The deadline for submitting 2016 federal tax returns is April 18, 2017 and Virginia income tax returns is May 1, 2017. If you’re expecting a tax refund (or have already received one), consider contributing to your Virginia529 account to give your college savings a boost.
Virginia taxpayers can direct deposit some or all of a Virginia refund to an existing Virginia529 account using Schedule VAC.
This could help you on next year’s Virginia state taxes, too. Contributions to Virginia529 accounts are deductible from Virginia individual income tax, up to $4,000 per account per year.