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Reply to "529 for private tuition "
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[quote=Anonymous][quote=Anonymous]For Virginia, it seems to me that this is allowable - based on the various rules (including Virginia’s $4k deduction per ACCOUNT as opposed to per beneficiary) my interpretation is that you can do the following Ignoring spouse contributions or parallel accounts, it seems to me that an individual parent could set up the following for an individual child 1. Set up multiple accounts per beneficiary (as long as investment allocation is different) 2. Contribute $4k to each account (subject to overall gift limitations to a single beneficiary) 3. Deduct $4k per account on your Virginia Taxes (so 8, 12, 15k, etc) 5. Withdraw up to $10k in aggregate across accounts for a single child’s private school tuition Anyone think this is not allowable?[/quote] We are doing 1, 2, 3. Not using it for private school. (What's step 4, anyway?)[/quote]
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