ABLEnow Account Contributions

Official source

Effective for taxable years beginning on or after January 1, 2016, you may claim a deduction for the amount contributed during the taxable year to an ABLEnow account entered into with the Virginia College Savings Plan. No deduction is allowed if such contributions are deducted on the contributor’s federal income tax return. If the contribution to an ABLEnow account exceeds $2,000 the remainder may be carried forward and subtracted in future taxable years until the amount has been fully deducted; however, in no event shall the amount deducted in any taxable year exceed $2,000 per ABLEnow account. Deductions are subject to recapture in the taxable year or years in which distributions or refunds are made for any reason other than (i) to pay qualified disability expenses; or (ii) the beneficiary’s death. A contributor who is 70 or older is allowed a deduction for the full amount contributed to an ABLEnow account, less any amounts previously deducted.

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ABLEnow Account Contributions

Official source

Effective for taxable years beginning on or after January 1, 2016, you may claim a deduction for the amount contributed during the taxable year to an ABLEnow account entered into with the Virginia College Savings Plan. No deduction is allowed if such contributions are deducted on the contributor’s federal income tax return. If the contribution to an ABLEnow account exceeds $2,000 the remainder may be carried forward and subtracted in future taxable years until the amount has been fully deducted; however, in no event shall the amount deducted in any taxable year exceed $2,000 per ABLEnow account. Deductions are subject to recapture in the taxable year or years in which distributions or refunds are made for any reason other than (i) to pay qualified disability expenses; or (ii) the beneficiary’s death. A contributor who is 70 or older is allowed a deduction for the full amount contributed to an ABLEnow account, less any amounts previously deducted.