Parents assets fafsa reddit My mother is intending on mostly helping pay school while I pay for my own car. You use the parent who provides the most financial support to you. If they did not ask for Should student loan debt be subtracted from assets when reporting assets in fafsa? Thanks. There is a question on the student financials section that asks, "As of today, does the total amount of your current assets exceed $0. - only the student must be a U. If those questions are about Assets, there is some skip logic built in, to skip those assets Student income Student assets Parent income Parent assets Aside from home equity, retirement accounts are also not looked at in FAFSA. If you plug in bogus income amounts you should see that at some point that each $1 of parental assets increases EFC by 5. Also the 11K subscribers in the FAFSA community. My mother lives outside of the US and is a non citizen, she does not have a SSN. FAFSA - Free Application for Federal Student Aid So when entering the value of assets and property as a parent, I did not notice until later that the field asks to "not include the house you are living in". My parents are divorced as well. Add your thoughts and get FAFSA - Free Application for Federal Student Aid Members Online • fatquoka Parent Asset I was wondering if the rent payment we receive from the tenants on the second floor of our primary home counts as "net worth of your parents' investments Looks like tonight's soft-launch window has already closed, though -- less than 15 minutes after I got in. Click that after you have put in the parent assets. Any parental assets beyond that amount will reduce a student's aid package by up Please for the love of god get off of Reddit and find an accountant who understands FAFSA. We're classified as independent so the FAFSA doesn't consider their assets. Home equity is FAFSA - Free Application for Federal Student Aid Members Online • Direct-Percentage-67 ADMIN MOD Parents Asset FASFA Hey everyone. Has anyone here reported around the same It would ensure the parents still have retirement money, while also ensuring that their perceived savings are significantly reduced, being that the FAFSA doesn’t consider 401ks or Roth IRAs assets. It is per year, thus in your example FAFSA assumes that your parents can afford to contribute 56k for the current year. Is this the same for anyone else As a graduate student, and therefore an independent, you do not put your parents on your fafsa. My sister put down my dad's info and she got nothing except federal loans because he has over a million in assets Did anyone else skip most of the questions for the parent section of the FAFSA? I didn't get to input: IRA rollover into a qualified plan Those were not skipped for my parent. I am 26 and this will be my first bachelor, so I am an independent student. Everything I’ve read said I needed my 2022 tax return but they only asked three questions about assets: amt in checking/savings accts, value of investments (knew not to include 401k) and family business value. The FAFSA is an online form that requ We did FAFSA today and we forgot to include one of our asset value in parents Both parent and student-owned assets can have an impact on financial aid The FAFSA requires you complete sections regarding your family’s assets and net worth of When filling out your 2025-2026 FAFSA®, you’ll need to provide financial details about yourself. My dad is retired Since the FAFSA is pulling from the IRS, the question will show up automatically or not based on meeting those qualifications. Do I have to report the houses View community ranking In the Top 10% of largest communities on Reddit Nope. Parent Asset Allowance: I can't believe it, but if I'm reading it right, just $3,300. Moreover, my guess is, Medicaid recipients households generally fall below 100%-133% FPL I recently filled out the FAFSA online, and I’m worried that I might have made a mistake by not reporting my assets. I have around 3k saved up in my bank account for the purpose of buying a car. ) in 2022/2023. So I’m currently filing out my fasfa and I am stuck on the parents assets questions. I put down my mom's info and got most of my college tuition paid for with federal grants. true the simplified AGI test does bypass all asset questions on FAFSA (if you pass it). It never asked me anything about my parent's income or any other questions of that sort for the 2022 year. Our home is not up for rental yet. FAFSA - Free Application for Federal Student Aid Members Online • BotLikeActivity ADMIN MOD Inheritance Advice/Help Needed It’s possible depending on how much, 5% of all required reported parent assets impact SAI and 20% of all reported student • If your adjusted gross income on your tax forms is less than $60,000, then you are exempt from having to report assets. After $6660 in income, 50% of earnings are available to pay for college. This is just for assets, income will be The question is literally choosing from a radio button asking if you would like to report assets and having the option of yes or no. Many colleges require additional forms such as the CSS Profile or the college's own form, considering both income and assets and often noncustodial income and Parent Income Allowance: All federal income taxes paid, plus 7. e $1k counts as available student asset, but student's available income has $9k allowance so, $1k makes no difference unless you also had more than 8k income of your own 1040 in 2022. Paying taxes pursuant to the tax code is normal course. It is not enough info. I was wondering how I would list a custodial account on the FAFSA — one with a particular circumstance. SAI = 0. 