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Reply to "One-time lump sum into VA 529—tax question"
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[quote=Anonymous]The gift tax limit is per person, so your spouse/other parent can contribute another 14k/year or 70k with the 5 year upfront. As far as the va deduction, you can deduct 4k/year per account. The state defines "account" differently for inVEST, college America, and prepaid accounts. For college America and prepaid they basically treat each account owner/beneficiary combination as one account. For inVEST they treat each investment portfolio within each account owner/beneficiary account as a separate account. Any amounts in excess of the deductible amount carryover to the next year(s). If you Google "va ruling 10-240" it has some examples you can read through. [/quote]
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