Reply to Which 529 plan do you have your kids in? How much do you contribute per year?

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Reply to "Which 529 plan do you have your kids in? How much do you contribute per year?"

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[quote=Anonymous][quote=Anonymous]In Virginia the law is that you can deduct up to $4,000 per account per year.  The thing is each child / parent combination is a separate account and each investment option is a separate account.  For example you could do the following:

1) Mom contributes to Child #1 account $4,000 and invests in total bond fund
2 ) Mom contributes to Child #1 account $4,000 and invests in total stock market
3) Mom contributes to Child #2 account $4,000 and invests in total bond fund
4) Mom contributes to Child #2 account $4,000 and invests in total stock market
5) Dad contributes to Child #1 account $4,000 and invests in total bond fund
6) Dad contributes to Child #1 account $4,000 and invests in total stock market
7) Dad contributes to Child #2 account $4,000 and invests in total bond fund
8) Dad contributes to Child #2 account $4,000 and invests in total stock market

and deduct $32,000 in a single year.  If you wanted to add more investment options you could deduct even more.[/quote]

OP here. I was under the impression it was $4000 PER parent per year.[/quote]

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