529 plans get their name from Section 529 of the Internal Revenue Code, which was passed by Congress in 1996. This confirmed the tax status of programs started years earlier by some states, and allowed other states, including Virginia, to help families plan and save for future qualified higher education expenses at eligible educational institutions. Virginia 529 College Savings Plan offers one prepaid program that allows families to prepay today for their future cost of undergraduate tuition and mandatory fees, and three different savings programs, all of which are administered by Virginia 529. Each program is different in order to meet various objectives, risk tolerances, savings time horizons and budgets, but all four programs provide an important first step in saving for college. Earnings on all Virginia 529 accounts grow tax-free and are not subject to tax if used for qualified higher education expenses. Virginia taxpayers are also eligible to receive a deduction from state individual income taxes of up to $4,000 per account each year. Benefits may be used at eligible universities, colleges, community colleges and technical schools across the country and around the world!
Virginia 529 makes it easy to learn about all four programs through Virginia529.com, with the pre-printed Program Guide (also available online), or first-hand through representatives at various events. Representatives are front and center to talk about the four programs with a factual yet fun spin at school, community and other events throughout the state of Virginia all year long. Free group presentations for PTAs, employers, churches, and many other organizations are offered upon request.
Centrally located in Richmond, Virginia 529 welcomes walk-ins for enrollments, deposits and account inquiries. For additional information about Virginia 529 please email vcspinfo@virginia529.com, visit Virginia529.com or call toll-free at 1-888-567-0540. You may also find Virginia 529 updates and fun activities and contests that are happening at events through online resources like Facebook, Twitter, and Virginia529.com.
