Schedule VAC: Virginia Contributions Schedule (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule VAC records contributions to Commonwealth Savers accounts and other voluntary contribution organizations. It lists account or organization details and contribution amounts, with totals carried to your Virginia income tax return.
Who files this form
Schedule VAC is for voluntary contributions, not a requirement for every taxpayer.
- Complete Section I to contribute all or part of your refund to one or more Commonwealth Savers accounts, formerly Virginia529.
- Complete Section II to contribute to other voluntary contribution organizations listed in the income tax instructions.
Do not submit Schedule VAC with an amended return.
What you'll need
Have these details ready:
- Your name as shown on your Virginia return and your Social Security number.
- The overpayment amount from your return and the amount credited to next year's estimated tax.
- For each Commonwealth Savers contribution: the program type code, beneficiary's last name, account number and contribution amount.
- For CollegeAmerica or ABLEAmerica: the proper account number and routing number, obtained from your financial advisor.
- For other voluntary contributions: the qualifying organization codes listed in the income tax instructions and the amounts you want to contribute.
Use your program account number for Invest529, Prepaid529 and CollegeWealth. Use your ABLEnow account number for ABLEnow.
Common mistakes
- Submitting the schedule with an amended return. The form says not to do this.
- Contributing more than the available overpayment. Section I contributions cannot exceed your overpayment minus the amount credited to next year's estimated tax. Section II, Lines 2 through 7, cannot exceed that balance after also subtracting Section I contributions.
- Using incorrect account details. Contact your financial advisor for the proper CollegeAmerica or ABLEAmerica account and routing numbers. Routing numbers are required only for those accounts.
- Leaving out the supplemental schedule. If contributing to more than five Commonwealth Savers accounts, use Schedule VACS and fill in the oval on Schedule VAC.
Questions people ask
What program type code should I use for a Commonwealth Savers contribution?
Use 1 for Invest529, 2 for Prepaid529, 3 for CollegeWealth, 4 for CollegeAmerica or ABLEAmerica, and 5 for ABLEnow.
Can I contribute to more than five Commonwealth Savers accounts?
Yes. Use supplemental Schedule VACS and fill in the oval on Schedule VAC.
Where do I enter the contribution totals on my Virginia return?
Enter the Section I total on Line 30 of Form 760, Form 760PY or Form 763. Add Section II, Lines 2 through 13, enter the total on Line 14, and carry it to Line 31 of the applicable return.
Must other voluntary contributions come from my refund?
Section II, Part B contributions come from your refund. Part C contributions may come from your refund or tax payment. The form refers you to the income tax instructions for qualifying organizations, codes and details.