Your post #9 mentions interest income that wasn’t reported on your parent’s taxes. Was that interest income reported on your fafsa/CSS because that income will increase the EFC also. It sounds like your parents will have to file an amended return from post #9.
Since you’re a returning student you only have 1 school to deal with, the one you are attending. Email the finaid office, explain the situation, including the asset change and additional interest income if applicable and ask them how to proceed.
It seems interests incomes were figured correctly and there won’t be much difference. It just where it asks for Parents total cash saving and checking accounts, there we would need to add 20K and rest everything will be pretty accurate.
[QUOTE=""]
We assumed certain things and made an error of about $10K in assets.
[/QUOTE]
10k? or 20k? you said both
The OP clarified in post #18, it’s $20k.
This is regarding the required filing with the Department of Treasury (not FAFSA):
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR
If applicable, was the FinCen 114 FBAR filed electronically? It’s due by June 30.
FBAR is not filed yet, so that can still be filed correctly. Thanks for the reminder though.
I have heard back from the FA office, they have updated CSS and FAFSA with the correct assets and hopefully there won’t be any issue. Thank you all of you for your help, I was freaking out on this.
Thanks for the update.
Please let us know the final result.