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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