Student Loans Gov Detail
Don’t just sit around worried about the fiscal cliff and your taxes. You can’t do anything about that. But here’s something you can do now to impact your finances next year — if you’re the parent of a high school senior. And if parents are procrastinators, students need to do the pushing on this one.
At this point, it’s too late to make changes in your 2012 information. But parents of younger children headed to college might want to check out FAFSA to make some adjustments before it’s their turn to file. For example, money held in a child’s name in a custodial account weighs at last five times more heavily against you in the aid formula. And making a big retirement contribution could reduce your income, since your retirement assets are not weighed in the formula. Beyond that, you’re pretty well stuck with the picture you’ve created for the 2013 FAFSA. But remember, you will have to file this form every year your child applies for aid, so you can make changes for next year.
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Student Loans Gov
Don’t just sit around worried about the fiscal cliff and your taxes. You can’t do anything about that. But here’s something you can do now to impact your finances next year — if you’re the parent of a high school senior. And if parents are procrastinators, students need to do the pushing on this one.
At this point, it’s too late to make changes in your 2012 information. But parents of younger children headed to college might want to check out FAFSA to make some adjustments before it’s their turn to file. For example, money held in a child’s name in a custodial account weighs at last five times more heavily against you in the aid formula. And making a big retirement contribution could reduce your income, since your retirement assets are not weighed in the formula. Beyond that, you’re pretty well stuck with the picture you’ve created for the 2013 FAFSA. But remember, you will have to file this form every year your child applies for aid, so you can make changes for next year.
Student Loans Gov
Can I change my mind and take back assets after I've set up a custodial account?
ReplyDeleteNo. Money and assets deposited into a custodial account immediately and irrevocably become the property of the child. In other words, you can't take the assets back or give the assets to someone else. See more here: vanguard minor account .