Ashby
New Member

Retirement tax questions

Two different things - You can contribute up to $15,000 per account. However, your Virginia state deduction is limited to $2,000 of the $15,000 contribution. (Unless, you are 70 or older)

Top of page 38 in the literature says:

Virginia Tax Deduction – The Virginia General Assembly has enacted a tax deduction for individuals subject to the Commonwealth of Virginia’s individual income tax. The amount deducted on any individual income tax return in any taxable year is generally limited to $2,000 per Account. Contributors may carry forward any un-deducted amounts until their contributions have been fully deducted. If the Contributor has attained age 70, he or she may deduct the entire amount contributed to an Account, less any amounts previously deducted.

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