<p>Thanks everyone for the detailed answers! I’m trying to wrap my head around all the math here.</p>
<p>Does FAFSA need to be filled out with new data every year?</p>
<p>So it looks like the short answer to my question is that IRAs are probably not a good “FAFSA shelter” or place to “hide” savings that would impact on FAFSA.</p>
<p>We’re in New York and according to petersons.com list of State Tax Breaks for 529 Plan Contributions, Up to $5,000 for single filers / $10,000 for joint filers. We’re filing jointly.</p>
<p>So 529s are a good investment vehicle in FAFSA terms? I’ve heard of people putting $ in grandparent/relative accounts but I guess the tax impact would offset any gains here.</p>