529 Plans & The FAFSA, 2 BIG Changes Coming to the 24/25 FAFSA!
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- Опубліковано 7 вер 2023
- There are 2 Big changes coming to the 24/25 FAFSA re: 529 plans! And they are GOOD changes!
Student's will no longer have to report distributions as untaxed income from grandparent owned 529 plans and parents will no longer have to report the total value of all 529 plans for all children on the FAFSA. They will only have to report the value of the 529 plan for the child they are filling out the FAFSA for. This is GREAT news!
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Could you please cite the source for the 529 info regarding sibling accounts? When I researched it, everything I have read says we have to claim all three of our kids' 529 accounts as parent assets on our son's fasfa application. I would love to have the source of this info you could provide it. I couldn't find anything about it on the Fasfa website.
Is the second change just for grandparents? Would it apply to any other relatives, such as an uncle?
Isn't there a loophole here? I could put myself as the benecifiary of my 529 account during the FAFSA process time and later change the beneficiary to my kid so I can use the 529 money for their college expense.
I wish I saw this before I started this year! I lumped both 529 amounts together when i was doing my parent portion. I just went back to try to update but cannot seem to do so. Any tips on how to get back into the form to update?
Do you know if divorced parents need to included 529 plan distributions when figuring out which parent supplied more financial support?
Could you please cite the sibling 529 rule? I’ve submitted FASFA not including sibling’s plan but am seeing conflicting reports on whether it should be included on parent investment and have no idea if I need to correct form.
I will have a college freshman next year, along with a HS senior, and have (2) 529 plans. For the FAFSA this year, I can move all the 529 money into the account of my soon to be HS senior and will not have to claim it for my soon to be college bound freshman?
Thanks for your help!!! I have a quick question, if I have a property abroad that I don't pay taxes on in the US, do I have to include it in the FAFSA?
Yes you would have to report the value of it in US dollars
Thank you very much for your help!!!
@@TheFAFSAGuru