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Reply to "One-time lump sum into VA 529—tax question"
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[quote=Anonymous]you can only deduct $4k max each year, but VA has a carry-forward option (carry forward to deduct $4k next year, the following year, etc). I just read about this, and the example given was for an $8k contribution (so deduct $4k for one calendar year, then $4k the next calendar year). You can also deduct $4k per year per account. So if you own four accounts, you can put deduct up to $16k (assuming you put $4k in each individual account). Perhaps open a few more accounts. ???[/quote]
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