It’s tax time – and that means two important dates are fast approaching. The deadline for submitting your 2015 federal taxes is Monday, April 18, 2016, and Virginia income tax returns are due Monday, May 2, 2016. If you’re expecting a tax refund (or have already received one), consider contributing toward your Virginia529 account to give your college savings a boost.
Remember that this act of planning ahead could help you on next year’s Virginia state taxes. Contributions to Virginia529 accounts are deductible from Virginia individual income tax, up to $4,000 per account per year.
Are you saving in more than one Virginia529 program or in multiple inVEST portfolios? Read on to see how this could increase your tax deduction!