In filing 2023 taxes, I realized I listed my 529 plan's 1099-Q amounts in 2022 even though it was less than the tuition. I'll get back $750 if I amend. Is it difficult?

steveinphilly · ‎March 9, 2024

Can I do it by e-file or do I have to print it out and mail? Does it increase audit risk? It was my first time getting a 1099-Q. Essentially I paid taxes on the earnings portion of the 529 funds used, which undermines the whole purpose of doing a 529 plan. Thanks for any advice!

DawnC · ‎March 9, 2024

So, you did not enter your education expenses when you entered the 1099-Q? If you filed your 2022 return with TurboTax, it will be easy to see if filing the amendment is beneficial. Follow the instructions here to amend your tax return. Prepare the amendment. If it generates a refund, file it. If not, cancel the amendment.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

In filing 2023 taxes, I realized I listed my 529 plan's 1099-Q amounts in 2022 even though it was less than the tuition. I'll get back $750 if I amend. Is it difficult?