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Year-End Planning: Finalize Your Account

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It’s hard to believe, but the end of the year is nearly here – and that means it’s time to finalize contributions to your 529 accounts.

For Virginia taxpayers, maximizing contributions also means maximizing tax benefits. Virginia residents can deduct contributions up to $4,000 per account per year on their Virginia individual income tax returns.

Please refer to Virginia529’s holiday schedule for processing deadlines to ensure your contributions are made in time to qualify for a 2017 tax deduction. This calendar is also useful if you’re planning a distribution from your account this month.

 

Virginia529 Holiday Schedule  Tax Advantages


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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.