Virginia 529 Plan Calculator: Invest529, the $4,000-Per-Account Deduction, and How Much to Save

Virginia gives residents a $4,000 income tax deduction per Invest529 account, per year, with an unlimited carryforward, and account owners 70 or older can deduct the entire contribution with no cap. Because the limit is per account rather than per beneficiary, opening more accounts can multiply the deduction. Project your UVA or Virginia Tech costs and monthly savings target below.

Updated June 2026

Virginia Invest529 at a glance (2026)

State Tax Deduction

$4K

per account/yr; unlimited carryforward

Invest529 Fees

0.0-0.56%

0.046% admin, waived on FDIC/Tuition Track

Max Balance

$675,000

aggregate per beneficiary

Plan Rating

Bronze

Morningstar, 2025

529 College Savings Projector

Adjust the sliders to model your savings scenario. All projections use 2026 data.

Child's Current Age: 2 years old

NewbornAge 17

State of Residence

Current 529 Balance: $5,000

$0$200,000

Monthly Contribution: $300

$0$2,000/mo

Target Institution Type

Investment Risk Level

Years to College

Projected Annual Cost

$59,565

per year at enrollment

Total 4-Year Cost

$238,258

Projected 529 Balance

$120,955

Shortfall

$117,303

below target

Needed Monthly

$633

to fully fund goal

Investment Growth Breakdown

Total contributions$62,600

Tax-free investment growth+$58,355

Projected balance$120,955

529 vs Taxable Account Comparison

529 plan balance (tax-free growth)$120,955

Taxable account balance (4.5% after-tax return)$94,392

529 tax advantage+$26,563

State Tax Benefit: New York

$5,000/$10,000

Rating: A

Virginia 529 Tax Deduction Rules

Virginia is a capped-deduction state, but two features make its deduction unusually generous. First, the $4,000 limit is per account, not per beneficiary or per return, so a family that opens separate Invest529 accounts can deduct $4,000 on each one. Second, contributions above $4,000 in a year are never wasted: Virginia allows an unlimited carryforward, letting the excess deduction roll into later tax years. Account owners who are 70 or older skip the cap entirely and may deduct their whole contribution in the year they make it. At Virginia's 5.75% top income tax rate the $4,000 deduction is worth about $230 per account a year, on top of the federal tax-free growth every 529 gets.

What you do get

A $4,000 Virginia income tax deduction per Invest529 account, per year, for single and joint filers alike.
An unlimited carryforward, so contributions over $4,000 keep generating deductions in future years.
An uncapped deduction of the full contribution for account owners age 70 or older.
Federal tax-free growth, a $35,000 lifetime 529-to-Roth IRA rollover (SECURE 2.0), and superfunding up to $95,000 single / $190,000 married.

What to watch for

The deduction applies only to Virginia's own Invest529, not to out-of-state plans.
The $4,000 cap is per account, so it rewards opening separate accounts rather than overfunding one.
Because Invest529 is itself low-fee, staying in-state to claim the deduction costs little on fees.

Source: Invest529 / Commonwealth Savers program materials and Virginia Tax deduction guidance, 2026 ($4,000 per account, unlimited carryforward, full deduction at age 70+); Virginia 5.75% top marginal rate; IRS Publication 970. See the full state-by-state deduction table.

Invest529: Among the Cheapest Direct Plans, Bronze-Rated

Virginia's direct-sold plan, Invest529, is run by Commonwealth Savers, the organization formerly known as Virginia529, which rebranded in October 2024. It holds a Morningstar Bronze medal in the 2025 ratings and is consistently one of the lowest-cost plans in the country, with total annual asset-based fees from about 0.0% to 0.556% depending on the portfolio. A 0.046% administrative fee applies to most portfolios but is waived entirely on the FDIC-Insured and Tuition Track options. The plan has a $10 minimum, roughly 15 investment options spanning index, target-enrollment, ESG, and stable-value choices, and accepts money until a beneficiary's Invest529 balances reach $675,000. Because the Virginia deduction is in-state only, that low fee level matters: staying in Invest529 to claim the deduction rarely means paying more than a top national plan.

Expense ratio

0.0-0.56%

0.046% admin fee, waived on FDIC/Tuition Track

Max balance

$675,000

aggregate per beneficiary

Manager

Commonwealth Savers

Morningstar Bronze, 2025

Source: SavingForCollege Invest529 profile and Invest529 fee/FAQ disclosures, 2026 (fees 0.0-0.556%, 0.046% admin fee, max balance $675,000, $10 minimum); Morningstar 529 ratings, 2025 (Bronze). See how it compares in the best 529 plans rankings.

