I have a Junior this year, so looking ahead to next fall…if grandparents pay for something like piano lessons or private tutoring for our kids, should we report that under cash gifts to the parents from family members? Or not since it’s for the kids and not for us? Does it matter HOW it’s paid (i.e. whether they pay the piano teacher, et. al. directly or write us a check intended to cover the expenses?) It’s a significant chunk of money (we have 4 kids), but it’s well under the gift reporting levels for the IRS.
Cash gifts mean money given to the student from the grandparents for college, such as a 529 college savings plan or a prepaid tuition plan.
My understanding is that that’s the case for FAFSA, but the CSS form specifically asks about cash gifts to parents or money paid for bills on the parents’ behalf.
@kelsmom would know the answer to this. I think by “bills paid on your behalf” they mean things like rent and utilities, but ask Kelsmom to verify that.
Yes, there was one CSS profile school where my D applied where we had to complete a family income and expense for and it asked if we received any financial assistance from family members for household bills, mortgage, etc.
Are you saying that the Profile question that asks about cash received by the student or money paid on the student’s behalf is only referring to money given specifically by the grandparents and only for college? If so, where are you getting this information?