Virginia529 is a popular choice for college savers, and for good reason. While the plan's low fees and diverse investment options are major draws, it's the significant tax benefits that truly set it apart and make it a powerful tool for building education savings. Ignoring these tax advantages means leaving money on the table. Here are the top tax benefits of Virginia529 that you shouldn’t ignore. 1. The Virginia State Tax Deduction This is the most immediate and tangible benefit for Virginia residents. The Deduction: As a Virginia taxpayer, you can deduct up to $4,000 per account per year from your state taxable income for your contributions to a Virginia529 plan. Unlimited Carryforward: If you contribute more than $4,000 in a year, you don't lose the benefit. You can carry forward the excess deduction to future tax years until it has been fully deducted. Age 70+ Bonus: If you are age 70 or older, there is no limit. You can deduct the entire amount of your contribution...

Opening a Virginia529 account is a straightforward process, and it's a smart step toward securing your child's educational future. As one of the most highly-regarded plans in the country, Virginia529 is a popular choice for both Virginia residents and non-residents alike. Here’s a step-by-step guide on how to open a Virginia529 account in 2025. Step 1: Gather Your Information Before you begin the online application, you'll need to have some key information ready for both the account owner and the beneficiary. Having this on hand will make the process quick and easy. For the Account Owner (that’s you!): Your full legal name and address. Your Social Security Number (SSN) or Tax Identification Number (TIN). Your date of birth. Your state-issued identification information (e.g., driver's license number). For the Beneficiary (the student): The student's full legal name and address. The student's Social Security Number (SSN) or Tax Identification Number (TIN). The stu...