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 2017 tax deduction.
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.
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|
|Friday, December 22, 2017, until 5 p.m.||Wednesday, December 27, 2017|
|Monday, December 25, 2017, through 5 p.m.||Thursday, December 28, 2017|
|Tuesday, December 26, 2017, through 5 p.m.||Friday, December 29, 2017|
Note: 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 2018 semester distribution request forms early to ensure meeting your student’s college/university payment deadline. Colleges and universities take extended breaks between the Fall and Spring semesters during which their accounting office also may be closed. Please contact your student’s college or university for information on the timing of payments for the Spring 2018 semester and their holiday closing schedule.
Year End Contributions
Maximize your 2017 Virginia income tax deduction. Virginia taxpayers may deduct contributions up to $4,000 per account per year from Virginia taxable income.
2017 tax deduction deadlines:
To ensure your contribution qualifies for a 2017 Virginia income tax deduction, please provide it by the following deadlines:
- Electronic debits/ACH transactions: received by Virginia529 by 11:59 p.m. Sunday, December 31, 2017
- Cash contributions: received by Virginia529 by noon Friday, December 29, 2017
- Checks or money orders: received by Virginia529 by 3 p.m. Friday, December 29, 2017
Contributions received after these deadlines will not qualify for 2017 deductions.