Hi, Lainyb!
Contributing to a 529 Plan is a great way to put money aside for your child's education!
There are no limits on the amount you can contribute on an annual basis but the cap in Virginia for how much you can contribute in total is $500,000 for a single beneficiary. For K-12 private or religious school tuition you can contribute up to $10,000 per year.
As far as tax benefits are concerned, any withdrawals used for the beneficiary's qualified education expenses are tax free and the earnings in the account are also tax free. Plus, Virginia taxpayers may deduct up to $4,000 per account per year from your Virginia state individual income taxes!
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