Giving up guardianship for aid.......

BelknapPoint
Wed, 31 Jul 2019 18:21:01 +0000

Correct. Gifts received do not have to be reported as income. Gifts given have to be reported only if in excess of the annual gift giving limit (but this is the grandparents responsibility, not the parents or student).

Let’s not conflate the requirement for a gift giver to report a gift on IRS Form 709 that exceeds the annual exclusion amount with any requirements to report on FAFSA gifts received from or bills paid by a person whose financial information is not included on the FAFSA.