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Virginia 529 plans
Virginia residents receive outstanding state plan benefits.
Learn about state tax benefits ↓Virginia residents receive outstanding state plan benefits.
Learn about state tax benefits ↓Featured 529 plans for Virginia residents:
State tax deduction or credit
Contributions to a Virginia 529 plan of up to $4,000 per account per year are deductible in computing Virginia taxable income, with an unlimited carryforward of excess contributions. The pre-filled "Maximum yearly in-state deduction" assumes there is one account for a single contributor and two accounts for married contributors. Adjust "Maximum yearly in-state deduction" for multiple accounts but do not exceed the amount of investment in "This year's 529 investment". Virginia permits excess contributions to be carried over and deducted over an unlimited number of years. If the contributor is at least 70 years old, the entire amount in "This year's 529 investment" is deductible and should be entered as the deductible amount on "Maximum yearly in-state deduction".
Which 529 plans does Virginia offer?
Virginia operates a multi-manager, direct-sold 529 college savings program (Invest529) and an advisor-sold 529 plan (CollegeAmerica) utilizing American Funds. Both Virginia 529 plans are available to residents of any state. Virginia's prepaid tuition program (Prepaid529) closed to new enrollment as of April 30, 2019. The CollegeWealth program offered through Union Bank & Trust was closed during the first quarter of 2017.
More about each Virginia 529 plan is available in the following links.
Direct sold 529 plans
"Do-it-yourself" type plans in which the saver enrolls and sets up the initial investment. Fortunately most 529 plans make this simple! You'll pay no sales charges beyond fund and administrative fees.
Our rating
4 / 5
Special award
Advisor sold 529 plans
Plans offered by investment professionals. You'll gain the guidance of a financial advisor, but will incur sales charges and/or fees as you invest.
Our rating
4 / 5
Special award
ABLE Plans
529 ABLE accounts let Americans with disabilities save tax-deferred for education and other expenses without impacting eligibility for public benefits.
ABLE Plan
American Funds offers ABLEAmerica, the first ABLE plan available through financial advisors for individuals with disabilities and their families.
ABLE Plan
The ABLEnow Program allows eligible individuals to save for qualified disability expenses on a tax-advantaged basis without jeopardizing eligibility for federal means-tested benefits, such as Supplemental Security Income and Medicaid.
A good place to start:
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