Hey all, I filed my taxes yesterday. It turns out I forgot to include a 1099-Q document. How can I amend my return if amending is not available until Feb. 14th?

[tylerwear6559]

I don't think it should change the outcome of the refund, but I should include it on my return. I tried to hit amend through TurboTax and it said it would not be available until Feb. 14th. My return is supposed to be arriving a couple days after that. I just want to make sure I am including everything. Thanks!

[DavidD66]

There is a good chance you don't need to do anything.  For most qualified education program beneficiaries, the amounts reported on Form 1099-Q aren’t reported on your tax return. However, if your annual distributions exceeded your adjusted qualified education expenses, you may need to report some of the earnings reported in box 2 as income on your tax return.   There will be a 10 percent tax on that excess as well.  If this is the case, you do need to file an amended return.  If not, you don't need to, and should not amend your return, as entering the 1099-Q in the TurboTax interview will not change your return.

If you do need to file an amended return, do not make any changes to your tax return in TurboTax.  Wait until Form 1040-X Amended U.S. Individual Income Tax Return is available in TurboTax (probably late February).

[tylerwear6559]

So what you are saying is if my total education expenses were more than the annual distributions listed on the 1099-Q, then I do not need to worry about amending? Because it will not change the return in any way?

[BrittanyS]

Yes, if your expenses exceed your distributions on your 1099-Q, your return will not be affected, and there is no need to amend it.  

As DavidD66 stated, your return will only be affected when your distributions exceed your expenses.  At this point, you would need to report some of the earnings as income.  

For more information, see the link below:

Guide to Form 1099-Q