Parent/child joint accounts; Whose asset is it?

Paying for College
1

<p>So, if od1 and I have joint accounts, do I list them as a student asset or a parental asset on the Fafsa? </p>

<p>If they're a parental asset, I assume joint accounts with od2 are also a parental asset. If they're a student asset, do I assume od2's accounts belong to her and do not need to be listed at all here?</p>

<p>FWIW, we're not talking big money here.</p>

2

<p>The best way to determine who owns the account is by looking at the SSN on the account. If it’s yours, and you report on your taxes any income from it, then it’s a parent account. If you’re the custodian and your D is the beneficiary, with her SSN on the account, it’s a child-owned asset.</p>

<p>Sibling-owned assets are not reported on FAFSA.</p>

3

<p>My SSN would be on the accounts, but so are the kids’. They’re just plain old checking/savings accounts.</p>

4

<p>Who gets the 1098 (the form from the bank with the interest on it for the year). If it’s the parents, it’s a parent asset. If it’s the student, it’s a student asset. ONLY one of you should be declaring interest from these accounts on your taxes.</p>

5

<p>On whose tax return do you report any interest income?</p>