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State Plan

Virginia 529 Plan



Virginia 529 inVEST


Type: Direct – this VA 529 plan can be purchased directly through the state.

Fund Family: Various

Minimums: To get started you can deposit $25.

Maximum Contributions: Currently, you can contribute until your balance reaches $350,000 in all of your Virginia 529 plan accounts per beneficiary. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Good news for Virginia residents – by investing in a VA 529 plan, you can deduct up to $4,000 from your adjusted gross income. You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Residency: VEST is open to all United States residents, not just those in Virginia.

You can learn more about this Virginia 529 plan at the official website.


CollegeWealth


Type: This fund can be set up direct

Fund Family: Two banks: BB&T Bank and Union First Market Bank

Minimums: To get started you can deposit $25 ($1,000 for the Cash Management Trust of America). Minimum subsequent contributions are $50 and $25 with payroll deduction.

Maximum Contributions: Currently, you can contribute until your balance reaches $350,000 in all of your Virginia 529 plan accounts per beneficiary. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Good news for Virginia residents – by investing in your state’s 529 plan, you can deduct up to $4,000 from your adjusted gross income. (Cap does not apply to account owners 70 and above.) You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Residency: CollegeWeaith is open to all United States residents, not just those in Virginia.

You can learn more about this Virginia 529 plan at the official website.


CollegeAmerica


Type: Advisor. Please contact a financial advisor in your state for assistance.

Fund Family: American Funds

Minimums: To get started you can deposit $25 ($1,000 for the Cash Management Trust of America). Minimum subsequent contributions are $50 and $25 with payroll deduction.

Maximum Contributions: Currently, you can contribute until your balance reaches $350,000 in all of your Virginia 529 plan accounts per beneficiary. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Good news for Virginia residents – by investing in your state’s 529 plan, you can deduct up to $4,000 from your adjusted gross income. (Cap does not apply to account owners 70 and above.) You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Residency: CollegeAmerica is open to all United States residents, not just those in Virginia.

You can learn more about this Virginia 529 plan at the official website.


Virginia Prepaid Education Program (VPEP)


For more information about VPEP, visit the official website.

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