Your 529 plan can now be used to fund tuition costs for private and religious K-12 education, up to $10,000 per child per year.
Academic ability ranks high on the "must-have" list for getting into college and successfully earning a degree, but there are a couple of other skills that educators and parents can help students focus on to make sure that they get an "A" in college readiness.
If you had a distribution from your Virginia529 account(s) in 2017, a 1099-Q form will be mailed for tax purposes by January 31, 2018. If a distribution was made payable to an Account Owner, a 1099-Q will be mailed to the Account Owner and will also be available via the secure online access at Virginia529.com.
Effective January 2, Virginia529 has changed its investment structure for the Aggressive Growth, Moderate Growth and Conservative Income investment portfolios by eliminating its use of the Vanguard LifeStrategy funds and investing directly into the underlying Vanguard mutual funds of which the LifeStrategy funds are comprised.
On December 22, 2017, a wide-ranging tax reform bill (H.R. 1) was signed into law. The new law is complex and impacts many areas of income, deductions and credits. Both 529 college savings and ABLE disability savings programs received attention in the tax bill, with enhancements and added flexibility added to both types of programs.