Parents assets fafsa reddit. "
Yes, as Dependent's parent, it's through Mom.
● Parents assets fafsa reddit 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 0? They also didn’t ask for my parents’ tax return. I have some small streams of income which cover living expenses, and also a good chunk of assets. Two kids heading to college. According to the fafsa website, it says to default to who has the greater salary and assets if neither parent contributes more. Anyone have This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with making their Financial Aid choices. This is what you agree to when you sign the FAFSA form: If you are the student, by signing this application you certify that you (1) will use federal and/or state student financial aid only to pay the cost of attending an institution of higher education, (2) are not in default on a federal student loan or have made satisfactory Parent here that just filled out form for the first time. S. Intent of that explicit hint above that field is perhaps to allow the students to exclude, from assets, any educational aid (grants, scholarships, loans) that they may have received (based on prior year FAFSAs, or otherwise). If anyone in Mom's household received any of those benefits in 2022 or 2023, FAFSA gives you that assets exemption. citizen, permanent resident or other eligible noncitizen. I am a dependent with a joint savings account with my parent. Student income Student assets Parent income Parent assets Aside from home equity, retirement accounts are also not looked at in FAFSA. What are Parent Assets on FAFSA? The FAFSA requires you complete sections regarding your family’s assets and net worth of investments. Your cash assets include all the money you currently have in savings and checking accounts – even money We did FAFSA today and we forgot to include one of our asset value in parents assets. I’d suggest not committing fraud, however, your choices are yours to make. Get the Reddit app Scan this QR code to download the app now. e. If you decide to skip these questions, doing so won’t affect your eligibility for federal student aid. I have about $30k in savings at the moment. Or check it out in the app stores FAFSA - Free Application Members Online • bunugg3t5. I just (yesterday) helped my son complete his FAFSA. Reply reply 1-800-nic-addiction FAFSA Form 2024-2025, Parents marriage and support Additionally, any advice found here IS NOT legal advice. ADMIN MOD Parents Assets . Yes, the expectation is that 12% of your parents’ assets will be put towards your education (for the 2023-2024 aid year). 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. Advice/Help Needed Hello! your SAI will be influenced by 5. 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. dollars. Another place to put the money is in a Roth IRA. Parents are not required to have any kind of status in the U. Any parental assets beyond that amount will reduce a student's aid package by up to a maximum of 5. Just started a 529 for our kids and became aware of the 529 potentially affecting financial aid via the FAFSA. So, the student will be able to see that info. 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. It is going to ask about student assets by default this Below, we provide a detailed look at which FAFSA parent assets are reportable as well as those that are not. We currently have a house that we rent out. If you look at my income as reported on tax returns, my kids would certainly qualify for financial aid. Moreover, my guess is, Medicaid recipients households generally fall below 100%-133% FPL income limits, and FAFSA income limits are 175%-225% FPL for an automatic SAI=0 eligibility. The easiest way to do this is wait until you are 24 but there are a lot of other ways that would require proof. Real answer from someone in the profession. Why do I need biometrics after landing in US, Approval with I-551 overseas for IR5 (father of US citizen) Get the Reddit app Scan this QR code to download the app now If my name was added to my parents' joint checking account, is their bank account considered part of the student's assets for FAFSA? GENERAL FAFSA If you’re required to enter parent information on your FAFSA those assets will be included in the parent asset section. Reddit's home for tax geeks and taxpayers! News, discussion, policy, I got a fafsa EFC of around 45000$, when my parents make less than 80,000!. Parents in this situation just use all Zeros in place of the SSN which allows for the FAFSA to be processed. Or check it out in the app stores Can I estimate my parents' assets? There is a question on the FAFSA asking how much total money is in my parents' cash, savings, and checking accounts. 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. 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. View community ranking In the Top 10% of largest communities on Reddit. Advice/Help Needed My parents don’t make a lot of money they make less than the 60k per year combined but they have a good amount of money saved up. My mom is my single parent and her wage is <$20k/yr, with about $10k/yr from social security. parents, step parent of custodial parent, spouse, etc), and another 5-10 minutes if you're required to report assets. 