Virginia 529, What counts as a unique account for figuring the deduction?

[JohnJacob]

I have two kids.  I am the owner of all Virginia529 accounts.  These are Invest529.

There are three distinct accounts per kid - one for bonds, one for stocks, one for international stocks.  Each account has its own account number.  Virginia529 reports on each account separately.

That's a total of six separate accounts.  Can I deduct $4,000 of income for each account?

That's a huge potential deduction.  And it seems to be a unintended consequence of the the way Virginia529 reports and tracks the income.  Rather than having a single brokerage-type account per child with multiple holdings, they organize each type of holding into its own account.  It's to my benefit, but is that really what's allowed?

[AnnetteB6 · Accepted solution]

Based on the information found on the Virginia529 website, you are allowed to deduct up to $4000 per account per year.  The amount not deducted in a current year may also be carried forward to future tax years.  So, your understanding does appear to be correct.

To learn more, see the following website:  Virginia529 FAQ

[JohnJacob]

That’s what I went with, thanks!