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Reply to "Tuition reimbursement through a 529 and Virginia tax benefit in the same year"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The Virginia tax deduction is on contributions to a 529. Virginia doesn't care how you spend the contribution. [/quote] You shouldn’t listen to those person. Many states require you hold it in the account for a year, or some other timeframe to get a legal deduction.[/quote] Not a Virginia resident, so have not researched this. Can you cite the relevant restrictions in Virginia? In DC the only way a deduction can be recaptured is if you make a non-qualified withdrawal or make a rollover to another state 529 within the first 2 years of opening the account. After that period is over, there is no deduction recapture possible. https://www.dccollegesavings.com/home/about/tax-benefits.html[/quote]
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