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I am a college student. I made ~$11K. I also got money for school from a 529 plan my parents set up. I know my income is below the threshold req'd to file taxes but should I file?

 
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DawnC
Employee Tax Expert

I am a college student. I made ~$11K. I also got money for school from a 529 plan my parents set up. I know my income is below the threshold req'd to file taxes but should I file?

You may not be required to file, but  you are allowed to and should file if you need to get back income tax withholding (box 2 of your W-2).   You cannot get back social security or Medicare tax withholding (boxes 4 & 6).   Also, I am assuming your parents claim you as a dependent, so be sure to indicate that when you file your tax return.   

 

Your parents (assuming they claim you as a dependent) will report any of the 529 funds that were not used to pay for qualifying education expenses.   If you used all of the funds for qualifying expenses, none of that money is taxable to them.  

 

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