Virginia529
How the Virginia529 state tax deduction works per account, the carryforward and age 70 rules, and a calculator.
Virginia529 deduction calculator
Virginia529 deduction rules
Virginia lets the account owner deduct the lesser of $4,000 or the amount contributed per Virginia529 account each year (prePAID, inVEST, CollegeAmerica, CollegeWealth). Contribute more than $4,000 to an account and the rest carries forward until it's fully deducted. If you're 70 or older by December 31, you can deduct the entire contribution in one year. Only the owner of record can claim it.
At Virginia's 5.75% top rate, $4,000 saves $230 per account. Two grandparents who each own an account for each of three grandchildren could deduct up to $12,000 each a year. Project growth with the 529 calculator.
Common questions
How much can I deduct for Virginia529?
Up to $4,000 per account per year, with any excess carried forward.
What is the Virginia529 age 70 rule?
Owners 70 or older by Dec. 31 can deduct their entire contribution in one year.
Sources
More savings and interest calculators: Ten Year Treasury Yield · Treasury T Bills · Budget Calculator
Related
General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.