I have two kids. I am the owner of all Virginia529 accounts. These are Invest529.
There are three distinct accounts per kid - one for bonds, one for stocks, one for international stocks. Each account has its own account number. Virginia529 reports on each account separately.
That's a total of six separate accounts. Can I deduct $4,000 of income for each account?
That's a huge potential deduction. And it seems to be a unintended consequence of the the way Virginia529 reports and tracks the income. Rather than having a single brokerage-type account per child with multiple holdings, they organize each type of holding into its own account. It's to my benefit, but is that really what's allowed?
