Yes, you can do that on the Virginia tax return. As you are going through the state return, look for a screen that says Here's the income Virginia handles differently. Scroll down to Education and you will see the first option in that section - VA 529 Plans.
Virginia offers 529 Plans:
- Virginia Education Savings Trust (Invest529)
- Virginia Prepaid Education Program (Prepaid529)
- CollegeWealth (only through certain banks)
- CollegeAmerica (only through financial advisers)
The owner of the account on record with the "Board" on 12/31 gets the deduction. An account can be owned by one or several people.
If the owner of the account is at least 70 years old this year, every dollar paid in a prior year that wasn't deductible in that year because of a maximum limit and every dollar paid this year is deductible. There is no limit.
If you're under 70 years old this year, you can deduct up to $4,000 for each account you own. This dollar limit applies to current year payments and prior year payments available for a deduction this year.
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