I filled out my daughter’s fafsa for 2017-2018, when asked do your parents assets exceed $22,600.00 I answered no. I was not given the opportunity to put in cash on hand, savings, checking, CD or my daughters 529. Our AGI was $55,000 and we are a family of 4. We filed a 1040 in 2015… Can someone please tell me what I did wrong? Thank you!
You didn’t do anything wrong. I had the same question last year. $22,600 is the parent asset protection amount based on the older parent’s age. It asks you if you had assets over that amount, if you say no it skips the detailed asset reporting.
As long as the 529 account, the parents’ savings and checking account, cash and CD add up to $22,600 or less you should be fine.
Student owned 529 is considered a parent asset.
Wow! So I do not need to list any of that? The 529 has $700.00 and the CD has $2,000 and cash, checking and savings is not much. Lol
If you had 401k contributions in 2015, make sure you report them in question 94a since the IRS data retrieval tool won’t bring them over from the tax return since they are not federal taxable income.
Great reminder bc I originally did not when I filled out fafsa yesterday. However, I went back in today and put that and it lowered her possible pell grant and raised our EFC. It’s all good bc I want to make sure I did this right.
Yes, it is easy to forget because it needs to be reported separately from the tax return.
Unfortunately it is included as untaxed income in the EFC calculation. So it can make a difference.