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Education
Adding a related question for anyone who can answer:
We have 2 kids in college, each kid has two types - the prepaid and the "savings account" type - and I am the owner of all (both kids are beneficiaries). One kid is 22 and attending a state university, received their own 1099 Q because it was part of the prepaid program. One kid attends an out-of-state university recognized by 529 as "in-state" by the Academic Common Market. Both are our dependents. When we go through the education section of Turbo Tax it requires us to select one or the other kid as a beneficiary, can't select both. The effect is that we are taxed on the total withdrawal for both kids from 529, but only receive credit on expenses for one kid.
Figure there are other parents out there with more than 1 kid in college, and may have an solution. Does anyone know a workaround for this situation?
Thank you