Fafsa question

[Debate Mom]

I am wondering how to claim a 529 account on the fafsa.  The account is in my husband's name but there are sub accounts with each of the children as a beneficiary on one of them.  I am only filling out the fafsa for one child.  Another one is also a college student but on a full scholarship so no fafsa needed.  There are other younger children who also have sub accounts.  Do I need to claim the entire amount of the account as one of our assets or only the portion that is designated for this particular child.

 

Does anyone out there know how this works?

 

Thanks!

[Pegasus]

You report the full 529 balance as a parent asset. I would provide a reference link for you but am on a small tablet and do not know how to copy the link.

 

Edited later to add:

 

Because, if you are like me, you like to read the official information (instructions from the FAFSA application:  https://fafsa.ed.gov/fotw1617/pdf/PdfFafsa16-17.pdf).Emphasis is mine:

 

 

Investments also include qualified educational benefits or education savings accounts (e.g., Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans). For a student who does not report parental information, the accounts owned by the student (and/or the student’s spouse) are reported as student investments in question 42. For a student who must report parental information, the accounts are reported as parental investments in question 91, including all accounts owned by the student and all accounts owned by the parents for any member of the household.

Edited February 23, 2016 by Pegasus

[JanetC]

Yes, the entire 529 account is a parent asset. To emphasize: NONE of the 529, even the portion for this particular student, is a student asset for FAFSA purposes. Accidentally reporting it as a student asset will raise your EFC considerably.