What College Costs in Virginia

Virginia's public universities are competitively priced for residents. The University of Virginia in Charlottesville, the flagship, charges Virginia residents about $16,258 in tuition plus $3,780 in mandatory fees for 2025-26, roughly $20,038 in tuition and fees, with a full first-year cost of attendance near $40,460 once housing, food, books, and personal expenses are counted. Virginia Tech charges Virginia undergraduates $16,526 in tuition and mandatory fees for 2025-26, with a total on-campus cost of attendance around $29,426. Tuition has historically risen a few percent per year, so a newborn today could face a four-year in-state public bill well over $130,000 by the time they enroll.

School	Tuition + Fees	Total Annual Cost	Basis
University of Virginia (resident)	~$20,038	~$40,460	2025-26; tuition ~$16,258 (Arts & Sciences yrs 1-2) + mandatory fees $3,780; full first-year cost of attendance incl. housing, food, books, personal
Virginia Tech (resident)	$16,526	~$29,426	2025-26; tuition + mandatory fees $16,526; total on-campus cost of attendance incl. room and board

Sources: University of Virginia Student Financial Services 2025-26 estimated cost of attendance (sfs.virginia.edu); Virginia Tech Board of Visitors 2025-26 tuition and fees and Office of Financial Aid cost of attendance (vt.edu). Total cost of attendance includes housing, food, books, and personal expenses for an on-campus resident and varies by student.

In-state vs best national

Should you actually use your home state's 529 plan?

A state tax deduction is only worth taking if it beats the fee drag of staying in a pricier in-state plan. Enter your numbers and we'll weigh your deduction against the cheapest national plan (about 0.10% all-in).

Your state

Annual 529 contribution

Years until college

yrs

Your in-state plan's expense ratio

Expected annual return

Not sure of your plan's expense ratio? Direct-sold age-based portfolios typically run 0.10%-0.40%. Check your plan's fee disclosure.

Virginia 529 Frequently Asked Questions

How much is the Virginia 529 state tax deduction in 2026?+

Virginia taxpayers who own an Invest529 account can deduct up to $4,000 per account, per year from their Virginia taxable income. The key detail is that the limit is per account, not per beneficiary or per return, so a family that opens separate accounts can deduct $4,000 on each one. At Virginia's 5.75% top income tax rate a $4,000 deduction is worth about $230 per account a year. Contributions above $4,000 in a year are not lost: Virginia allows an unlimited carryforward, so the excess deduction rolls into future tax years until it is fully used.

Can Virginia residents over 70 deduct their whole 529 contribution?+

Yes. Invest529 account owners who are age 70 or older may deduct the entire amount they contribute in a year, with no $4,000 cap. For example, a grandparent who has turned 70 and contributes $10,000 to an Invest529 account can deduct the full $10,000 on their Virginia return. This makes Invest529 a strong estate and education-funding tool for older Virginians, and it pairs well with the federal five-year superfunding election of up to $95,000 single or $190,000 married per beneficiary.

Does the Virginia deduction apply to any state's 529 plan?+

No. Unlike Ohio or Pennsylvania, Virginia only allows the deduction for contributions to its own plan, Invest529 (formerly Virginia529). Contributions to an out-of-state 529 do not qualify for the Virginia deduction. In practice this rarely costs Virginia families anything, because Invest529 is one of the lowest-fee plans in the country, so there is little reason to leave the state plan and give up the deduction.

Is Invest529 a good 529 plan?+

Yes. Invest529, administered by Commonwealth Savers (the organization formerly known as Virginia529), holds a Morningstar Bronze medal in the 2025 ratings and is consistently ranked among the cheapest direct-sold plans. Total annual asset-based fees run from about 0.0% to 0.556% depending on the portfolio, with a 0.046% administrative fee that is waived entirely on the FDIC-Insured and Tuition Track portfolios, a $10 minimum, and roughly 15 investment options including index, target-enrollment, ESG, and a stable-value choice. Contributions are accepted until all Invest529 balances for the same beneficiary reach $675,000.

How much does college cost in Virginia, and how much should I save?+

The University of Virginia in Charlottesville, the state's flagship, charges Virginia residents about $16,258 in tuition plus $3,780 in mandatory fees for 2025-26 (roughly $20,038 in tuition and fees), with a full first-year cost of attendance around $40,460 once housing, food, books, and personal expenses are included. Virginia Tech charges Virginia undergraduates $16,526 in tuition and mandatory fees for 2025-26, with a total on-campus cost of attendance near $29,426. Tuition has historically risen a few percent per year, so a newborn today could face a four-year in-state public bill well over $130,000 by enrollment. Use the calculator above to model your child's age, target school, and monthly contribution.

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By Oliver Wakefield-Smith. Independent 529 education savings resource, not affiliated with Commonwealth Savers, Invest529, the Commonwealth of Virginia, or any plan provider.