Virginia Prepaid529 and state taxes

[willowpoe]

In 2007, I set up a Virginia Prepaid529 account for my son.  I made a lump sum payment when the contract was setup.  Let's say the lump sum was $20,000.  My son is now 21 and about to start his senior year at a university in another state.   We've been using the Prepaid529 for his tuition each year.   I haven't deducted anything from my state taxes for this.  Am I able to take a $4000 state tax deduction for each of the next 5 years to cover that initial lump sum payment?

[Bsch4477]

Yes, Virginia allows for an unlimited carryforward of deductions for contributions to a Virginia 529 plan, including the Prepaid 529 plan. 

[Hal_Al]

Q. Am I able to take a $4000 state tax deduction for each of the next 5 years to cover that initial lump sum payment?

A. Yes. The fact that you didn't take the deductions, in earlier years, when you could have, does not prevent you from taking it now and in future years.  Furthermore, the fact that the beneficiary is no longer a student, or your dependent, also does not preclude taking the deduction. 

You also have the option of filing amended state returns to claim the $4000 deduction for 2024, 2023 and 2022; but not earlier years (there's a three year limit).