Reduce Taxes With the Gift of Education

RICHMOND, VA--(Marketwired - December 15, 2015) - The deadline for contributions to Virginia529 College Savings Plan (Virginia529) accounts to qualify for a 2015 state income tax deduction is approaching. Contributions must be made by December 31, 2015 to be deductible for the 2015 tax year. The tax deduction also makes saving for a loved one's future college costs extra rewarding for gift givers and recipients.

Individuals, parents and other family members can start or add to Virginia529 accounts to take advantage of the state tax deduction. Virginia tax law allows Virginia taxpayers to deduct contributions up to $4,000 per account in single year from their state individual income tax; excess contributions may be deducted in subsequent years. Account owners age 70 and above (by December 31) may deduct all Virgnia529 account contributions made in a year.

Only the account owner qualifies for the deduction, so family members such as grandparents may choose to open their own accounts for tax purposes.

Gift givers can select from a variety of themed certificates-including Christmas, Chanukah, new babies and birthdays -to make giving the gift of education easier. Visit Virginia529.com to print a gift certificate, open an account or learn more about the tax deduction.

Check off multiple items from your to-do list with a tax-deductible contribution to a Virginia529 college savings account.

About Virginia529 College Savings Plan:

Virginia529 makes higher education more accessible and affordable for families and individuals. With $55 billion in assets under management and 2.4 million accounts as of October 31, 2015, Virginia529 is the largest 529 plan available. Four flexible, affordable, tax-advantaged programs-Virginia529 prePAID ℠ (prePAID ℠), Virginia529 inVEST ℠ (inVEST ℠), CollegeAmerica® and CollegeWealth®-and early commitment scholarship program SOAR Virginia® assist students of any age in reaching their higher education goals. For more information on Virginia529's college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials. These include information on Virginia529 programs, investment objectives, risks, charges, expenses and other important information; read and consider them carefully before investing. All investments are subject to risk, including the possible loss of the money you invest. Virginia529 encourages prospective participants to seek the advice of a professional concerning any financial, tax or legal implications related to opening an account. For residents of states other than Virginia: your state or the beneficiary's state of residence (if different) may sponsor a 529 plan that offers state income tax and other benefits not available to you through Virginia529 College Savings Plan. ©2015 Virginia College Savings Plan. All Rights Reserved.