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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][quote]From the VA 529 program guide here: http://www.virginia529.com/documents/general/vcsp_program_guide.pdf page 4 [b]"Virginia taxpayers with VA529 accounts may deduct up to the lesser of $4,000 per year or the amount contributed, for each VA529 account they own, with an unlimited carry-forward of unused deductions." It is definitely per account, not per parent or per child.[/b] All of the documentation I get from the VA 529 plan has a different account number for each combination of investment choice, parent, and child. [/quote] This is nutty. Not questioning you, it appears to be true. It's just a pretty crazy deduction scheme. In a good way, if you have that much to invest. Though it seems like one more way for the wealthy to shelter a buttload of income from taxation. [/quote] You're only avoiding state taxes, not federal. As a pp said, if you make $250k per year and contribute $5K, you save a whopping $154 in taxes.[/quote]
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