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?
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
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