Divorced parents: filed jointly last year, separately this year.

Paying for College
1

<p>So my parents separated late 2010/early 2011. They filed jointly for that year as well as last year, before getting divorced in May 2012. So I'm filling out the FAFSA and CSS Profile with my dad's numbers (my dad being custodial) by extracting his income and such from the jointly filed 2011 1040 to supply estimates for the 2012 1040 which will only bear my dad's numbers. Is this something I should explain in section ES of the profile, or should I just let it be until my dad files his taxes and then go back and correct the forms accordingly? </p>

<p>Other quick questions that I've tried to determine the answer for but can't get a clear 'yes' or 'no':</p>

<p>My dad has an Roth IRA valued at about 49k - this should not be included in the FAFSA at all, correct?</p>

<p>And my grandmother has an UTMA account in my name. This goes in my assets, correct?</p>

<p>Thanks in advance for any insight!</p>

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<p>You’re doing this right by estimating from your father’s income. Once his taxes are filed you can update FAFSA with the actual amounts for 2012. You don’t need to explain this although you can on Profile.</p>

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<p>Correct.</p>

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<p>Correct.</p>

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<p>Thanks so much!</p>

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<p>If the UTMA can be moved to a 529, it would not hit your EFC as hard as it goes under parental assets, not yours. If this can be done quickly before filing FAFSA , it may make a difference since your assets are hit up at 20% and parental ones are at 5.6% after an allowance. Assets need to be reported as of the day you file FAFSA.</p>