Please note: The following information is no substitute for professional tax or legal advice. All Account Owners and Program Participants should consult with a qualified tax professional and/or legal professional before opening an Account, completing any transaction involving an Account, or participating in the Program. Individuals and persons claiming tax modifications and/or credits are responsible for their own tax reporting and for maintaining sufficient documentation of Program transactions for tax reporting and tax audit purposes.
Employers may be eligible, in accordance with statutory requirements, for a non-refundable tax credit of up to $5,000 per taxable year, against either personal income tax or corporate net income tax for direct contributions into their employee’s Jumpstart Savings Account, if the employee is a West Virginia resident and the Designated Beneficiary of the Account. The tax benefits described above are state tax benefits only, and in no way will diminish or otherwise impact any person’s federal tax liability or tax liability in a state other than West Virginia.
To initiate Employer Matching the account holder and their employer will need to use the Employer Matching Form.
The tax benefits described above are state tax benefits only, and in no way will diminish or otherwise impact any person’s federal tax liability or tax liability in a state other than West Virginia.