<p>The question is: "As of today, what is your parents' total current balance in cash, savings, and checking accounts?"</p>
<p>Dumb question... is this STRICTLY asking about cash, savings (accounts), and checking accounts?? ie more liquid assets... as opposed to IRA/401k/etc. ie... do I need to report my IRA/401k balances here? </p>
<p>I can see that Q88 will take those into account... but are they supposed to be included in Q87?</p>
<p>Thanks,
Jeff</p>
<p>I dont think fafsa asks about what you have in retirement accounts other than what you put into it last year.
So no- just put your other account checking savings and cash.</p>
<p>FAFSA specifically tells you not to report retirement accounts as an asset. You do not report them in question 87 or 88. They are a protected asset.</p>
<p>If you need more guidance with answering the questions this is very helpful
<a href="http://www.studentaid.ed.gov/students/publications/completing_fafsa/2008_2009/ques.html%5B/url%5D">http://www.studentaid.ed.gov/students/publications/completing_fafsa/2008_2009/ques.html</a></p>
<p>FAFSA separates the truly liquid assets (checking, savings) from investments (CD's, mutual funds, etc), so those are the two questions you're seeing. Official retirement accounts don't go in either one.</p>
<p>Yeah, thanks... I just figured this all out having looked at the online application pages (the printed worksheets don't give any clues).</p>
<p>My recommendation to others.. FORGET about the paper worksheet... just go straight to the online application (and hit the 'save' button after each page!).</p>
<p>jhuston...I do not agree with you about the worksheet. I think it is a very helpful tool for most people. It is good to get all of the information collected in one place especially if you have never completed a FAFSA before. You certainly can use the online info to help answer your questions while you complete the worksheet. BUT the worksheet is a fabulous tool...like I said..for the first time FAFSA person. Of course, that may not be true for everyone...so if doing the form online works for you...go for it.</p>