<p>I'm getting ready to fill out the Profile and have a question about 529 accounts. We have 529 accounts for our kids. They are in my husbands name with each respective child as beneficiary. When filling out the Profile, do they want to know the amounts for each specific child's account or just the total of all of them?</p>
<p>529 accounts in the name of the parent and children as the beneficiaries will be asset of the parent. So, you don’t have to list them as the child’s account.</p>
<p>You’d list the total of all parent-owned 529 accounts.</p>
<p>Are 529s reportable on the FAFSA? We just started one for DD (age 13). </p>
<p>Will it impact DS’s financial aid? (I know it’s only assessed at the parental rate of 5.6%(?))</p>
<p>Yes, 529s are reportable on FAFSA. Whether it will affect your son’s EFC will depend on how much you have in assets over the protected asset allowance. The 529 is treated exactly the same as other reportable assets, so having the $$s in a 529 account instead of some other type of account (other than retirement) will make no difference.</p>