Updated October 4, 2026. Quick answer: Yes, for Virginia’s plan. Invest529 tells account owners who are Virginia taxpayers they may deduct contributions “up to $4,000 per account per year with an unlimited carryforward”; owners 70 or older face no annual cap.
What Virginia allows for 529 contributions
| Item | What the documents say |
|---|---|
| Treatment | Deduction from Virginia adjusted gross income |
| Limit | $4,000 per account per year |
| Carryforward | Unlimited; the remainder carries to later years |
| Age 70 and older | No annual cap; the deduction is the full amount contributed, less amounts already deducted |
| Plans that qualify | Accounts with the Commonwealth Savers Plan (Invest529) |
| Source | Virginia Code 58.1-322.03; Invest529 tax benefits page |
A $10,000 contribution by a married couple
A couple who put $10,000 into one Invest529 account can deduct $4,000 this year, because the limit is $4,000 per account. The other $6,000 carries forward, so it can be deducted in later years under the same cap.
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Per account, not per couple
The limit attaches to the account: the Code sets the limit “per prepaid tuition contract or college savings” trust account. The program page gives an example of $8,000 contributed in a year and deducted as $4,000 in each of two years.
Carryforward and recapture
The Code says “the remainder may be carried forward and subtracted in future taxable years”. The same section makes the deduction “subject to recapture in the taxable year or years in which distributions” or refunds are made for reasons other than qualified expenses.
What changes in 2026
No change for tax year 2026 appears in the documents read for this page.
Federal rules
A state break sits beside the federal rules for 529 plans: the statute is 26 U.S.C. 529 and the IRS explains it in Publication 970, Tax Benefits for Education.
Common mistakes
- Contributing to a plan other than Invest529 and expecting the Virginia deduction; the Code names accounts with the Commonwealth Savers Plan.
Related: how Virginia taxes retirement income, whether Virginia taxes pensions, the five questions behind any 529 state tax break, and the state-by-state table of 529 deductions.
Sources
- Va. Code § 58.1-322.03. Virginia taxable income; deductions: https://law.lis.virginia.gov/vacode/title58.1/chapter3/section58.1-322.03/
- Invest529 tax benefits: https://www.invest529.com/learn/tax-benefits/
Sources: the primary documents linked above, read on October 4, 2026. General information, not tax advice. Your own facts decide the outcome, and a preparer, the plan administrator or the agency itself is the right place to confirm anything consequential.