No, sorry- A transfer or other such deposit from an IRA to a 529 plan is the same as simply taking the money out and spending it. There's no exception to either taxes or the penalty. The education exception requires current higher educational expenses. Though a 529 plan is geared towards higher education, the money isn't for higher education until its actually being used as such.
There needs to be an existence of both qualified education expenses and a qualified educational institution. Putting money into a 529 doesn't meet either.
Perhaps you qualify for a different exception?
Also, keep in mind that you are only penalized on the earnings.
Qualified higher education expenses. Qualified higher education expenses are tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a student at an eligible educational institution. They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. In addition, if the individual is at least a half-time student, room and board are qualified higher education expenses.
Pg 25:
https://www.irs.gov/pub/irs-pdf/p590b.pdf