64%, so it's impact on the aid eligibility is minimal. Share Add a Comment Be the first to comment Nobody's responded to this post yet. If the student section is done before the parent section, it might ask either way and that section is expected to be disregarded. We currently have a house that we If you don’t live in the house, the home equity value is unfortunately considered an asset. Student Income Hello friends. I think you can still exclude it as your primary home whether it's in a trust or not, but not absolutely sure, would I have been putting off the FAFSA because I have no idea how to answer this question: Current Total of Cash, Savings, and Checking Accounts Don't include student financial aid. I know it's pulling from my taxes but it didn't ask about child support or assets or anything that the SAI estimator calculator asked me. I have saved up enough money now but have not paid them back. SAI calculations 2022 income/IRS data told FAFSA you deserve exemption from reporting assets and to skip all asset info questions for you. Once SAI 0 assigned to you based on Mom's AGI being below $55,935, your assets and Mom's assets are exempt and don't count in for the SAI calculations. 56%), you are reducing the amount that FAFSA Parent's AGI 2022 Taxform-1040 is within a threshold limit that, FAFSA auto-assigns a SAI=0. We've thought about giving most of these assets to one of my parents. Reply reply tchomolaka • If i recall, as long as you are less than 21 or 24 years old, they do ask about your parent taxes. Do you mean listing their income/assets like you would on an 20 votes, 11 comments. I received no federal financial aid, but I did receive That seems like a straw man. I thought it would be better to start over, and filled out everything accordingly on my part of the form (the student part). So if your analogy is “do I hide income from the government because I think they take too much of my income FAFSA - Free Application for Federal Student Aid Members Online • Zverda1 Student assets question So I have $15k in savings in one bank, and about $2,900 in another in both checking and savings combined. And the 3 dots in the top right corner will let you delete the form. Those funds are protected from taxes but also protected from the owner to be used at retirement - only to be withdrawn at age 59. If anyone in Mom's household received any of those benefits in 2022 or 2023, FAFSA gives you that assets exemption. My (step)father won’t provide me his bank account info because he’s not comfortable sharing it, where I know he has a good amount due FAFSA pulls your parents taxes. So step by step: 1. Below a certain income, assets are not considered at all. I am a dependent with a joint savings account with my parent. her and my dad file taxes together but it’s his income. 64% of parents assets, out of $1,000,000, your family is expected to spend $56,400 from just that, then there is their income, your income, and your assets. I'm 99% I said submit a new form and not renew my 2022/23 FAFSA. Whoever gets an automatic SAI=0, also gets exemption from reporting assets. I am Just started a 529 for our kids and became aware of the 529 potentially affecting financial aid via the FAFSA. It is not fully payed and we just moved in. They paid for things like car deposit, down payment for home and things like that back when I had no money. So u have to make another correction and when you do go to the top right where it says save. Net Worth of Investments – Considered Assets This is where the FAFSADO Otherwise, your parent’s bank account would be considered their asset. Does that mean if your parents I just (yesterday) helped my son complete his FAFSA. Only 20% of it i. Unfortunately, it has nothing to do with one is better than the other and you cannot choose what to do. The government doesn't want to encourage this behavior I am filing as an independent student for FAFSA. Fafsa is based on assets and you’re asking how to hide assets. How do I answer the asset question in the asset for the parent and the asset for the student? It is not a 529 savings account and hypothetically speaking lets say $20,000 in the savings account. I owe my parents some money. UPDATE, I'M SOO RELEIVED BECAUSE I FINALLY FINISHED THE FAFSA AFTER NOT BEING ABLE TO GET PAST THE PARENT'S SPOUSE'S INFO PAGE! What I did is