Virginia529 Plans
Affording Your Student's Education
Virginia529 plans are eligible for Kindergarten through Grade 12 education, in addition to a college education. Families may use up to $10,000 per year, per child of a Virginia529 account for their Norfolk Collegiate education.
Under tax reform bill H.R. 1, "K-12 tuition is a qualified higher education expense; therefore, some states may offer a deduction from individual state income taxes (Virginia, for example, offers up to a $4,000 deduction)," according to the Virginia529 website.
To be utilized, tuition costs must originate on or after Jan. 1, 2018, to be eligible.
What's not covered?
The costs of textbooks, room and board, supplies and other expenses for K-12 education are not covered, according to Virginia529. Homeschooling expenses are not qualified higher education expenses either.
To be utilized, tuition costs must originate on or after Jan. 1, 2018, to be eligible.
What's not covered?
The costs of textbooks, room and board, supplies and other expenses for K-12 education are not covered, according to Virginia529. Homeschooling expenses are not qualified higher education expenses either.
More Information
For more information on Virginia529 plans and how you can use them for your child's education, please visit Virginia529.com.
