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=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]

+1. The state deduction is a little joke. What can be real dough are the fund fees, which is why we chose to ignore the DC plan and go straight to the Utah Vanguard one. Anyone thinking about 529s should prepare a basic excelsheet and see what happens over 10, 15 years.[/quote]

We had the same conversation and decided to do $8K in the DC 529 Index each year and then roll it out as soon as alllowed into a lower cost plan - 2 years, I think.  [/quote]

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