64% of the asset's value. How can we update the FAFSa to include missed assets? The answer to whether FAFSA can verify whether the numbers you put down for your parents’ or your income, assets, and other costs contains a lot of gray area. Since the FAFSA is pulling from the IRS, the question will show up automatically or not based on meeting those qualifications. However, all the calculators look at assets, and then take 5% per year as expected family contribution. . My guess is, the later, subtract my SFA money from my account. 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. 64% Parent Asset . If you have a lot, you don’t get much aid. The SAI number that the calculator gave me was WAY different than the number it gave my daughter after she submitted the form. (Abusive/no contact with parents, living in a homeless shelter, etc) Posted by u/Active_Gene_5396 - 1 vote and 6 comments The question says, "Do you want to skip questions about your parents’ assets?" And clicking the help button: "Based on your answers to previous questions, you may skip questions about your parents’ assets. gg/gcj Due to Reddit's decisions related 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 your parents' home)?" I am having trouble with. Or check it out in the app stores FAFSA - Free Application for Federal Student Aid You sign the FAFSA under penalty of perjury. 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. Yes, if you are no longer dependent of your parents you would probably be rolling in federal money. Many families are confused about what they Fafsa parent’s assets For the question “what is your mothers total current balance of cash, savings, and checking accounts, is that just asking how much money she has in her wallet as of now? This is our first time filling out the FAFSA lol. While the info pulled from my tax return wasn't visible (which was a majority of my income info, the student's FAFSA form walks through asking questions about the parent(s) SSNs, birth dates, parent's earned income and parental assets. When a dependent student starts the FAFSA form first, it has no way of knowing if parent’s answers will qualify for asset exemption. If the student section is done before the parent section, it might ask either way and that section is expected to be disregarded. FAFSA Question regarding 5. Reddit is not a substitute for a real lawyer. 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. If for no other reason, than applying for FAFSA is a requirement on just about every other way to get financial the expect you to put some amount of your current assets towards paying for college, and it will likely decrease the amount of aid You can either transfer the amount to a sibling or parent you trust (14K without 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. You can remove contributions to a Roth at any time, so that's a way you can put some of the money into a LEGAL place that won't be counted. If you have none, you get more aid. " Yes, as Dependent's parent, it's through Mom. Is it necessary to shift my assets into her name to Is FAFSA requiring you guys to answer about your parent's assets for 2022-2023? I remember last year the question was optional and now they're requiring an answer for it. How would I So I’m currently filing out my fasfa and I am stuck on the parents assets questions. Hi all, Looking to make some corrections to my FAFSA form, it asks for "Parents' Net Worth of Current Investments". It seems like all you need to do is minus what my parent's still owe from the price they bought it for. Now, they were filled out when I submitted but she said their has been a buh where it the information gets deleted. I thought it would be better to start over, and filled out everything accordingly on my part of the form (the student part). 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. 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. "About the first $10,000 will fall under the Asset Protection Allowance. Also, let's say my parents make $45k and I made $10k, would that mean I have to report my parents assets because the combined income is over $50k? Share Sort by: Best. - only the student must be a U. And yeah, income/assets and taxes paid are converted to U. Yes you need to accurate provide this information. Members Online. The new FAFSA is now connected to IRS, so they will automatically get the income when IRS send them your parents’ taxes. 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. I'd expect to add an extra 5 minutes for each extra contributor on your account (i. Yes, as Dependent's parent, it's through Mom. Parents Home Asset on FAFSA . I Just filled out the parent portion and it didn't ask for mine either. Reply reply 1-800-nic-addiction It only took me about 5 minutes to complete as a Single, Independent Student who's exempt from asset reporting. 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. Come visit us on Discord! discord. Students can be selected at random to audit their FAFSA information through colleges. dqlkbtphpiqdnfbfhkuengrzlygpcpyrwvnnxrzowbwfvusfpz