SOURCE: Virginia529 College Savings Plan
RICHMOND, VA--(Marketwired - December 27, 2013) - Time is running out for Virginia taxpayers to earn a 2013 state income tax deduction for contributions to their Virginia529 college savings accounts. Contributions must be made by December 31, 2013 to qualify.
Virginia taxpayers may deduct contributions up to $4,000 per account per year; no dollar limit exists for taxpayers age 70 (by December 31) and above. Taxpayers with multiple accounts (including couples filing jointly) may deduct up to $4,000 in contributions to each Virginia529 account. Excess contributions may be deducted in subsequent years. The deduction applies to contributions made to any Virginia529 program -- prePAID, inVEST, CollegeWealth and CollegeAmerica.
Virginia529 accepts applications for new accounts and payments for new and existing accounts online at Virginia529.com, by mail or in person at the agency's office in Chesterfield. Visit Virginia529.com for more information, addresses and December office hours.
About the Virginia529 College Savings Plan:
Virginia529 is a 529 college savings plan that offers flexible, affordable, tax-advantaged savings for qualified higher education expenses through its four programs: Virginia529 prePAID (SM) (prePAID (SM)), Virginia529 inVEST (SM) (inVEST (SM)), CollegeAmerica® and CollegeWealth®. More than $47 billion in assets under management and 2.3 million accounts as of November 30, 2013 make Virginia529 the largest 529 plan available. For more information on Virginia529's college savings options, visit Virginia529.com.