<p>We found out my daughter has money in a gift to minor acct from her estranged father after we filed for fafsa. We need to correct her taxes and fafsa. Is it too late to take out the money and put in her sisters name? The correction asks how much do you have the day you are filing. Is that the day corrected?</p>
<p>I’m not an expert on UGMAs but fafsa asset amounts are supposed to be as of the date of the original fafsa filing. Normally those amounts shouldn’t be updated later, but since an error was made, something was omitted, they should be changed with the value as of the original fafsa filing date. And yes, I think it’s too late to do anything about it for this year.</p>