<p>Hopefully last question. Where if anywhere, are untaxed social security benefits for the student reported on the Profile? I had thought on the "Enter the amount of any other untaxed income you received or expect to receive in 2010" but the instructions specifically say to not include.
"Help SI-160G
Use the worksheet to figure out the total. Don't include: 1) any income reported elsewhere on the PROFILE Application, 2) money from student financial aid, 3) "rollover" pensions and "rollover" IRA distributions, 4) Workforce Investments Act educational benefits, 5) combat pay, 6) social security benefits, or 7) gifts and support, other than money, received from friends or relatives. </p>
<p>And on the parent's income portion it says
"enter the untaxed social security benefits your parents received or expect to receive for all family members except you, the student, in 2010.</p>
<p>So am I overlooking at line somewhere, or are they not listed? I know they're not included on the income tax forms.</p>
<p>I agree, when the SS benefits are for the student, they are not reported on either FAFSA or Profile.</p>
<p>I have kids that are 4 years apart, so for D1, I have had to report SS benefits I receive for D2 under Parental untaxed. But this year, since D2 is the student, I do not have to report it.</p>
<p>Thanks,
I wondered, since they’ll stop when he graduates high school anyway, but since the Profile asks for much more information than the FAFSA, was afraid I might be missing a line somewhere.</p>
<p>D2 will actually begin getting SS sent directly to her for a few months because she turns 18 before she graduates from HS. Kind of a scary thought, but she’s been pretty good with money in the past so this will hopefully be a good step towards financial independence.</p>
<p>^My nephew started receiving SS benefits in his own name early in his senior year…it was close to $1K a month and he spent it like mad, against his father’s wishes, and now regrets it. Only my youngest turned 18 while still in HS and I directed his to a savings account that he’s had since birth, at an out of town bank, and reminded him that he would likely need that money at some point for college. So far he hasn’t touched it.</p>
<p>I’m pretty sure D2 knows that it would be short sighted to spend the money going into her account since mom holds the money that will support her in college. But it was an eye opener for me to think about the money going straight to her, I don’t think of 18 as being a big deal in our mom/daughter relationship, but the law sure does!</p>
<p>So, from reading these posts, it seems that I misreported my son’s SS survivor benefits since since one of the questions in the Profile had to do with funds the parent had in savings (since I receive the funds in my name FBO my son). I already sent the Profile in to his colleges…what now?</p>
<p>SS benefits aren’t reported as income or untaxed income, but I’m pretty sure if part of your savings is composed of SS that hasn’t been spent, it’s still an asset for you. And once they start coming to your son and comprise part of his savings, that amount is an asset for the child.</p>