Thu, 15 Oct 2026 9:00 AM - 3:30 PM
Lower Your 2026 Virginia Tax Bill I Before December 31st.
As the year winds down, many JMU employees are looking for ways to trim their tax bill and plan ahead for education costs. A 529 plan does both. Virginia taxpayers can deduct contributions from their state taxable income, and with payroll deduction through JMU, saving happens automatically. Contributions made by December 31st count toward your 2026 Virginia return.
Why Act Now:
- $4,000 Deduction: Virginia residents can deduct up to $4,000 per year per account from state taxable At Virginia's top 5.75% rate, that can mean up to about $230 in state tax savings.
- Unlimited Carryforward: Contribute more than $4,000? The excess can be carried forward to future tax years, so a larger lump sum is never wasted.
- Start Early: Payroll deduction changes take time to Starting now gives you more paychecks before year-end.
- Gift Smart for the Holidays: Family members can contribute up to $19,000 per person ($38,000 married filing jointly) per beneficiary in 2026 without gift tax.
Who Can Benefit:
- Parents & Grandparents: Save for a child's K-12 expenses (up to $20,000 per year) or future college
- Anyone Continuing Their Education: Open an account for a niece, nephew, a friend, or
- Families Using ABLE: Ask about ABLE accounts for a family member with a disability.
FIRM Dedicated JMU Day: meet with our team in person or virtually to open a 529 or ABLE account, set up payroll deduction, review investment options, or ask about year-end contribution strategies.
WHEN: October 15 from 9AM to 3:15PM EST
Please make your in-person 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/