Virginia529 plans are eligible to be used for Kindergarten through Grade 12 education, in addition to college education. Families may use up to $10,000 per year, per child of a Virginia529 account for their Norfolk Collegiate education.
On Dec. 22, 2017, tax reform bill (H.R. 1) was signed into law and allowed for additional uses for Virginia529 accounts.
Under the bill, "K-12 tuition is a qualified higher education expense; therefore, some states may offer a deduction from individual state income taxes (Virginia, for example, offers up to a $4,000 deduction)," according to the Virginia529 website.
To be utilized, tuition costs must originate on or after Jan. 1, 2018, to be eligible.
What's not covered?
The costs of textbooks, room and board, supplies and other expenses for K-12 education are not covered, according to Virginia529. Homeschooling expenses are not qualified higher education expenses either.