Is it possible for a button to change the text value of a textbox? For example, I click on a 'hello' button then a new textbox will display '1234' or if I click a 'bye' button the textbox area will change to '5678'.
Yes, this is possible.
What have you tried?
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My information is saved within a tag so I wasn't sure how to approach it. I'm brand new to ignition.
Check either the docs or Inductive University for "component scripting" or "event handlers". This is a common use case and will be well covered there.