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Virginia 529 has a new giveaway to boost your college savings: contribute $250 to a Tuition Track portfolio by June 30th, 2023, and Virginia 529 will kick in another $100!

Unlike the recent giveaway in May, the June offer has a state residency requirement. To open a Tuition Track account, either the account owner or the beneficiary must be a resident of Virginia.

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Frequently Virginia529 runs promotions in May, part of their 5/29 celebrations. This year you can score $50 by simply opening a new account, contributing $50, and then setting up auto-contributions. The deadline is next week, May 31st, 2023.

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Years ago when my oldest child started her first job as a life guard for the local pool system, I pondered how I could motivate her to contribute to a Roth IRA. I settled on a tactic that's used by employers everywhere: matching contributions.

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After writing The 529 Handbook, I realized that families might benefit from my real world experience. I published my first report card late last year. This report card includes a peek at our education expenses, 529 transactions, and the impact on our federal and state taxes.

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In the eyes of many college savers, 529s are simple. Save money regularly while your student ages, then withdraw money as college expenses occur, either paying the school directly from the 529, or paying expenses out-of-pocket and reimbursing from the 529 later. From a casual glance, 529s look a lot like a regular savings account with some additional tax advantages/penalties.

But 529s can be more than that. One of my 529 tips concerns the timing of 529 withdrawals. The tax law states that the total withdrawals shouldn’t exceed the total eligible education expenses in a tax year. For example, a saver could wait until late December to withdraw money for an expense that happened in early January. This can give your savings another year of compounding. I like to call this the “December is for Withdrawals” tip.