In 2007, I set up a Virginia Prepaid529 account for my son. I made a lump sum payment when the contract was setup. Let's say the lump sum was $20,000. My son is now 21 and about to start his senior year at a university in another state. We've been using the Prepaid529 for his tuition each year. I haven't deducted anything from my state taxes for this. Am I able to take a $4000 state tax deduction for each of the next 5 years to cover that initial lump sum payment?
