My son worked all summer and put his post-tax income into a Custodial ROTH IRA that I opened in his name. I am the custodian until he turns 18 in March.
Looking through the CSS there appears to be a place to put this under:
Parent Assets: Assets they own but are held in the names of their children (required)
What assets are included?
An asset owned by a sibling, in his/her name, should not be reported on this application. For example, a checking account owned by the student’s sibling.
Select yes if there are parent assets that, although held in a dependent child’s name, are owned by the parent such as funds in custodial accounts, UGMAs (Uniform Gifts to Minors Accounts), or other savings and investment accounts for the applicant’s siblings.
This is very confusing… I don’t own the funds. They are his funds and they are in an Individual Retirement Account ( not a liquid asset ). I am only acting as custodian and can’t withdraw that money so strictly speaking it’s not a “parent asset”. Yet when I wrote in to CSS they directed me to enter it here.
There is another place in:
Student Retirement: Current value of all retirement accounts. (required)
What should I include?
Include tax-deferred and after-tax retirement, pension, annuity, non-education IRA, Keogh, SEP, 401(a), 401(k), 403(b), 408, 457, 501(c) or other tax-deferred retirement accounts.
This looks like the proper place but I am not 100% sure.
Is there a benefit one way or the other?