There are many benefits to saving with Virginia529, the largest 529 plan in the nation. Here are a few:
As a Virginia529 account owner, you’ve earned membership to the Smart Savers Club, with exclusive rewards and discounts.Check out the current offers available now
If you’re a Virginia taxpayer, remember to deduct contributions from your Virginia state individual income tax. Taxpayers under age 70 on or before December 31 of the taxable year may deduct up to $4,000 per account per year with an unlimited carryforward of any contributions over $4,000 to future tax years, subject to certain restrictions. If you’re over 70, you may deduct the actual amount contributed that taxable year.
You also can direct all or some of a Virginia tax refund into your account to boost your savings.
(If you owe taxes to another state, check with your state’s tax department to learn if you can deduct contributions to Virginia529.)More on tax benefits for Virginia529 accounts
Should plans change – if your student receives a scholarship or doesn’t pursue higher education – the money you saved is still yours. You can reserve the money for graduate school, transfer the account to a member of the current beneficiary’s family without penalty in most cases or withdraw the funds (non-qualified distributions may incur certain tax payments and penalties).
Virginia529 accounts can fund many qualified higher education expenses for eligible four-year colleges, two-year colleges, graduate schools, trade schools, training programs and tuition at private or religious K-12 schools.
Virginia529 accounts are open to all ages. While Prepaid529 has age limitations and a limited enrollment period, Invest529 and CollegeAmerica can be opened at any time for anyone – even adults.