<p>Hi,</p>
<p>Under parent's investments where it asks "As of today what is the total net worth of your parent's investments, including real estate?" What is it asking for - are retirement investments included or just money is savings/checking?</p>
<p>Thanks!</p>
<p>Investments include 529 accounts, stock funds, investment accounts etc. Do not include, cash, checking, savings accounts or retirement accounts on fafsa on this line. There is a separate place for those in in another question. Each of these types are broken down on the css profile also if your school asks for those.</p>
<p>great site - thanks</p>
<p>One more question - are UTMA accounts listed as the students or parents income. I think its under the students name but I want to be sure</p>
<p>For FAFSA:</p>
<p>UTMA 529 plans for FA dependent students--parent assets
UTMA 529 plans for FA independent students--student assets
all other UTMA accounts--student assets/income</p>
<p>
[quote]
Note: UGMA and UTMA accounts are considered assets of the student, and must be reported as an asset of the student on the FAFSA, regarless of the student's dependency status.</p>
<p>Investments also include qualified educational benefits or education savings ac****s such as Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans. Note: Students who must report parental information on this form should report all qualified educational benefits or education savings accounts owned by the parents and/or the dependent student as part of the parental assets in question 92.
[/quote]
</p>
<p>Do you also list the 529 plan that the beneficiary is the younger child, not the applicant?</p>
<p>anyone can answer?</p>
<p>You report all 529 accounts owned by the parents as parent assets. So if you set up one for Sally and Tom and you're the owner of both, you report both on Sally's FAFSA and both on Tom's FAFSA just like you would multiple bank accounts. </p>
<p>If Sally is 18 or over and opened up her own account naming herself as beneficiary, then Sally, the student, is the owner so not reported on Tom's. If she is considered dependent for financial aid, she reports that amount in with parental assets (starting this year). If she is independent, she reports that amount in student assets.</p>
<p>UTMA 529 accounts have student as owner and beneficiary, parent as custodian.</p>
<p>I thought so, too. </p>
<p>But when I was in D's financial aid night, when asked the same question, the counselor said you don't need to report the 529 account that benefits other child since that account is NOT for the use of the applicant. So I thought I should get a 2nd opinion, or to see a clear print of the matter.</p>
<p>Lunar_eclipse, you're absolutely correct. </p>
<p>I found the clear prints in Completing</a> the FAFSA 07-08/The Application Questions(78)</p>
<p>"Your parents must report in Question 92 all qualified educational benefits or education savings accounts, including Coverdell savings accounts, 529 college savings plans, and the refund value of 529 prepaid tuition plans that they own for any member of the household. This includes accounts owned by the dependent student.</p>
<p>Should have read more before I post :)</p>
<p>Questions 91-93</p>
<p>Parent Asset Information Instructions</p>
<ol>
<li>Net worth of investments.</li>
</ol>
<p>Investments also include trust funds, Uniform Transfers to Minors Act (UTMA)/Uniform Gifts to Minors Act (UGMA) Custodial Accounts, money market funds, mutual funds</p>
<p>This states UTMAs as parents asset...thought they were students?</p>
<p>Hmmm, Just check #42 Net worth of investment under Students Asset Information. It apparently a word-by-word copy/paste of #92. Make me wondering the accuracy of the instructions provided. But I agree with Lunar_eclipse in post #5, all other UTMA accounts are student assets/income.</p>
<p>I thought I got a "clear instruction" regarding 529 account (post #10) from that same site. Now I'm back to wonder that again. Any 3rd opinion?</p>
<p>From What</a> is your parents' net worth of current investments?</p>
<p>
[quote]
Note: UGMA and UTMA accounts are considered assets of the student, and must be reported as an asset of the student on the FAFSA, regarless of the student's dependency status.</p>
<p>Investments also include qualified educational benefits or education savings ac****s such as Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans. Note: Students who must report parental information on this form should report all qualified educational benefits or education savings accounts owned by the parents and/or the dependent student as part of the parental assets in question 92.
[/quote]
</p>
<p>My understanding is that UGMA accounts are reported as students assets except for 529 accounts which are reported as parents.</p>
<p>Just looking at the Profile instructions for Student Assets-110A. It seems that UTMA/UGMA 529 accounts are reported as student assets on Profile, but parent assets on FAFSA. Another nice link about FAFSA and UTMA 529s...see bottom of page 1...
Should</a> you open an UGMA/UTMA 529?</p>
<p>Ha! Typo on the FAFSA website got censored by college confidential (in post #13).</p>