Virginia Schedule Vac Instructions
Instructions for Schedule VAC
Part I - Virginia College Savings PlanSM (Virginia529SM) Contributions
You may contribute all or part of your income tax refund to one or more existing Virginia529 accounts by completing Schedule VAC. Any contribution(s) made will be deemed a contribution to your account(s) for the 2015 taxable year. Virginia529 is a 529 college savings plan that offers flexible, affordable, tax- advantaged savings for qualified higher education expenses through its four programs: Virginia529 prePAID, Virginia529 inVEST, CollegeAmerica, and CollegeWealth. For information on establishing accounts, visit Virginia529.com. You are not required to be the owner of record for an account in order to direct a contribution of all or part of your income tax refund.
When you specify a Virginia529 contribution amount on Schedule VAC, you authorize the Department to transfer payment and related information to Virginia529 to facilitate crediting contributions to the specified account(s) pursuant to their operating procedures. The information that will be exchanged is identified below:
- The contribution amounts and the program information contained on Schedule VAC.
- The taxpayer's name, Social Security number or tax identification number, address, and telephone number. Note: Information for both spouses will be provided if a joint return is filed.
For purposes of determining interest on an overpayment or refund, no interest will accrue after the Department transfers the payment to Virginia529. If Virginia529 is unable to match a contribution to an existing Virginia529 account, they shall contact the taxpayer and attempt to resolve the contribution and, if all efforts fail, Virginia529 will return the refund contribution to the taxpayer at the address on the return.
Part I, Section A
Enter the overpayment amount computed on your return less the amount credited to estimated tax for next year.
Part I, Section B
For each contribution, provide the Program Type Code (see codes below), beneficiary's last name, and account number. In addition, provide the routing number if you are making a contribution to a CollegeAmerica account. Contact your financial advisor to obtain the proper account number and routing number for a CollegeAmerica account. For contributions to Virginia529 prePAID, Virginia529 inVEST, and CollegeWealth..accounts, use your Virginia529 account number for each.
Program Type Codes:
1 = Virginia529 inVEST
2 = Virginia529 prePAID
3 = CollegeWealth
4 = CollegeAmerica
If contributing to more than 5 accounts, use the supplemental schedule, Schedule VACS, to provide the information for additional accounts.
Part II - Other Voluntary Contributions
Complete this section to contribute to one or more other voluntary contribution organizations listed in the income tax instructions.
For information on these organizations, see Page 29.
Line 1 Enter the overpayment amount computed on your return less the amount credited to estimated tax for next year and the amount of Virginia529 contributions from Part I.
Section B - Voluntary Contributions from your refund
Lines 2 - 4 You may voluntarily donate all or part of your tax refund to one or more qualifying organizations. Enter the contribution code(s) and amount(s) you are donating in the boxes. If you want to donate to more than 3 organizations, enter "00" and the total amount donated to the organizations on Line 2. Attach a schedule showing the organization code, name and amount donated to each.
|60||Virginia Nongame & Endangered Wildlife Program|
Democratic Political Party
Republican Political Party
U.S. Olympic Committee
Virginia Housing Program
|65||Department for Aging and Rehabilitative Services (Elderly & Disabled Transportation Fund)|
Community Policing Fund
Virginia Arts Foundation
|68||Open Space Recreation & Conservation Fund|
Historic Resources Fund
Children of America Finding Hope, Inc.
Virginia War Memorial Educational Foundation & National D-Day Memorial Foundation
Virginia Federation of Humane Societies
Virginia Tuition Assistance Grant Fund
Spay and Neuter Fund
Virginia Cancer Centers
Martin Luther King, Jr. Living History andPublic Policy Center
Celebrating Special Children, Inc.
Lines 5 - 7 Use this section if you wish to contribute to one or more Library Foundations. If you want to donate to more than 3 organizations, enter code "999999" and the total amount donated to the organizations on Line 5. Attach a schedule showing the organization code, name and amount donated to each.
Section C Voluntary Contributions to be made from your refund OR tax payment
Lines 8 - 10 You may make a payment to the following organizations even if you owe a tax balance or if you wish to donate more than your expected refund.
If you want to donate to more than 3 organizations, enter code "00" and the total amount donated to the organizations on Line 8. Attach a schedule showing the organization code, name and amount donated to each.
|71||Chesapeake Bay Restoration Fund|
|72||Family & Children's Trust Fund (FACT)|
|73||Virginia's State Forests Fund|
|74||Virginia's Uninsured Medical Catastrophe Fund|
|81||Home Energy Assistance Fund|
|92||Virginia Military Family Relief Fund (MFRF)|
Lines 11 - 13 You may contribute to Public School Foundations even if you owe a tax balance or if you wish to donate more than your expected refund. If you want to donate to more than 3 organizations, enter code "999999" and the total amount donated to the organizations on Line 11. Attach a schedule showing the organization code, name and amount donated to each.
Section D, Line 14 Total Voluntary Contributions
Enter the total of Lines 2 - 13. Enter this amount on Line 33 of Form 760.
Donate to the General Fund by writing a check to the State Treasurer and designating it as a donation to the Commonwealth's General Fund. You must attach your payment to Form GFD. Visit www.tax.virginia.gov or call (804) 367-8031 to obtain this form.
You can make a contribution directly to any of the organizations listed above. For more information about these groups, including how you can make a contribution.