<p>lets say that i was poor one year, and the next year i hit a goldmine. my father for 05 taxes had zero money, because he bought a house and fixed it for it to be sold agian. 06 was similar, our taxes included that we had pretty much nothing. however this year, my dad has around 33 thousand in his bank account, but agian, his taxes doesnt reveal that he has money. now for fafsa, they ask for 06 tax info, and, sadly, how much we currently have. i want as much from pell grant, my dad suggested taking all his money and putting it in different accounts. would this help? if we did not, how much would you think our current income will have on our pell.</p>
<p>plz someone respond!!! any info is much appreaciated. TY</p>
<p>dude taking the money out and putting it into different accounts is just silly and fraudulent. like, it's a moral question-- if your tax returns don't list those as assets, then you are opening yourself to get pwned by the IRS. but regardless, it's up to your morals if you want to list them on your FAFSA forms...</p>
<p>sorry, but moving money into different accounts or putting it under the mattress doesn't make it go away. If you fail to report the cash (even if its in a cookie jar) = federal fraud. But, you might still be ok. The fafsa formula has an asset protection allowance; in essence, the Federal Methodology ignores assets <$50,000 for many families.</p>
<p>Just to clarify, two things are likely to happen here.</p>
<p>1) If your father makes less than $50,000 a year and he filed (or was eligible to file) an IRS 1040A or EZ in 2005, then you will be subject to simple needs where no assets will be counted.</p>
<p>2) If the assets are less than his allowance for retirement, then nothing will count anyway! If your parent(s?) total assets (not including home, but including everything else) are less than the figure the government allows under the formula for asset protection (see <a href="http://ifap.ed.gov/efcinformation/attachments/0607EFCFormulaGuideDecFinal.pdf%5B/url%5D">http://ifap.ed.gov/efcinformation/attachments/0607EFCFormulaGuideDecFinal.pdf</a> table A-5 on page 18 for the list by age of parent and marital status), then no asset contribution will be counted anyway.</p>
<p>Example, if your dad is 49 and single, $22100 is the APA. If married, $48,900. Anything more than these numbers would be included as part of his PC but at a low rate (not dollar for dollar).</p>
<p>so if my dad is married with 5 children and makes less than 50 a year, but has 33 thousands $ in his banckaccount has no affect on pelllgrant?</p>
<p>As long as he is eligible to file the 1040A and/or EZ... And their TOTAL earnings (mom and dad) is less than $50,000.</p>