Tp pulled $ from roth account(ok here) Bought into va 529 same $ then 2 days later pulled all but a $100 from 529 sent to college. Question becomes :is tp eligible for the Virginia subtraction up to 4k. My thought is because of the short time frame of in and out I cannot see this as a subtraction. I need some help from somebody that may have insight on this transaction.
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The instructions for VA 760 only state that a TP who owns the 529 account may deduct up to $4K per year for contributions made to it. It doesn't say anything about a time frame for leaving the contribution in. I can't find any rule to this effect on the website for VA529. (Did find out it is 7 days in Indiana.) You would have to contact the VA 529 people to verify but I have never seen anything on it. Or had a client in this position.
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