Virginia 529 Tax Deduction 2024. Most states offer a state income tax deduction or credit for. 2024 tax calculator for virginia.
The secure 2.0 act, approved in late 2022, introduces a new perk for 529 plan holders. Virginia taxpayers who contribute to either of virginia’s state 529 plans can claim a deduction of up to $4,000 per account yearly on their state taxes.
So, Using Today’s Limit, It Would Take You 5 Years To Roll Over The Entire $35,000 ($7,000 Per Year Over 5 Years).
Finalize contributions to your 529 accounts before ringing in 2024.
For Virginia Taxpayers, Maximizing Contributions Also Means Maximizing Tax Benefits.
A 529 college plan offers a variety of state and federal tax benefits.
Each State’s Tax Rules May Differ In Its Treatment Of Income From A 529 Plan, So It’s Important To Check With Your State Or Consult A Tax Advisor Regarding Specific Tax Consequences.
Images References :
A 529 College Plan Offers A Variety Of State And Federal Tax Benefits.
So, using today’s limit, it would take you 5 years to roll over the entire $35,000 ($7,000 per year over 5 years).
If You Withdrew Money From Your 529.
If your state is one of those states that has a 529 plan deduction, turbotax will prompt you to enter your 529 contributions when you get to the credits/deductions.
The Secure 2.0 Act, Approved In Late 2022, Introduces A New Perk For 529 Plan Holders.