43ºF

Deadline looms for Virginia529 tax deductions

photo
(Copyright by WSLS - All rights reserved)

RICHMOND, Va. (AP) - The clock is ticking to qualify for a state income tax deduction on college savings.

Dec. 31 is the deadline to make tax-deductible contributions to Virginia529 college savings plan accounts for the 2015 tax year.

Virginia allows taxpayers to deduct contributions up to $4,000 per account in a single year from their state individual income tax. Contributions above that sum can be deducted in subsequent years.

Virginia529 accepts applications for new accounts and payments for new and existing accounts online at Virginia529.com, by mail or in person at the agency's office in Chesterfield.

For more information, visit Virginia529.com.