<p>A few years ago, my retired husband withdrew some funds from his IRA and opened an UTMA account for our daughter who is now 10. He and I are both listed as custodians on the account, she is the owner.
I have a son (not his) who is a senior in high school this year. I am confused about if/where I need to report the contents of the UTMA on his FAFSA. I intended to put it on there, but the verification form says to list only the accounts for which you are an owner, not just a custodian. Do I report it at all?</p>
<p>No, the UTMA is your daughter’s, even though you’re the custodian. The money in it can only be used for her benefit. You would not report sibling assets on your son’s FAFSA.</p>
<p>But for planning ahead for your daughter for college you may want to make some changes. When she files FAFSA, under current rules The UTMA will be reported as your daughter’s asset for FA purposes and 20% would go to the EFC. If the money is going to be used for college you may want to think of putting it in a 529 account in her name. 529 accounts are assessed to the EFC at the parent asset rate of 5.6% or less. Of course, this may all change by the time she starts college. But something to be thinking of before that time comes.</p>