Virginia 529 plan

Virginia: 529 Plan:


 * Open to Residents
 * Open to non-residents

Program match on contributions: None

State tax deduction or credit for contributions: Contributions to any of Virginia's 529 plans of up to $2,000 (increasing to $4,000 in 2009) per account per year are deductible in computing Virginia taxable income, with an unlimited carryforward of excess contributions. Contributions are fully deductible in the year of contribution for taxpayers at least 70 years of age. Contributions from a non-owner are deductible by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by the last business day of the year based on agency calendar (not postmark date).

'''State tax recapture provisions: The principal portion of rollovers and nonqualified withdrawals from this plan are included in Virginia taxable income to the extent of prior Virginia tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.'''

Age-based investment options: The Age-based Evolving Portfolios option contains seven portfolios of underlying mutual funds and separately-managed investments. Contributions may be invested in any of the portfolios. The portfolios automatically shift to a more conservative investment allocation over time. The portfolios are a mixture of Vanguard Index funds and other providers' active funds.

Static investment options: Select among nine portfolios each of which invests in a different Vanguard mutual fund.

Single Funds

Expenses: 0.31% - 0.57%


 * Direct link to 529 Plan site
 * Plan document

Links

 * Morningstar Overview
 * State Creditor Protections for 529 Plans