<p>I have two 529 accts, both are under my name, each of my kid is the beneficiary for an acct. This year my older kid is applying college. CSS asks Parent Asset, should I just report 529 acct for older kid, or should I report money in both accts? But I think I shouldnt touch the acct for younger one, use the money save for the 2nd kid to pay 1st kids tuition. </p>
<p>Any idea? Thanks.</p>
<p>If the 529 accounts belong to the parents with the two kids as beneficiaries, then I think the sum of both accounts is supposed to be reported as parents asset. There is no way of knowing how the school will use such information from CSS but in theory, only small percentage of parents asset should be taken into account for figuring FA. You also will report the second child information in the CSS, so hopefully the school understands that the 529 sum will be needed for both.</p>
<p>I always report the total amount for both kids, and at the section Explanations/Special Circumstances I specify how much is available for each child.</p>
<p>The sum of 529 accounts owned by the parent(s) are entered in question PA-120. There is an expanded worksheet for question PA-120 that has asks specifically about 529 investments.</p>
<p>My son’s grandparent has a 529 for which he is the beneficiary. I am thinking I report the amount we plan to withdraw from the 529 in the section that asks for “money paid on your behalf” Thoughts?</p>
<p>Thanks all.
Another way, Is it ok if I use 2nd kid 529 money to pay 1st kid’s tuition? my younger one still has several years before applying college. But we have to pay older one’s tuition this year.</p>