My daughter is a HS senior and in the process of doing college apps. The HS is pushing us to finish the financial aid forms. I’m not sure if we should do them or not. Our current income is not so high that will automatically make us ineligible for FA, but we have considerable investments in several entities (limited partnerships and S corp) that if required to be reported will definitely rule out any FA anywhere.
So what are the rules for reporting these things? The entities are completely separate, with their own tax ID, tax return, and bank accounts. We are personally limited partners in these entities but the income generated from them eventually all flow to our tax return since these are pass through entities tax wise. Are we required to report the value of these entities as investments or assets on the various FA forms?
I looked through the forms real quick and saw there are investments, assets, and business. What’s the distinction between these?