Tue, 21 Apr 2026 9:00 AM - 3:30 PM
Tax season is here and if you haven't yet taken advantage of Virginia's 529 college savings tax deduction, now is the perfect time to start. As a Virginia resident, contributing to a 529 College Savings Plan gives you a state income tax deduction of up to $4,000 per year, per beneficiary with unlimited carryforward for any amounts above that. The sooner you start, the more you can deduct over time.
With the cost of college tuition continually increasing, most parents/guardians/grandparents can use some help saving for college expenses. To make it easier for you to save for a family member’s college education, James Madison University is offering both ABLE and 529 College Savings Plans that allow automatic funding via payroll.
More Reasons to Consider Investing in a 529 Plan this Tax Season
- Federal gift tax exclusions have increased to $19,000 (filing single) and $38,000 (filing jointly) in 2026. This means, you can gift up to these amounts, per year and per beneficiary, without paying gift taxes.
- For those looking to make a lump sum, front-load 5 years' worth of contributions in 2026 with contribution limits of up to $95,000 (filing single), or $190,000 (filing jointly) for gift tax purposes.
- Annual withdrawal limit for qualified K–12 expenses doubles from $10,000 to $20,000 per student starting January 1, 2026, with newly added eligible expenses such as tutoring, exam prep, standardized test fees, apprenticeships and vocational schools.
- You can move funds to a Roth IRA owned by the student listed on your JMU 529 account. Your 529 account must be opened for at least 15 years, and additional rollover and contribution rules apply. To rollover funds, we can complete the Roth IRA Rollover Request.
💡 Celebrating a birthday?
Party guests who may feel inclined to gift something, can now consider gifting directly into your 529 savings account through a customized gifting link to help fund their college goals! Schedule a consultation to learn how to create your own gifting URL today!
WHEN: April 21st from 9AM to 3:15PM EST
Please make your virtual appointment by clicking here
CollegeAmerica® 529 college savings plan with JMU payroll deduction through American Funds & FIRM
Get started today! Apply now at: https://firmadvisor.com/site/jmu-529-plan-application/
Need more information? To know more, visit: https://firmadvisor.com/site/james-madison-university/