We are in the process of filling out FAFSA for Kid#1 who is not beneficiary on any 529 plan.
But we have a 529 for which Kid#2 is beneficiary.
Do we need to enter that info now while filling for Kid#1 FAFSA
Kid #2 is a Junior in high school
Yes. Unless the 529 is in Student #2’s name (or a non-parent is the account owner) it has to be reported as a parental asset. It’s still money available for Student #1 as all you need to do is change the beneficiary. It doesn’t matter if you don’t WANT to use that money for their college.
If the OWNER of the 529 is Child #2, it does not have to be listed. If it is owned by the parent(s) or the student for whom the FAFSA is being filed, and it titled for the benefit of another person, it has to be listed as it is easily changed and often is to another child in the family.
In addition to the above being the definitive answer, the answefs eill not change from the last time you asked:
http://talk.qa.collegeconfidential.com/financial-aid-scholarships/2167336-529-plan.html#latest
Closing thread.