, December 3, 2019
Friday, November 29, 2019, until 5 p.m. Wednesday, December 4, 2019

In December, Virginia529 will be closed Tuesday, December 24, 2019 and will remain closed through Wednesday, December 25, 2019 in observance of Christmas. The office will reopen Thursday, December 26, 2019 at 8:30 a.m. Virginia529 will process your investment direction or distribution request received in good standing according to the following schedule:

Received Date Processing Date
Friday, December 20, 2019 through Monday, December 23, 2019, until 5 p.m. Thursday, December 26,  2019
Tuesday,  December 24, 2019 through 5 p.m. Friday, December 27, 2019
Wednesday,  December 25, 2019 through 5 p.m. Monday, December 30, 2019

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. Virginia529 encourages you to send Spring 2020 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 2020 semester and its holiday closing schedule.

 

Year-End Contributions

Maximize your 2019 Virginia income tax deduction. Virginia taxpayers may deduct contributions up to $4,000 per account per year from Virginia taxable income.

2019 tax deduction deadlines:

To ensure your contribution qualifies for a 2019 Virginia income tax deduction, please provide it by the following deadlines:

  • Electronic debits/ACH transactions: received by Virginia529 by 11:59 p.m. Tuesday, December 31, 2019
  • Cash contributions: received by Virginia529 by noon  Tuesday, December 31, 2019
  • Checks or money orders: received by Virginia529 by 3 p.m. Tuesday, December 31, 2019

Contributions received after these deadlines will not qualify for 2019 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.