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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. Contributions are fully deductible in the year of contribution for taxpayers at least 70 years of age. Contributions from a non-owner are deductible by the account owner and not by the non-owner/contributor. Contribution deadline is receipt (not postmark date) by the last business day of the year based on agency calendar.
Which 529 plans does Virginia offer?
Virginia offers two 529 savings plans available to residents of any state. Direct-sold Invest529 offers investment portfolios from multiple managers, while the advisor-sold College America utilizes American Funds.
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
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.
ABLE Plan
American Funds offers ABLEAmerica, the first ABLE plan available through financial advisors for individuals with disabilities and their families.
A good place to start:
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Saving For College is an unbiased, independent resource for parents and financial professionals, providing them with information and tools to understand the benefits of 529 college savings plans and how to meet the challenge of increasing college costs.
