My daughter is a full time student and our dependent. We received a 1098T from her college. I have a 1099Q for 529 funds used made out to me (her Dad) as beneficiary.
After I plug in all of the numbers on our return for the 1098T first it says we are eligible for the American Opportunity Tax Credit and it subsequently adds $2500 to our federal refund. Then as we progress with the return and add the data for the 1099Q it reduces the federal refund by $600 and says I now owe $400 to the State of PA. Are the turbo tax calculations/numbers 100% accurate ? This our daughter's 3rd year in college and we didn't enter the 1098T and 1099Q the first year or 2nd year. Should we amend those returns ?
I am a novice here and appreciate any assistance before I go spend for a CPA to do our taxes. Other than the 1098T and 1099Q our taxes are straightforward.
