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:
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?
@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