<p>I am parent of prospective student applying for financial aid and just received a cash gift from my parents. I know this isn't helpful for maximizing aid, but it's in the bank.</p>
<p>I've included the gift amount in the CSS under cash, savings, and checking accounts. CSS also asks for 2013 income. This gift was received in 2013, so technically it is 2013 income, but it's all in the bank already. Am I double-counting if I list it as a current asset and as 2013 income?</p>
<p>It’s not income, it’s a gift. You’d report it as an asset along with any other cash in the bank.</p>
<p>You only report income received in 2012 on the 2013 FAFSA.</p>
<p>I have never been clear as to whether cash gifts, inheritances, are reported as income on CSS PROFILE. But, as a matter of course, most all of your assets were once income, at least mine are. So, yes, the assets are often double counted as income and as assets if you save.</p>
<p>Income imo is reported to the IRS and taxes are paid on it. I don’t see why a gift or inheritance would ever be reported as income, unless required by tax law. They are assets however and should be counted as such.</p>
<p>Under the PF Section of the CSS (Parents’ 2013 Expected Income and Benefits), there is a line for “the amount of untaxed income and benefits your parents expect to receive in 2013” (PF-115a). The worksheet for that line includes “Cash expected to be received or any money expected to be paid on your behalf” so it’s not necessarily earned income.</p>
<p>I’ve already included the amount in my assets. Seems to me if I include the amount as expected 2013 cash, they’ll assume it’s an asset I can tap AND I’ll have additional assets this year that I can tap. I think I’ll count it as an asset and not as expected cash. Certainly don’t want to do the wrong thing though.</p>
<p>I still don’t consider a gift to be untaxed income or benefits paid on your behalf. Untaxed income is just that, income, and benefits paid on your behalf might come in if you lived with a relative and didn’t pay rent or utilities or they helped you out every month financially. It will be counted 2x if you include it with assets as well as expected 2013 income. I think you’ve done the right thing and put it as an asset and should not list it as 2013 expected income. Afterall when you file your 2013 taxes your AGI will not reflect that gift.</p>