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Frequently Asked Questions


Yes, families who have a Virginia529 account can transfer funds to an ABLEnow account without incurring any tax or penalty. However, the amount transferred from the Virginia529 account may not exceed the annual ABLE contribution limit, including any amounts previously contributed to the ABLEnow account. Both the 529 and ABLEnow accounts must have the same beneficiary, or the new ABLEnow beneficiary must be an ABLE-eligible “Member of the Family” as defined by IRC Section 529A(e)(4). Note that 529 account to ABLEnow account transfers are available up until December 31, 2025, in accordance with current federal law. For more information, read Transfer Virginia529 Funds to ABLEnow.

An authorized individual is someone who can receive information on an account, such as an account statement, but does not have any control or authority to act on the account. You can easily add an authorized individual by completing the Account Access Authorization form online. Authorized individuals can set up their own online account login once they’ve been added to your own account. For more information, read Can You Give Others Access to Your Account?.

Yes. Typically you can move funds into or out of your Virginia529 accounts through a rollover, transfer or investment option change. For details, please see the Move Funds page.

An account owner may initiate an investment option change twice per calendar year per student. If there is a change in student, an investment option change can also be made at the same time.

Yes, an account owner may have multiple portfolios for the same student and each portfolio is a separate account. The account owner may not have two of the same portfolios for the same student. For instance, an account owner could not have two 2039 portfolios for the same student but could have a 2039 portfolio and an ESG Core Equity portfolio for that same student.

The only insured portfolio is the FDIC-Insured Portfolio and this portfolio is insured by the Federal Deposit Insurance Corporation (FDIC) to the fullest extent permitted by law. All other Invest529 portfolios are subject to market risk including loss of principal.

You may choose any of the Invest529 portfolios, however it's important to keep in mind the shorter the time horizon when the money will be needed for private, public, or religious K-12 schools when choosing a portfolio. There are Invest529 portfolios that have conservative and stable investment strategies as well as more aggressive options, but it is ultimately up to you to choose the portfolio that best meets your risk tolerance and time horizon.

Target Enrollment portfolios are designed for college savers. You pick the date your student will be graduating from high school and over time the investments go from more aggressive to more stable. 

For more information about Target Date Portfolios, view the blog article: Three Things to Know About: Target Enrollment Portfolios.

Contributions may be made online at or by check, electronic bank transfer or direct deposit (please consult your employer regarding direct deposit policies).

First, get to know Invest529 and your portfolio options by reading the Program Description. Once you’re ready, click on Open an Account at the top of any page to gather the information you need to get started. After you create an online user profile, you can complete the application for Invest529. To open a CollegeAmerica account, contact your financial advisor or visit

Yes. Accounts can be closed at any time. Keep in mind that earnings that are not used for qualified higher education expenses are subject to a 10 percent federal tax penalty (with certain exceptions for death, disability and scholarships), plus federal and state income taxes on the earnings reportable on the taxpayer’s return, and the recapture of any Virginia tax deduction previously taken on the amount of the cancellation or refund.

Generally, you have at least 30 years to use your Invest529 or CollegeAmerica account based on either the student’s projected high school graduation date or, if opened after the student’s high school graduation, when the account was opened. For Prepaid529 or Invest529 Tuition Track Portfolio accounts, you have 10 years after the student’s projected high school graduation year to use the account. Virginia529, in its sole discretion, may grant extensions of time in which to use a Virginia529 account. Please see the applicable Program Description for more information.

Account ownership can be transferred at any time to an individual 18 years of age or older and a U.S. citizen or legal U.S. resident. Account benefits can be transferred to a member of the current student’s family without penalty. Penalties may apply if transferred to an individual who is not a member of the current student’s family. Please read the applicable Program Descriptions and consult your tax adviser for more information.

Yes! Anyone may contribute to your Virginia529 account, but only account owners may take the Virginia state income tax deduction for contributions.

Accounts may grow tax-deferred and are tax-free of federal and Virginia taxes when withdrawals are used for Qualified Higher Education Expenses and at eligible institutions. Virginia taxpayers who are Virginia529 account owners can deduct their contributions up to $4,000 per account, per year, with unlimited carry forward to future tax years.

No state residency restrictions exist for Invest529 or CollegeAmerica. 

No. All Virginia529 accounts, including Prepaid529, can be used at any eligible educational institution around the country or the world, public or private! Remember, Prepaid529 contract benefits differ depending on how and where they are used. Please see the applicable Program Description for more information.

Yes. Many families choose to enroll in multiple Virginia529 programs. Account values across all programs may not exceed $550,000 per student.

Yes. Most technical and graduate schools are eligible educational institutions. Check the eligibility of a specific school online at or contact the school directly. Remember, Prepaid529 contract benefits differ depending on how and where they are used. Please see the applicable Program Description for more information.

Account owners must be 18 years of age or older and a U.S. citizen or legal U.S. resident to open an account, while the beneficiary (student) must be a U.S. citizen or legal U.S. resident to be named to an account. The account owner may also be a U.S. trust, corporation, partnership, nonprofit organization, custodian, guardian or other entity. Only the Tuition Track Portfolio requires the account owner or the student to be a Virginia resident at the time the account is opened.