VIRGINIA RESIDENTS ONLY
REDUCE YOUR VIRGINIA STATE INCOME TAX EVEN MORE
VIRGINIA residents age 70 or older who
own a 529 Education Savings Plan for, say their
grandchildren, may deduct the entire
amount of any contribution from their Virginia
taxable income in the year contributed and use
carry forward into future years.
wise, Virginia allows
an Account Owner to deduct from
Virginia taxable income up to $2000
of contributions, including any rollover
contributions, per year per Account in the year
the contribution was made or in a future year.
Any amounts over the $2000 may be incrementally
deducted in future years until fully deducted.
Virginia and non-Virginia residents should
consult their state tax advisors for more
information regarding their state specific tax
treatment of CollegeAmerica Accounts and other
education savings plans.
The combination of the Virginia College Savings
Plan and American Funds makes
plan everyone investing for college should
—Diana Cantor, Executive Director, Virginia
College Savings Plan
Serving Investors Since 1961