I completely deleted the first form. Next years FASFA will recompute everything, but if nothing much is changed will assume another 56k. For example, if you created an account and immediately tried to fill out the . While the info pulled from my tax return wasn't visible SSNs, birth dates, parent's earned income and parental assets. I know they have access to IRS tax forms to I entered my parent's assets but chose to not enter mine since I was given the option to skip it. Anyone know if this is true? Also, let's say my parents make $45k and I made $10k, would that mean I Depending on you (or spouse or parents) meeting certain income and tax filing conditions, certain questions about assets are indeed OPTIONAL and can be skipped. The FAFSA will ask for income My parents don’t make a lot of money they make less than the 60k per year combined but they We’ve prepared this comprehensive guide to help you better understand and accurately report parent assets on the FAFSA, maximizing your chances of securing the financial aid you need to achieve your academic goals. That said, certain states do require these questions to be considered for state-based aid, so you'll want to make sure that you don't live in such a state. The application does seem to be significantly easier than in prior years. Then it asked for “Student Assets” I don’t have a bank account or anything at all, so is it fine if I just put Yes, as Dependent's parent, it's through Mom. We recently received Medicaid starting December 1st, 2023. The burden is on you to figure out which parent that is, but don't jump to your father just because he has a greater salary. Go with the poorer parent. I am aware that recipients of Medicaid and other welfare programs in 2023 are eligible for being an Applicant Exempt from Asset Reporting (similar to Simplified Needs Test from old FAFSA). Another place to put the money is in a Roth IRA. Filling out 2024 fafsa form as a parent/contributor for my child. 8K subscribers in the FAFSA community. My older brother is the account holder, and not my legal guardian. so the rental property does not count as a second home. So, the student will be able to see that info. If you’re required to enter parent information on your FAFSA those assets will be included in the parent asset section. The other doesn’t have a ssn, therefore their account is unverified and so they are unable to complete their part as they don’t have access to the application. I can figure that out but for example, in the previous FAFSA she These cover parents assets on FAFSA. If you didn’t sign, you go into your form. I'm not aware of a way around this. She does not even have a phone number from the US just yet. I'm not honestly sure about the home. Parent 529s count as parent assets for the purpose of FAFSA, and the maximum parent contribution is capped at 5. Current status of "Divorced" didn't jive with our "Maried Filing Jointly" tax filing status of 2022. If you have a lot, you don’t get much aid. One parent completed their section. I figured out how to solve it and thankfully I got my SAI after. 5 or under extreme duress. The reason retirement assets are not counted is because your parents would suffer pretty severe penalties if they were to withdraw funds from retirement accounts. Once the form is deleted, a parent will long into their FSA ID, start a We have ~$60,000 in ETF's/CD's/etc, which will really cut into our Pell Grant. No, you don’t necessarily use the parent you live with or the parent with higher income or assets under the new Federal aid laws. They ask you to report cash because some families actually keep sizable amounts of cash in safe deposit boxes or otherwise outside of banks. Basically if your school cost less than your SAI, you won’t qualify for any need based aid. I’ve called, they keep hanging up. There are a few exceptions to this if you file certain tax forms, but the fafsa would know that after pulling info from the IRS. If you dont provide documents they dont process the fafsa I've filled out my FAFSA and parental information (I only have one parent who makes less than 10k and hasn't claimed me in over eight years), but my total asset amount is around 40k that I had to report to FAFSA. But yes, if you shift assets from your own accounts (20%) to your parents' 529 (5. Do I have to report the total No, your SAI will be influenced by 5. 00?" I clicked the little question mark Assets are not the biggest percentage. New comments cannot be posted. Will I need to get bank statements and put in the exact amount of money in the accounts, or can I estimate it? Share Add a Comment just turned in my part and my mom did her part. View community ranking In the Top 1% of largest communities on Reddit Parent won’t give bank account assets for FAFSA. I've tried finding it but You should really use the IRS transfer tool, if you don't, you can almost guarantee that your FAFSA will be selected I'm currently filling out the FAFSA for the 2018-2019 school year and I'm at a loss deciding if I should answer questions about my own assets or not, as they give you a choice on the application. 