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Reply to "VA taxes / 529 accounts - moving between funds tax question "
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[quote=Anonymous]Ok, so my spouse and I each have 529 accounts for each of our kids. This year, mid-year after making some initial contributions, we moved our 529 money into different funds to reflect appropriate age-based risk. The money is still with Va529 and we weren’t trying to create new accounts or anything - I think the transaction on our statement refers to “investment direction” - but they assigned us new account numbers. I’m doing my taxes, and I’ve entered all of the account numbers when prompted because contributions were made both before and after we moved things. Turbo tax is treating each account number as a genuinely separate account, which seems wrong (VA bases deductions partially on the number of accounts held and it gives a big boost in our deductions). Can someone point me to the rule for how to deal with this? I don’t think it’s properly considered a rollover if it’s all still with the same fund manager. Im confused.[/quote]
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