<p>Each of my kids has a savings account that is jointly owned with me, as they are minors. I know that my college bound son's account should be reported on the FAFSA, but what about the other kids' accounts? They're not old enough to manage their own accounts but they certainly shouldn't be counted for their brother's bill. How is this handled?</p>
<p>I can only tell you what WE did...any account where the parents' social security number was primary and for which WE received an interest statement from the bank (1098 I) was reported as one of our assets. The reality is that we are the "holders" of those accounts. Accounts where the kids were the primary holders were not reported as OUR (parent) assets.</p>
<p>If that was wrong, someone else here will let us know.</p>
<p>Agree with Thumper. Both our kids had bank accounts since their early teens. We are on the accounts but they are the prime owners and any 1099s etc come in their name and SSN. We do not report those in our name but each kid reports their own as an asset on FAFSA.</p>
<p>For PROFILE purposes, you may have to report those accounts even if they are in other kids' names.</p>
<p>Actually, I think cpt is right. On Profile you report assets of just about everyone. In fact, I know that the value of trusts of siblings is reported on the Profile (I had to research trusts...).</p>
<p>The profile question is:</p>
<p>"Enter the total value of parent's assets held in the names of student's brothers and sisters who are under age 19 and not college students"</p>
<p>The first time I did the profile last year I did put the value of my other children's accounts that are held jointly with me, but when I went to do the corrections I changed it to zero with a note stating "not parent's assets" This year I also put a zero.</p>
<p>But the questions about parent investments does say to include 529 prepaid tuition plans funds for siblings.</p>
<p>That Profile question has always confused me...maybe because in WA my minor kids could have their own individual savings accounts without mom or dad as joint owners. But I would only report assets in that profile question if they really were parent assets. The money in my kids savings accounts is an accumulation from their part-time job(s), odd jobs, holiday gifts from various relatives, etc. None of that is a parental asset. Now if I set up a joint account and moved the family emergency fund there, that would be different...</p>