<p>My bank account is under my mother's Bank of America account. Does that mean that my savings is under her? I know that FAFSA expects you to use around 1/4 of your savings to college. I have around 10k under my savings account through working--should I report less to boost my financial aid, because technically it's under my mom's account?</p>
<p>Thanks in advance!</p>
<p>I’m not sure what you mean but if it’s in your mom’s name, with her social security number, it gets reported as hers.</p>
<p>Who got the interest statement to report on their taxes? That is the primary owner of the account. If it is your mom, she reports it as her asset.</p>
<p>As posted, the account owner is the one who gets the 1099 and reports the interest for tax purposes. </p>
<p>When you and your parents fill out the FAFSA, the assets reported are as of the day you fill out that form. It’s a good idea to pay any major bills before you fill it out. If you fill it out the day before your family mortgage check has gone out, it counts. The day after, it does not. So do pick your days and make sure you pay any bills before completing the forms because if you are audited, you may have to provide the bank statement as of that day and the government is not interested in hearing that you did not report money sitting there because it was earmarked even for something like utilities, mortgage, etc.</p>