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Virginia529 (VA 529) or Virginia529 College Savings Plan is the independent state agency responsible for Section 529 qualified tuition programs offered by the Commonwealth of Virginia. [1] Since 2018, Morningstar has named Virginia's Invest529 plan among the top 529 college savings plans in its annual analysis.
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
Unlike other tax-advantaged accounts, there are no federal contribution limits on 529 plans. ... North Carolina, Vermont, Virgina, West Virginia. $550,000. States with the 5 lowest aggregate ...
West Virginia’s plan, Smart 529 WV Direct College Savings Plan. ... And the SECURE Act 2.0 made it even easier to access unused money in a 529 plan. If the account has been open for at least 15 ...
“529 savings accounts are an incredible tool that provides savers with a combination of state income tax deductions, tax-deferred savings, and tax-free distributions for qualified educational ...
Also, any direct Roth IRA contributions to beneficiaries' account will reduce their annual 529-to-Roth transfer limit. For example, if the Roth IRA annual contribution limit is $7,000 and the ...
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