Hi all,
I am a student currently enrolled in college. I filled my taxes through turbotax utilizing my W-2 (I work on campus) and 1098-T (I inputted my education expenses and all of that fun stuff in addition to my scholarships) but didn’t realize that a Prepaid plan that I receive money from for classes is classified as a 529 plan, meaning I have to account for it in my taxes. I went to amend my return and after inputting the data from my 1099-Q there was no change in my refund amount. Does this mean I don’t need to amend my return? I’ve read some sources that have told me the 1099-Q is simply an informational document and that if turbotax calculates that there isn’t a change in your refund (therefore those expenses were utilized for education) you don’t need to report it as income (and therefore I don’t need to amend my return). Please let me know if I am understanding this correctly, thank you in advance!