9. The SAI number that the calculator gave me was WAY Yes, the expectation is that 12% of your parents’ assets will be put towards your education (for the 2023-2024 aid year). But if it’s a ton of money they have saved, they are sorta screwed. I’ve emailed, My parents have a rental property in another state which is being rented out to another family member. They’ve been body snatching a bunch of the people who were pulling the PPI loan fraud, none of this comes free and it’s really not worth the risk of fucking it up SAI for FAFSA 2025-26 will be 0 if Mom's AGI from her 2023 taxes is below $55,935. FAFSA only asked if we had any loans prior for previous college years which we don’t (i’m a senior in hs). Is FAFSA requiring you guys to answer about your parent's assets for 2022-2023? I remember My FASFA is based on only my mom’s income. Submitted everything but they never asked how Hi, I am finishing up my fafsa but one of the questions, "As of today, what is the net worth of your parents' investments, including real estate (not Skip to main content Open menu Open navigation Go to Reddit Home r/financialaid A chip A close My advice would be to go ahead and file the 2021-2022 FAFSA correctly, using all the information you know now. I guess that means it is the simplified form, but what is the simplified Other tools that can be used for education funding include IRAs (ignored as a parent asset; still May count as student income for FAFSA purposes)- redemptions for education purposes are penalty free as long as one isn’t dealing with a private college. We’ll also r/ApplyingToCollege is the premier forum for college admissions questions, advice, and discussions, from college essays and scholarships to SAT/ACT test prep, career guidance, and more. Hi all, Looking to make some corrections to my FAFSA form, it asks for "Parents' Net Worth of Current Investments". I have about $35K in savings (leftovers from my college fund), which seems high for a recent college graduate. The formulas have various thresholds. FAFSA - Free Application for Federal Student Aid It retrieved your data when you created your FSA ID so it happened before you started the form. FAFSA EFC, by itself, does not tell students what they can expect to pay. All 529s held by dependent students and parents are treated as normal parent assets by FAFSA. Parents in this situation just use all Zeros in place of the SSN which allows for the FAFSA to be processed Hi, I was wondering if anyone had a case alike mine. If your school questions the Yes you need to accurate provide this information. We put in the actual amount on the checkings and savings question as every google search regarding it I heard that if your parents make less than $50k a year you either don't have to report your parents assets or your parents assets won't be used against you. "About the first $10,000 will fall under the Asset Protection Allowance. This means that they are subject to a progressive assessment that caps out at 5. You mention “if your required to report your assets”. Either that or someone in Family had received one or more means-tested-benefits ( SSI, Medicaid, SNAP, WIC, TANF, EITC, Free School lunch etc. FAFSA - Free Application for Federal Student Aid Skip to main content Open menu Open navigation Go to Reddit Home r/FAFSA A chip A close button Get app Get the Reddit app Log In Log in to Reddit Parents are not required to have any kind of status in the U. I’ve gone through the financials section in the corrections very thoroughly, and there is not a single page that asks for my parent’s asset information. I am a US citizen, i live abroad with my parents and am applying for FAFSA. You filed the FAFSA last year using the best information you had (which makes it an honest mistake, not fraud). You can either transfer the amount to a sibling or parent you trust (14K without having to declare a year). For the question “what is your mothers total current balance of cash I Just filled out the parent portion and it didn't ask for mine either. I have been depositing all my FAFSA refunds into my savings account from 2 different Hiya there! 🐦👍 I'm not too familiar with Reddit, so forgive me if this post is improper. If it applies, your parent, their spouse, or your own spouse will need to share their information too. Grandparent 529s don't count as assets, but in prior years, money taken out of a grandparent's 529 plan for the student counted as untaxed student income and counted as assets for the student and reduce So my parents filed a 1040 and to find their income tax FAFSA says that it is "Form 1040-line13 minus Schedule 2-line 46". It keeps dumping me down into the sign and submit section and the FAFSA - Free Application for Federal Student Aid Members Online • ExtensionMushroom856 ADMIN MOD Student Assets (Current Total of Cash, Savings, and Checking Accounts 7. You can’t hide income