VA 529 rollover deduction question

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crazyapple11
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Joined: Thu Jun 05, 2014 10:40 am

VA 529 rollover deduction question

Post by crazyapple11 » Mon Nov 13, 2017 3:47 pm

Hi, can anyone here help me on a question about the deduction of VA529 rollover ? I tried multiple times with different VA529 representatives but no one can give me a straightforward answer. Any input are greatly appreciated.

VA allows a resident to deduct contributions up to $4,000 per account per year with an unlimited carryforward to future tax years. Let's say I have an out-of-state plan and would like to rollover it to VA 529. My initial contribution to the out-of-state plan is $1,000. The out-of-state plan has grew to $1,200 now. So how much I can claim to deduct after the rollover, $1,000 or $1,200? Thank you.

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