September is College Savings Month and VA529 has some great opportunities to save. With four unique programs, there is something for every type of savings strategy and style. Wondering why you should start saving now?
Here are 4 great reasons:
- All earnings in Virginia 529 accounts grow free from federal tax.
- Virginia taxpayers with Virginia 529 accounts may deduct up to $4,000 per year, for each account they own, with an unlimited carry-forward.
- Account Owners age 70 or above may deduct the entire amount of their contributions at one time or in any future tax years
- Favorable estate and gift tax provisions
And if that’s not enough, consider the future costs of college. The average college tuition and fee charges at four-year public institutions increased from $617 in 1976-77 to $5,930 in 2009-10, an 861 percent increase over 33 years, according to the College Board’s 2009 report, “Trends in College Pricing.”
Get a head start on college savings and be prepared for your child’s future education. Visit the VA529 website to learn more and to get started.
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