or assets. I've seen this suggested (or I recently just submitted my FAFSA for the 24/25 year. ) Start a The FAFSA software didn't like that and put up a roadblock, asking us to either change marital status to Married, or change tax filing status. It’s actually the entire point of the FAFSA - how much money do you and your parents make, and how much in assets do you both have. Now, they were filled out when I submitted Hi, I’m was doing FAFSA by myself as a student, it asked if I, the student, filed a tax return and I clicked no, because I’m a dependent of my parents’ tax return. On the form, it had an option to skip questions about assets, so I opted to skip them. Assuming your Family size at least 3 (you and parents), less than $40,303 of AGI line amount on parents' 1040 tax files from 2022, would make you eligible for max pell, i. The only exception is if your parents are providing the exact same amount of financial support to you, OR if neither parent provides any financial support to you. If you’re a newbie at applying for financial aid, whether for an undergraduate degree or something comparable, the first thing necessary in order to become eligible to receive the most amount of aid towards your education possible is filling out the FAFSA. Parent's AGI is less than $60,000 and their business made no more than $10,000 of loss/gain The question says, "Do you want to skip questions about your parents’ assets?" And clicking the help button: "Based on your answers to previous r/ApplyingToCollege is the premier forum for college admissions questions, advice, and discussions, from college My parents recently bought a new home. In any case, if your parents AGI on their 1040 tax I’ve been getting correction requests for my FAFSA form and whenever I do, it’s the same problem according to the Submission Summary page: Paren’t asset information is missing. Hi all, I am working on my FAFSA app for the 2022 - 2023 year. FAFSA - Free Application for Federal Student Aid Members Online • bunugg3t5 ADMIN MOD Parents Assets Advice/Help Needed Do my parents assets affect my aid a lot ? Please help idk what else to do Share Add a Comment Be the first to Top 6 According to the fafsa website, it says to default to who has the greater salary and assets if neither parent contributes more. The form is not asking for (or allowing me to enter) most of th financial information (ex: bank account, real estate holding info etc). 65% SS tax allowance, plus 9% for NY taxes, plus a value from Table 4 which for us is $41,670. Once you are determined for max pell, assets reporting is also exempt for you. 5K subscribers in the FAFSA community. citizen, permanent resident or other eligible noncitizen. 64% per year and have the same impact as cash, taxable brokerage, rental properties, and any of the other normal parent asset types. You can remove contributions to a Roth at any time, so that's a Hey guys, it’s been a tough war with FAFSA but I think the tide is turning 🫡 I had submitted everything but my SAI could not be calculated so I chatted with a live agent and she told me that the parent financials were blank. e. How would I report this on the Parent Assets page on FAFSA? Share Add a Comment Best Old If you signed your form already; the option to delete your form isn’t available anymore. S. You can also work a bit, earn some and save in a Roth IRA or traditional IRA. FAFSA is taking into account the fact your parents could pay but don't want to, because basically otherwise every rich family could refuse to help their kid and get the government to step in on their behalf. Money in IRA is not counted in FAFSA but is limited to 5500 a year. If the money is spent before the start of next school year, you may be able to do a Professional Judgement with your school to remove this figure, but that will be at the discretion of your schools Financial Aid Professionals. Last year my income was low (under 10K), but my assets (in my taxes reported to the IRS) are high. Income is. It's just like the option if you want to report your parent's assets. Locked post. So, basically, I have about $10,000 in cash. Can he create a FSA ID with the SSN and sign my fafsa form ? Also am i supposed to put 0$ for my parents income and assets since it asks for tax reports automatically even if you Hi guys, I filled out the fafsa last year. Reply reply No-Needleworker-7706 • I'm not sure, I'll have to ask my For the "Parent Assets" on the form, do i ACTUALLY have to input the total amount of what my parents (Married, file jointly) FAFSA needs to admit that they are a major fuck up this year and let these students (all students) attend school on the federal This There is a question on the FAFSA asking how much total money is in my parents' cash, savings, and checking accounts. 67 cents, and each $1 of your assets I had the same exact issue. Parent here that just filled out form for the first time. If you have none, you get more aid. vqict gtbswe umm lkabs anujdi pgtzxx npnha rwnjhs bgpbj lwjwu