529 Plan Tuition Benefits
Under the new tax law, Virginia families are now able to use 529 Plans for private school tuition.
The Tax Cuts and Jobs Act of 2017 contains a provision that allows families to use Virginia529 Plans to pay for expenses in tuition up to $10,000 per year, per beneficiary at Fredericksburg Academy. The official 529 Plan website suggests that families who wish to use this benefit contact the Virginia529 Plan Office at 1-888-567-0540 or https://www.virginia529.com/about/contact-us/ to submit inquiry through a form.
There can be significant tax advantages to establishing and funding a 529 savings plan. Fredericksburg Academy does not help in financial planning decisions, so we highly suggest contacting the Virginia529 Plan Office, as well as consulting your own personal financial planner to discuss how this may fit into your individual plan before making a final decision.
If you wish to take part in this program and utilize this option of the Virginia529 Plan, you do not need to notify Fredericksburg Academy. Checks written from the family, or from the plan on behalf of the family, should be made payable to "Fredericksburg Academy."