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Invest529

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Best VA resident benefits

VA resident benefits

Invest529, Virginia's direct-sold college savings plan is available to residents of any state, and offers low fees, diverse investment options and tax benefits for residents.

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KEY METRICS

OVERVIEW

Program type

Savings

Inception

1999

State agency

Commonwealth Savers Plan

Tax deduction

For single filers: $4,000/yr per beneficiary

For joint filers: $4,000/yr per beneficiary

Program manager

Commonwealth Savers Plan Board and its CEO

Program distributor

Not applicable.

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and legal residents at least 18 years old, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

The account must be used within thirty years after the projected date of high school graduation, or within thirty years after account is opened if the beneficiary has already graduated from high school, unless an extension is granted by the program.

A Tuition Track Portfolio Account must be depleted by the tenth anniversary of the beneficiary's expected usage date.

Did you know?

  • VA residents can claim a tax deduction for contributions to a VA 529 plan.

    Up to $4,000/yr ($4,000/yr for single filers) per year are eligible.

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

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Contributions

Maximum contributions:

Accepts contributions until all account balances in Virginia's 529 plans for the same beneficiary reach $550,000.

The value of a Tuition Track Unit is 1% of Average Tuition as determined annually by Virginia529 (i.e. one hundred Tuition Track Units are equal in value, at maturity, to one (1) year of Average Tuition). A maximum of 1,000 Tuition Track Units is permitted per Beneficiary, subject to the Maximum Account Balance.

Minimum contributions:

The minimum initial contribution is $10. No minimum ongoing contributions are required.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers an online tool to share a gift contribution link with family and friends.

Investment Options

Investors in Invest529 can select from the following investment options. Click on a portfolio name for more information.

The Target Enrollment Portfolios option contains 8 portfolios (including 2 portfolios closed to new participants) of underlying mutual funds and separately-managed investments.
PortfolioE.R. % Equity1yr performance
2039 Portfolio0.35%84.4%6.3%
2042 Portfolio0.37%91.65%6.33%
2027 Portfolio0.19%40%5.12%
2030 Portfolio0.25%57.4%5.69%
2033 Portfolio0.29%67.5%5.99%
2036 Portfolio0.33%76.45%6.24%

Age-based/Enrollment Year investment options:

The Target Enrollment Portfolios option contains 8 portfolios (including 2 portfolios closed to new participants) of underlying mutual funds and separately-managed investments.

Static investment options:

Select among 15 portfolios, including an Invesco stable value option and an FDIC-insured savings option. Twelve of the portfolios invest in Vanguard funds. The ESG Core Equity Portfolio invests in the Parnassus Core Equity Fund.

The Tuition Track Portfolio, is an exclusive option for Virginia residents. The portfolio tracks average tuition growth at Virginia public universities (Average Tuition) and avoids market risk by protecting families' principal investment. With the Tuition Track Portfolio, families purchase units that may be used to cover tuition and other qualified higher education expenses.

Underlying investments:

Atlantic Union Bank, Blackstone Property Partners, Capital Research & Management Co., Dimensional Fund Advisors, LP, Invesco Advisers, Inc., Neuberger Berman Investment Advisers, Parnassus Investments, PGIM Fixed Income, The Vanguard Group, Inc., Touchstone Investments, UBS Trumbull Property, Wellington Management Co., LLP; Tuition Track Portfolio may invest in Acadian Asset Management, LLC, BlackRock MSCI Equity Index, Capital Research & Management Co., Dimensional Fund Advisors, LP, Sands Capital Management , LLC, Adams Street Partners, Aether Investment Partners, LLC, Apogem Capital, Asia Alternatives Management, LLC, Aventura Holdings, LLC, Bain Capital Real Estate, Commonfund, Hamilton Lane, Horsley Bridge Partners, LGT Capital Partners, Morgan Stanley Real Estate Advisor, Inc., Neuberger Berman, Related Fund Management, LLC, Starwood Capital Group, LLC, Stockbridge Capital Group, LLC, UBS Realty Investors, LLC, Ares Capital Management, Brigade Capital Management, LP, The Carlyle Group, Chorus Capital Management, LTD, Dreyfus Cash Investment Strategies, Eagle Point Credit Management, LLC, Golub Capital, Loomis, Sayles & Company, LP, Monarch Alternative Capital, LP, Neuberger Berman, PGIM, Inc., Schroders Investment Management, Inc., Shenkman Capital Management, Inc., Wellington Management Co., LLP

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

Effective May 1, 2014, VA529 no longer charges an application fee for this program if application is submitted online.

Account maintenance fee:

None.

Program management fees:

0.046% Administrative Fee; No Fee for the FDIC-Insured or Tuition Track Portfolios

Expenses of the underlying investments:

Asset management fees range from 0.02% to 0.322% (portfolio weighted average) in the age-based and static multi-fund portfolios, and 0% to 0.51% in the individual-fund portfolios.

Total asset-based expense ratio:

0.0% - 0.556%

Taxes and other Benefits

Tax deduction for single filers:

$4,000/yr per beneficiary

Tax deduction for joint filers:

$4,000/yr per beneficiary

Program match on contributions:

None.

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.

Calculate your Virginia 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Virginia 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

If an Account is cancelled for a reason other than the student's death, Disability, receipt of a scholarship (including attendance at a U.S. military academy), or Rollover to another Virginia529 account, any amount of the refund previously deducted from the Account Owner's Virginia taxable income as a result of Contributions to the cancelled Invest529 Account must be added back to the Account Owner's Virginia taxable income in the year the refund is received, in addition to any federal tax consequences.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Virginia and non-Invest529 plans are exempt. Virginia also exempts distributions from an Invest529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.

State tax treatment of rollovers:

Virginia follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

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Distributions & Terminations

To whom are distributions made payable:

Account owner, beneficiary, eligible educational institution, or other third party, as directed by account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership ($10 fee except where owner has died or become disabled).

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes, once an account has been accepted, online payments are accepted.

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

http://www.virginia529.com/invest/index.php

Telephone:

1-888-567-0540

Twitter

http://twitter.com/#!/virginia529

Social Media

Start saving for your child's future today

Complete the online application and make your first deposit

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