Virginia529 prePAID offers a variety of tuition packages to Virginia families.
- Summary: Virginia529 prePAID offers a variety of tuition packages to Virginia families.
- Program type: Prepaid contract
- Enrollment period: December 1, 2013 through March 31, 2014.
- State residency requirements: The account owner, beneficiary, or parent of a non-resident beneficiary at the time of program enrollment must be a Virginia resident or member of the U.S. military who is either stationed in Virginia or who claims Virginia as home of record .
- Contract prices: In the 2013-14 enrollment, contracts are available in semester increments priced at two levels. Tier I prices range from $7,125 for a 5th to 9th grader to $7,675 for newborn - age 4/5. The Tier II price is $2,900 for newborn to 9th grade.
- Are program benefits backed by the full faith and credit of the state? No
- Are program benefits collateralized or guaranteed in any other way? Yes, state legislation currently provides a financial guarantee in each year's state budget to cover VPEP's contractual obligations in the event of a funding shortfall. This provision can only be changed by the Virginia General Assembly, subject to the Governor's veto, and the General Assembly's ability to override a veto.
- 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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