Question. If our household income for a family of 4 is under 60,000. We are “exempt from asset reporting “ which means as long income is low enough you do not have to show any: 1) parents assets 2) 529 assets 3) students assets It seems family income if kept under the radar you can shelter all or most assets. Is this right? And can you use parent Roth assets (tax free) withdrawals in order to stay under the 60,000? Are you still exempt from reporting? Seems like loophole to me? Especially if a parent has large a Roth account. Which can help manage to keep under the 60,000 threshold. Will also qualify for pell grants too, right? Also do tax schedules filled matter in the exempt asset reporting? Thank you so much!
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It's net value of small business and/of family owned farm, correct?
Question , I saw that in the fasfa you have include a step father income ? my kids step father doesn’t provide food , clothes, schooling or paying medical bills only me their mom does that with my income. Why should he have to put income if it’s not their real father. Can they talk to the school and say they have a certain circumstance because he doesn’t pay for them ?
My son is a freshman in 2023. My 2022 income is about 180K because I sold my house. My 2023 income will be about 50K. Can I wait for my 2023 tax return come out in March and use it for 24-25 FASA? Your advisor is greatly appreciated.
Question. If our household income for a family of 4 is under 60,000. We are “exempt from asset reporting “ which means as long income is low enough you do not have to show any:
1) parents assets
2) 529 assets
3) students assets
It seems family income if kept under the radar you can shelter all or most assets.
Is this right?
And can you use parent Roth assets (tax free) withdrawals in order to stay under the 60,000?
Are you still exempt from reporting?
Seems like loophole to me? Especially if a parent has large a Roth account. Which can help manage to keep under the 60,000 threshold. Will also qualify for pell grants too, right? Also do tax schedules filled matter in the exempt asset reporting?
Thank you so much!
It's net value of small business and/of family owned farm, correct?
Question , I saw that in the fasfa you have include a step father income ? my kids step father doesn’t provide food , clothes, schooling or paying medical bills only me their mom does that with my income. Why should he have to put income if it’s not their real father. Can they talk to the school and say they have a certain circumstance because he doesn’t pay for them ?
My son is a freshman in 2023. My 2022 income is about 180K because I sold my house. My 2023 income will be about 50K. Can I wait for my 2023 tax return come out in March and use it for 24-25 FASA? Your advisor is greatly appreciated.
Very informative. Thank you
You’re welcome!