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TaxUser 2022
Returning Member

Virginia529 State Tax deduction

Team, 

 

I have the following contributions.

 

Child1 :

  Acct 1 : > $1000

  Acct 2 : > $1000

 

Child2 :

  Acct 1 :  > $1000

  Acct 2 :  > $1000

 

How much amount can I deduct from Virginia Taxes?Does it have have to be $2,000 overall as one account per child or $4000 as there are 4 accounts in total for 2 Childs?

 

 

 

 

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1 Reply
MayaD
Employee Tax Expert

Virginia529 State Tax deduction

Virginia taxpayers who are Invest529 account owners can deduct their contributions up to $4,000 per account, per year, with unlimited carry forward to future tax years. 

You can enroll in multiple Invest529 programs. Account values across all programs may not exceed $550,000 per student.

 

Virginia529

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