Reply to VA taxes / 529 accounts - moving between funds tax question

Forum Index » Money and Finances

Reply to "VA taxes / 529 accounts - moving between funds tax question "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]You can claim $4k per account in Virginia. Maybe I am not understanding the question but I always just put in the account number and amount donated. If I changed investment direction and made a $2K contribution pre-investment direction change to one account number and $3k post-change to another, I report $2K to the first account number and $3k to the second. [/quote]

But this theoretically doubles the amount of deduction you can claim that year (at least in Virginia). If this were allowed, wouldn’t everyone just change investment direction mid-year every year and contribute 4k on the front end and 4k on the back end?[/quote]

If you didn't move the money, you could absolutely deduct $5000 in this person's example. OP, are you concerned about deducting more than $4000 per owner/beneficiary (which you absolutely can deduct $8k if you contribute $4k to total stock market and $4k to aggressive for the same owner/beneficiary because those are different investment options)?

Or are you specifically concerned that owner/beneficiary/investment option is determined as of December 31st vs. as of the contribution date? I haven't ever changed investment options, but  do have multiple accounts for the same parent/child and would feel comfortable doing like the PP and deducting $5k if I'd originally contributed less than $4k to each. Worst case, you're taking the deduction a year early.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics