May 29th is Virginia 529 day! Virginia529 is a state agency that helps families plan and save for the cost of higher education. They have more than $69 billion in assets under management and 2.6 million accounts, making Virginia529 the largest 529 plan available. They offer three flexible, affordable, tax-advantaged programs to help students of any age reach their higher education goals. Read more below or find more at: www.virginia529.com
- A 529 plan is a tax-advantaged savings account for higher education expense. Earnings in 529 accounts grow free from state and federal taxes and are never taxed when used for qualified higher education expenses. Virginia taxpayers may deduct contributions up to $4,000 per account per year from their Virginia state individual income taxes.
- Funds in 529 plans are free from state and federal taxes when used for qualified higher education expenses. Virginia residents may deduct contributions to 529 accounts – up to $4,000 per account per year – from state income tax.
- 529 accounts can be used at public and private schools worldwide including community colleges and for technical, continuing education and advanced degree programs. 529 accounts also can be used to fund tuition costs for public, private and religious K-12 education, up to $10,000 per child per year.
- You may save with Virginia529 regardless of where you live. And you also may use a Virginia529 account at eligible educational institutions around the country – or even the world.
- Visit Virginia529.com.