The contribution comes out of your VA refund, so it is an election to make after you see how much refund you will receive
You may contribute all or part of your income tax refund to one or more existing Virginia529 or ABLEnow accounts by completing Schedule VAC.
Any contribution(s) made will be deemed a contribution to either a Virginia529 or ABLEnow account(s) for the 2021 taxable year.
The election is on Part I of the VA 760 to choose to deposit your refund to the account indicated.
Part I, Section A
Enter the overpayment amount computed on your return less the amount credited to estimated tax for next year.
Part I, Section B
For each contribution, provide the Program Type Code (see codes below), beneficiary’s last name, and account number.
In addition, provide the routing number if you are making a contribution to a CollegeAmerica account.
Contact your financial advisor to obtain the proper account number and routing number for a CollegeAmerica account.
For contributions to
Prepaid529,
Invest529,
CollegeWealth and
ABLEnow accounts,
use your Virginia529 or ABLEnow account number for each. Program Type Codes:
1 = Invest529
2 = Prepaid529
3 = CollegeWealth
4 = CollegeAmerica
5 = ABLEnow
If contributing to more than 5 accounts, use the supplemental schedule, Schedule VACS, to provide the information for additional accounts
Please refer to page 25 of the following link for additional information:
Virginia 529 contributions from refund
