<p>How far back does Fasa look when considering monetary transfers out of your own name</p>
<p>When reporting assets for FAFSA, they just want to know the value as of the date you file. Is that what you mean?</p>
<p>If the transfer resulted in a reportable income event, they will look back to the previous tax year.</p>
<p>if you move money from a personal, non retirement account to a 3rd party, so that it does not exist in the parent name at time of application, is there a question that asks if funds were transferred from you a certain # of months before?</p>
<p>If you have enough money to wonder about that, you have enough money to pay for college. Be honest.</p>
<p>Parents have an asset protection allowance, based on the age of the older parent, and if you have excess reportable assets the contribution to EFC is only at 5.6%. Is it worth the risk to transfer and lose control of that money? Would it trigger a gift tax? Aside from the fundamental dishonesty of this, it could turn into a much bigger hassle than it’s worth!</p>
<p>what is the asset protection allowance for older parent 63years old?</p>
<p>For the 09/10 aid year it’s $79,100 for 2 parents or $31,100 if there is only one parent.</p>