Does anyone know if my name is listed on my mothers savings account as a signer/owner do I have to list that account on FAFSA even though it’s her money? I am just on there in case of an emergency and she would fall ill & someone would need to withdraw money to pay her bills etc
Joint accounts are reported as 50% belonging to each owner.
How is the account set up? Is this a joint account? Who gets the 1098 for tax purposes?
I am listed as a signer on my elderly mother’s checking account but the 1099-INT goes to her under her SS number. It’s not a joint account and it’s not my money. I would not report it on a FAFSA.
Signer and owner (including joint) are two different things. The OP said “signer/owner”.
When we opened the account we were both listed as owners/signers. It’s listed as both, it’s a savings acct that doesn’t earn that much interest. I don’t think we got a 1099 last year for it so it must be going to her. Gotta check that , I can’t remember as its a small amount
If you are concerned that you will need to report half (I don’t agree with that as all co-owned accounts aren’t 50/50) you can always change your interest to ‘Pay on Death’. That takes the account out of probate, but that doesn’t help if you need access in an emergency. You could get a power of attorney and the bank could accept that for immediate access, but make sure they will if that is the route you take.
Have the account changed so that you’re no longer an “owner,” just a signer. Follow ^^^ instructions.
Or have the account changed back so it’s entirely in your mom’s name, and download a form from the internet to get Power of Attorney in case she’s incapacitated, and you and your mom can get it notarized by the notary at your bank- probably no fee since you have an account there.
The manager or assistant manager should be able to help you with the form that re-titles the account- probably takes ten minutes to complete.