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.