Say if a kid is receiving SS because father retired. Will the SS benefit for the children be calculated as the kid’s income or the parent income?
@BelknapPoint can probably answer…
But I think if the STUDENT is receiving it…it is student income.
What specific kind of SS payment is the child receiving, and why? A child doesn’t normally receive a SS payment simply because a parent retired…
Is the question asking about reporting on FAFSA, Profile, something else?
Students under 18 receive benefits if a parent over 62 retires. My brother’s twins will receive payments starting in Dec. My brother wasn’t going to retire but the numbers say he should because of the money the 2 kids will receive for 5 years.
The amount of the benefit is, of course, dependent on the SS contribution of worker over the years.
Answer: usually neither, unless these benefits are taxable. My minor children all received SSA dependent benefits starting when I retired. Untaxed Social Security benefits (whether parental or for minor children) aren’t reported on FAFSA. Taxed benefits are of course included on the 1040 (or A or EZ) so would be included on FAFSA. These benefits would be included in untaxed income on Profile. SSA dependent benefits normally stop when the child reaches age 18, unless he/she is still in high school, in which case they stop upon high school graduation, or unless he/she is disabled (see below).
"Children who are younger than 18 (or 19 if a full-time student) and have a parent who is currently receiving Social Security Disability Income (SSDI) or Social Security retirement benefits (or who had earned enough Social Security credits to earn one of these benefits before dying) may be able to collect dependents benefits based on their parents’ records, whether they are disabled or not.
Adults disabled since childhood. Disabled children who are older than 18 but who became disabled before they turn 22 can collect disability benefits if they have a parent collecting Social Security Disability Income (SSDI) or Social Security retirement income (or a deceased parent who was entitled to one of these benefits before their death)."
I was referring to the SSA dependent benefits. I knew the benefits is not included in FAFSA and based on what I found in previous posts, it is not included in the profile as well. Therefore, I am assuming it is not being used any where.
However, I noticed some colleges asked to send the 1099 for the kid, therefore I am unsure how the amount is used.
Then only the schools that asked for the 1099 can answer your question on how/if they use this information for determining financial aid.