Tax refund can equal college savings
Expecting a refund from overpaid Virginia income taxes? Transform your unexpected tax refund into a contribution toward your Virginia529 account!
This surprise gift can make a world of difference to the account beneficiary’s educational future. Even if it’s a small contribution, it may grow through tax-free earnings over time, equating to even more money in the future.
For your convenience, Virginia taxpayers can direct all or part of a Virginia income tax refund directly into one or more Virginia529 accounts. Use Schedule VAC (pdf), available from the Virginia Department of Taxation.
For Virginia529 prePAID, inVEST and CollegeWealth, you will need the account number and beneficiary’s last name. For CollegeAmerica accounts, contact your financial advisor for the required information.
If you wish to contribute part or all of your federal refund or a refund from another state, first deposit the refund to your bank account. Then, send a contribution to Virginia529 using a check or electronic transfer.