Virginia 529 College Savings Plans
Virginia operates a multi-manager, direct-sold 529 college savings program (Invest529) and an advisor-sold 529 plan (CollegeAmerica) utilizing American Funds. Both Virginia 529 plans are available to residents of any state. Virginia also offers a prepaid tuition program (Prepaid529) open only to Virginia residents.
More about each Virginia 529 plan is available in the following links.
- Tax deduction for single filers$4,000/yr
- Tax deduction for joint filers$4,000/yr
Advisor Sold Plans
Virginia's CollegeAmerica is an advisor-sold 529 plan that makes available a line-up target date fund portfolios, multi-fund portfolios, individual fund portfolios from American Funds through Class 529-A, 529-C, 529-E and 529-F-1 shares.
The ABLEnow Program allows eligible individuals to save for qualified disability expenses on a tax-advantaged basis without jeopardizing eligibility for federal means-tested benefits, such as Supplemental Security Income and Medicaid.