Virginia529 offers four distinct 529 programs – Virginia529 prePAID, Virginia529 inVEST, CollegeWealth and CollegeAmerica. Each program offers its own unique benefits but all four programs provide the same state and federal tax benefits. The choice is yours!
Flexible
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Program Variety
Residency
You do not have to be a Virginia resident to participate in Virginia529 inVEST, CollegeWealth or CollegeAmerica programs. These are national programs open to all U.S. citizens and legal U.S. residents, with no state residency requirements. Virginia529 prePAID’s only state residency requirement is that either the account owner or the beneficiary is a Virginia resident at the time the account is opened.
Ways to Contribute
There are various ways to contribute to a Virginia529 account. Once an account is opened additional information is sent on how to make contributions. Some of the most popular options include:
- Automatic withdrawals
- One-time withdrawal
- Check by mail
- Bill Pay
- Payroll Deduction – when available through employer
- Gift Certificate
We fund our accounts using automatic contributions from our bank each month. Not worrying about remembering yet another task each month is really helpful. Thanks Virginia529, we'll be with you awhile! Class of 2032 and 2035!
Jennifer W., Coatesville, Virginia
Generous Limits
There are no household income limits on Virginia529 account owners and there is a generous $500,000 maximum account balance limit per beneficiary across all four programs combined.
Using Funds – Virginia529 accounts can be used at any eligible educational institution across the U.S. and the world. Virginia529 inVEST, CollegeAmerica and CollegeWealth may be used for any of the qualified higher education expenses listed below. Virginia529 prePAID may be used for tuition and mandatory fees only.
- Tuition
- Fees
- Certain room and board
- Books
- Required supplies and equipment
- Special needs services
Changing the Beneficiary
Virginia529 accounts may be transferred to a member of the current beneficiary’s family with no tax penalty in most cases. Virginia529 prePAID requires that the new beneficiary was in the 9th grade or earlier at the time the account was opened. Virginia529 inVEST, CollegeWealth and CollegeAmerica have no age restrictions for transferring the beneficiary. “Member of the family” is explained by the IRS within Publication 970 “Tax Benefits for Education”.
Account Length
You have an extended amount of time to use the funds in a Virginia529 account. Typically the timeframe is 10 to 30 years from the beneficiary’s high school graduation or 10 to 30 years from the date the account was opened if the beneficiary is an adult at the time the account is opened. The exact length of time depends on the type of program selected. More information is available in each Program Description.