This should not be this complicated. I don't understand why everyone keeps saying to enter room and board.
Am I interpretting the q form correctly. It essentially shows 15k in box one gross distribution 3k in earnings and 12k as the bbasis. Does this mean I put 12k into the 529 and it made 3k interest resulting in 15k? Do i have that correct?
If so am I correct in understanding that if I took the 15K and bought a used car...I'd owe taxes on 3k of that distribution to me.
Let's stop there and see what you say then I can ask a more specific question to wrap this up.
