turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

grandyfamilyva
Returning Member

I have a Virginia 529 Tuition Savings Account; can I deduct this from either my federal or my Virginia taxes?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
MinhT
Expert Alumni

I have a Virginia 529 Tuition Savings Account; can I deduct this from either my federal or my Virginia taxes?

Contributions to a 529 plan are not deductible on your federal tax return.

They are deductible up to $4,000 per account per year with an unlimited carry forward to future tax years, subject to certain restrictions. Those age 70 and above may deduct the entire amount contributed to a Virginia529 account in one year.

Please read this document on Virginia529:

https://www.virginia529.com/new-savers/tax-advantaged/

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I have a Virginia 529 Tuition Savings Account; can I deduct this from either my federal or my Virginia taxes?

Virginia 529  -  I contributed $1500 to the Virginia 529 plan in 2019.  I had $10,000 carryover from previous years.  I turned 70 in 2019.  Am I limited to the $4,000 deduction or can I claim the full $11,500 since I'll be moving out of Virginia this year?

Hal_Al
Level 15

I have a Virginia 529 Tuition Savings Account; can I deduct this from either my federal or my Virginia taxes?

@buddc - You are limited to the $4000. Moving out of state would not accelerate that.

The question is: does the carry over amount qualify for the age 70 rule. The wording seems to specific that only the current year contribution qualifies. From page 20 of the form 760 instructions:

 

If you contributed more
than $4,000 per account during the taxable year, you
may carry forward any undeducted amounts until the
contribution has been fully deducted. However, if you are
age 70 or older on or before December 31 of the taxable
year, you may deduct the entire amount contributed
during the taxable year

 

Moving out of state and no longer needing to file a VA means the rest of the carryover deduction is lost

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies