Get the 4-1-1 on 529s this Back-to-School Season
It’s back-to-school time again, but for families across the country this school year is anything but ordinary. Here are some resources and answers to your education savings and 529 plan-related questions during this unprecedented time.
Supporting Your College Student
Can I Put My College Refund Back into My 529 Plan?
In 2020, when colleges and universities across the country shifted into online instruction in an effort to stymie the spread of COVID-19, families received refunds for some expenses that 529 funds were used to cover. In the event of a college refunding expenses, is it possible to place the money back into a 529 account while avoiding any potential tax ramifications?
Other Frequently Asked Questions:
How Long Do I Have to Use My Account?
How Long Does a Child Have to Use their Prepaid529 Account?
Important Documents:
Learn More:
Adjusting Your Child’s K-12 Education
Can I Use My 529 Plan for My Child’s K-12 Education?
Withdrawals of up to $10,000 per beneficiary per year for tuition may be taken as a qualified expense from a 529 plan. Note: The costs of textbooks, room and board, supplies and other expenses for K-12 education are not covered and homeschooling expenses are currently not considered qualified higher education expenses.
Other Frequently Asked Questions:
Learn More:
Managing Your Accounts
Manage Your Account at Virginia529.com
Virginia529 offers a variety of digital account management options for account owners to manage their account securely online.
How Long Does it Take for My Money to be Invested?
As of April 2020, Invest529 contributions received on any Business Day are generally invested on the next Business Day.
Other Frequently Asked Questions:
Can I change Invest529 Portfolios?
Learning About Saving
4 Ways You Can Use a 529 Account
529 plans are designed to be flexible, and in recent years the approved uses for your 529 plan have grown to include even more pathways to help individuals and families achieve their dreams.
Other Frequently Asked Questions:
Does My Virginia529 Account affect Eligibility for Financial Aid?
Helpful Planning Tools:
Explore the College Savings Estimator, Cost of Waiting Calculator and Financial Aid Calculator
