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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 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.


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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.