VA 529 deadline for state tax deduction

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Xanadu
Posts: 256
Joined: Fri Sep 30, 2011 8:50 pm

VA 529 deadline for state tax deduction

Post by Xanadu »

I was thinking that I had until tax day to make additional 2012 contributions for the VA state tax decuction (up to $4,000 per account). But after reading this:
Contribution deadline is receipt (not postmark date) by the last business day of the year based on agency calendar.
does that mean I had better get the rest of my contributions in before 12/31/12 if i want the state tax decuction for 2012? I wonder if they would even recognize the receipt of contribution by then if I acted now?
Grt2bOutdoors
Posts: 25625
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: VA 529 deadline for state tax deduction

Post by Grt2bOutdoors »

Xanadu wrote:I was thinking that I had until tax day to make additional 2012 contributions for the VA state tax decuction (up to $4,000 per account). But after reading this:
Contribution deadline is receipt (not postmark date) by the last business day of the year based on agency calendar.
does that mean I had better get the rest of my contributions in before 12/31/12 if i want the state tax decuction for 2012? I wonder if they would even recognize the receipt of contribution by then if I acted now?
I would interpret that to mean the check or funds had better make it into your account on or before the last calendar day (12/31/12) or the state will not recognize your contribution for the 2012 tax year. They likely will not recognize mail received yet unprocessed as being a valid 2012 contribution.
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letsgobobby
Posts: 12073
Joined: Fri Sep 18, 2009 1:10 am

Re: VA 529 deadline for state tax deduction

Post by letsgobobby »

I agree. Question: other than IRA contributions which may be made up until tax day in the following calendar year (ie, April 2013 for tax year 2012), are there any other instances where something that is done in 2013 can affect 2012 taxes?
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