I have a suspicion my son's 1098-T is incorrect, however, I want to ask about box 4 on the 1098-T. If this has a number, does it mean the school adjusted the amount of tuition paid in 2023? Assuming it's correct (which I don't think it is) could we be liable for taxes on the money we took out of the 429 account? Does Turbo Tax automatically figure out that tax/penalty and include it in your total?
In 2023, I made 3 tuition payments in one year based on when bills posted - but it was all for 2023 taxes. (ex: I paid in Jan 23 I paid for Spring 2023 semester, in Aug 23 I paid for Fall 2023 semester, and then in Dec 23 I paid for Spring 24 semester. I included all this on my taxes last year; it all equaled out with all the forms. Does that seem ok? I was told get the money out of the 529 the same year you pay it. I didn't think it mattered if I paid a little early because bills post in Dec. Does that seem correct?
Thanks!
