What is the Virginia state tax deduction for contributions to a CollegeAmerica account?
A resident of Virginia who is the owner of a CollegeAmerica account may deduct contributions of up to $4,000 from his or her state taxable income. If more than $4,000 is contributed in one year, the remainder may be carried forward and deducted in future tax years. For account owners age 70 and older, the entire amount of any contribution may be deducted in the year contributed or in a future year.
