Question: I prepared and filed my daughter's taxes and submitted them with Turbo Tax. I believe I misidentified her 529 account as associated with the State of Michigan (where we live) instead of with Virginia, which I found out later, was the base for this particular plan.
Should I do something about this?
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You may need to amend her Michigan return, but it depends. Did you or her take a deduction on a state return for contributions to the plan? If not, you don't need to make any changes.
A distribution would be handled the same on the federal returns, but contributions are only deductible on state returns - and the deductions amounts allowed are different, depending on the state.
Right: That particular question only came up on the state tax return. I did not take any deductions for contributions to the 529 account. (I may check this, just to be sure.) So, it should be ok.
thanks / Martin
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