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Virginia


CollegeWealth


5 Cap Ratings
(Resident Rating) (Non-Resident Rating)

Summary
Virginia's CollegeWealth bank product allows account owners to save in traditional FDIC- or NCUA-insured deposit accounts at participating banks or financial institutions and benefit from Section 529 tax advantages.

Program Details
Summary: Virginia's CollegeWealth bank product allows account owners to save in traditional FDIC- or NCUA-insured deposit accounts at participating banks or financial institutions and benefit from Section 529 tax advantages.
Program type: Savings
Program manager: Virginia College Savings Plan
State residency requirements: None
Maximum contributions: Accepts contributions until all account balances in Virginia's 529 plans for the same beneficiary reach $350,000.
Minimum contributions: Varies. Determined by each participating bank or financial institution.
Age-based investment options: None.
Static investment options: Bank, savings and loan or credit-union issued deposit accounts, insured up to allowable limits by the FDIC or NCUA, respectively.
Underlying investments: Bank, savings and loan or credit-union issued deposit accounts, insured up to allowable limits by the FDIC or NCUA, respectively.
Enrollment or application fee: Fees set by participating banks or financial institutions.
Account maintenance fee: Fees set by participating banks or financial institutions.
Program management fees: 0.10% state administrative fee is included in the bank or financial institution fees.
Expenses of the underlying investments:
Total asset-based expense ratio: Not applicable, interest rates are established by the participating bank or financial institution.
Program match on contributions: None.
State tax deduction or credit for contributions: Contributions to a Virginia 529 plan of up to $4,000 per account per year are deductible in computing Virginia taxable income, with an unlimited carryforward of excess contributions. Contributions are fully deductible in the year of contribution for taxpayers at least 70 years of age. Contributions from a non-owner are deductible by the account owner and not by the non-owner/contributor. Contribution deadline is receipt (not postmark date) by the last business day of the year based on agency calendar.
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