Duncan Suzuki

Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

Time expiring for college savings contributions

By MELINDA WILLIAMS

melinda@southwesttimes.com

 

If you’re setting aside money in a Virginia529 college savings account for Jane’s or Johnny’s college education, time is quickly ticking away if you want to earn a 2013 state income tax deduction.

Virginia529 contributions must be made by Dec. 31 to qualify for a 2013 deduction.

Up to $4,000 in contributions can be deducted on each account each year; however, there is no dollar limit for taxpayers over age 70 (as of Dec. 31) and above. Excess contributions can be deducted in subsequent years.

The deduction applies to contributions made to any Virginia529 program, such as prePAID, inVEST, CollegeWealth and CollegeAmerica.

To apply for a Virginia529 account, visit Virginia529.com.