<p>Trying to figure out how to report cash and investments in a joint account (jointly owned by both parent and student). This is a regular bank account, not a UGMA or anything like that. Couldn't find a clue on the FAFSA site. </p>
<p>Do such savings get reported as owned by parent or student? </p>
<p>Thanks.</p>
<p>Who is the person who gets the 1099 from the bank for interest for taxes? I would think that would be the primary person on the account and THAT is where the asset would be reported. We have a trustee account for DD, with one of us as the holder of the account. It gets reported as our asset. The 1099 for interest comes to us.</p>
<p>thanks, that's a good approach, although I just checked a 1099 on another joint bank account and there is only one name on it. Not sure why the bank addresses it to only one person when it is joint.</p>
<p>The bank addresses it to one person because only one person declares the interest on their taxes. Our joint account with DD comes to one of us...and WE put that interest on OUR taxes, not hers. It isn't sent to her.</p>
<p>Perhaps someone else has an idea about this...but this is what we have been doing with our joint accounts for years. The primary holder gets that 1099...and that's where the interest goes on the taxes. That person also gets it on the FAFSA. </p>
<p>I'm just a parent...so I hope I'm correct.</p>
<p>When I called the FAFSA helpline (twice), they told me that it would be considered my parent's asset. This is because my parent is the custodial of the savings account - interest is on my parent's taxes. You should call the FAFSA to double check (in regards to your situation).</p>
<p>If you go to Finaid.org there is a list of different kinds savings accounts and how to put them on the FAFSA.</p>
<p>Search joint accounts on finaid.org.</p>