Greetings. I received a 1099-Q. I took money out of my Blackrock 529, FBO:my son, for my son's college expenses. It was asked during the process if this was for school expenses. The payment from the 529 was made directly to me. I then in turn sent all of the money to the school by ACH transfer. The school, and blackrock themselves seemed to indicate this was the best route.
On the 1099-Q it lists me as the recipient, and box 6 is checked as I am not the designated beneficiary.
When I try to enter this 1099-Q into Turbotax, none of the questions seem to allow me to indicate that this withdrawal was for my son and college expenses for him were paid with it. In fact the tax I owe at the end shoots up by 5k. It basically seems to I guess think.. I took this money for myself?
How is this situation to be handled? I appreciate any response.
Thank you.
