Skip to main content

College Savings 101

Your Tax Refund Can Equal College Savings


Expecting a state tax refund this year? Before you schedule a vacation or plan that shopping spree, consider transforming your tax refund into a contribution toward your Virginia529 account! Experts say an upfront lump sum contribution to a 529 plan savings account may benefit from potential market gains over the long-term. 


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 to direct a contribution. If you’re contributing to a Prepaid529 or Invest529 account, you will need the account number and beneficiary’s last name. For CollegeAmerica accounts, contact your financial adviser for the required information.


Are you contributing all or part of your federal refund or a refund from another state? You’ll need to first  deposit the refund to your bank account, then just send a contribution to Virginia529 using a check or electronic transfer.


Open an Account Schedule VAC

Smart Savers Blog

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.