Article: 50459

Overview 

Virginia taxpayers may be eligible to deduct contributions made to Virginia 529 College Savings Plans and ABLE savings trust accounts from their Virginia taxable income. These deductions help encourage saving for education and individuals with disabilities. 

Who Can Claim This Deduction? 

You may claim the deduction if: 

• You contributed to a Virginia-sponsored 529 College Savings Plan, or 

• You contributed to a Virginia-sponsored ABLE savings trust account, 

• The contribution was made during the tax year being filed, and 

• The contribution was not deducted on another return (e.g., by another taxpayer). 

Note: You do not need to be the account beneficiary to claim the deduction—you only need to be the contributor to a qualifying Virginia plan. 

Deduction Amount & Limits 

• The maximum deduction is $4,000 per account, per taxpayer, per year. 

• If your contribution exceeds $4,000 for a single account, you may carry forward the excess to future years until fully used. 

• ABLE account contributions are subject to separate federal and state limits. 

How to Report 

1. Navigate to the State Taxes section on the left-hand side of the screen. 

2. Click the link: I’d like to see the forms I’ve filled out or search for a form. 

3. In the dropdown menu, select Virginia. 

4. Click on the General tab. 

5. Click on Prepaid College Savings Contribution Deduction to open the form. 

6. Enter all applicable information.  

7. Click Save once complete. 

Additional Resources 

 For further information see:  https://www.tax.virginia.gov/sites/default/files/vatax-pdf/2024-760-instructions.pdf