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Virginia529 inVEST state-administered 529 savings program features a mix of different mutual funds and separately-managed accounts in its age-based and static portfolio options.
In Savingforcollege.com's latest quarterly rankings, this plan ranked in the top 10 for 1-year, 3-year, 5-year and/or 10-year performance.
Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
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Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Virginia College Savings Plan
Virginia College Savings Plan Board and its CEO
U.S. citizens and legal residents at least 18 years old, UGMA/UTMA custodians, and legal entities.
The account must be used within thirty years after the projected date of high school graduation, or within thirty years after account is opened if the beneficiary has already graduated from high school, unless an extension is granted by the program.
Accepts contributions until all account balances in Virginia's 529 plans for the same beneficiary reach $350,000.
The minimum initial contribution is $25. Failure to contribute at least $250 within the first 12 months may result in termination of the account.
The Age-based Evolving Portfolios option contains 7 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.
Select among 12 portfolios, 11 of which which invest in a Vanguard mutual fund. The Socially Targeted Investment Portfolio invests in the Parnassus Core Equity Fund.
Mutual funds and separately-managed accounts from Vanguard, Rothschild Asset Management, American Funds, Aberdeen, Prudential, Stone Harbor, Morgan Stanley, Franklin Templeton, INVESCO, and Parnassus.
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
Effective May 1, 2014, VA529 no longer charges an application fee for this program if application is submitted online.
0.15% manager fee.
Ranges from 0.10% to 0.59% (portfolio weighted average) in the age-based and static multi-fund portfolios, and 0.04% to 0.67% in the individual-fund portfolios.
0.19% - 0.82%
Taxes and other Benefits
Contributions to a Virginia 529 plan of up to $4,000 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 (not postmark date) by the last business day of the year based on agency calendar.
Investment time horizon:
18 yrs (i.e. newborn): 0.25% annualized
10 yrs (i.e. 8-yr old): 0.45% annualized
2 yrs (i.e. 16-yr old): 2.26% annualized
Based on 5.75% VA tax rate. (For assumptions see 529 State Tax Calculator.)
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.
Qualified distributions from Virginia and non-Virginia 529 plans are exempt. Virginia also exempts distributions from a Virginia 529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.
Virginia follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under Virginia law, money in a Virginia 529 plan shall be exempt from creditor process and shall not be liable to attachment, garnishment, or other process, nor shall it be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of any contributor or beneficiary.
Distributions & Terminations
Account owner, beneficiary, eligible educational institution, or other third party, as directed by account owner.
Accepts requests to transfer account ownership ($10 fee except where owner has died or become disabled).
Documents, Access & Reporting
Yes, once an account has been accepted, online payments are accepted.
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