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Contributions and Withdrawals during the Holidays

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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 while ensuring that your contributions meet the 12/31 deadline to qualify for a 2020 state tax deduction.

 

Processing Timeframes for Online Contributions and Withdrawals:

Contributions:  One-time debits from your bank account (ACH) can be made daily up to 11:59 pm. 

Withdrawals:  Online withdrawal requests can be submitted daily.  Generally, requests received in good order by 3:59pm on each business day will be withdrawn from your account the next business day.

 

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

Virginia529 will be closed Thursday, December 24, 2020 and will remain closed through Friday, December 25, 2020. Virginia529 will reopen for business at 8:30 a.m. on Monday, December 28, 2020. Please note that until further notice, Virginia529's office building will remain closed due to COVID-19. Virginia529 will process your investment direction or withdrawal request received in good standing according to the following schedule:

Received Date Processing Date
Tuesday, December 22, 2020 until 5 p.m. ET Thursday, December  24, 2020
Wednesday, December 23, 2020 until 10:00 a.m. ET Monday, December 28, 2020
Thursday, December 24, 2020 through Friday, December 25, 2020, until 5 p.m. Tuesday, December 29, 2020

Due to the holiday closing schedule, please anticipate a delay in receipt of your check. This includes refunds, payments to schools and all withdrawal requests. Virginia529 encourages you to send Spring 2021 semester withdrawal 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 2021 semester and its holiday closing schedule.

 

Year-End Contributions

Maximize your 2020 Virginia income tax deduction. Virginia taxpayers may deduct contributions up to $4,000 per account per year from Virginia taxable income.

2020 tax deduction deadlines:

To ensure your contribution qualifies for a 2020 Virginia income tax deduction, please complete your transaction by the following deadlines:

  • Electronic debits/ACH transactions: received by Virginia529 by 11:59 p.m. Thursday, December 31, 2020.
  • Cash contributions: No longer accepted by Virginia529.
  • Checks or money orders: Please note that until further notice, Virginia529’s office building will remain closed due to COVID-19. Therefore, please mail checks or money orders to the addresses below.  Depending on when the contribution is received, it may post to your account in 2021.  As long as your contribution is postmarked by December 31st, it could qualify as a 2020 contribution. Consider keeping a copy of the postmark date for tax documentation

 

For Credit to: Prepaid529 accounts Invest529 accounts
Mailing Address: Wells Fargo Bank
P. O. Box 759232
Baltimore, MD 21275-9226
Wells Fargo Bank
P. O. Box 759226
Baltimore, MD 21275-9226

Contributions received after these deadlines will not qualify for 2020 deductions.


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.