Does anyone know how to handle fluid assets on FASFA. We put money slated for property tax (not escrowed) and federal income tax (independent contractor, pay tax quarterly) in separate accounts. Is this reported on Fasfa? The assets will be significantly different after these are paid at the end of the month.
They count regardless of where they are. Do you bl paying first…then file your FAFSA. Assets are reported as of the date of filing the FAFSA. So…pay your bills ASAP and reduce the amount in those accounts BEFORE you submit your FAFSA.
It doesn’t matter if they are in “separate accounts”.
Pay the taxes and then file FAFSA
And stock prices vary minute to minute…
File your fasfa when the market tanks.
Get your investment account balance at the the close of the previous trading day. Don’t overthink this. It’s not complicated.
I understand, just pointing out the absurdity of a system that would punish someone for not using an escrow account to pay their property tax. You shouldn’t have to time the fasfa market.
I hardly think you’re being “punished.” Lots of people don’t have mortgagee-mandated escrow accounts, and are responsible for paying property taxes and insurance on their own. Again, FAFSA is a pretty simple process. Reportable assets are reported as of the day that the form is completed. Pay your large expenses prior to completing the form. It’s a lot esier than trying to time the equities market. Everything is under your control.
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File your fasfa when the market tanks.
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People who are affected by tanking markets usually have EFCs that are too high for any “free money” aid from filing FAFSA. Are you expecting free money from filing FAFSA??
What are you expecting from filing FAFSA?
Punish? Why would you say that? The reality is the money in that account can be used for ANYTHING. It’s not dedicated to your taxes. That is why it’s viewed as a regular asset.
But easy peasy. Pay the taxes, and then file the FAFSA.
I was talking about the system in post #6, not necessarily me. On another note, why do people spend time on these CC boards after their kids are out of college?
To help people. Some of us are cool like that.