My ex-wife, who has remarried, and I share the custody of our son who will be going to college in the fall of 2019. Some years my son has spent more days with me and some years he has spent more days with her, so either one of us could be listed as his custodial parent on the FASFA.
My ex-wife earns less and has less assets than I do, so it would make more sense to list her as the custodial parent on the FASFA because the EFC would be lower and my son would likely get more financial aid. However, I typically declare my son as my dependent on my tax return, even on the years when he spends more days with his mother, which my ex and I agree to. We agree to this because she typically declares our daughter as her dependent so we each get one.
Since Princeton University admissions states:
If your custodial parent is married, you do not need to complete the Non-custodial Parent’s Form. The custodial parent and stepparent information will be used in order to evaluate eligibility for need-based financial aid at Princeton.
My question is as follows:
Could I declare my son as my dependent on my tax return, and still have my son’s mother and stepfather listed on the FASFA as the custodial parent? Would that get flagged in any way and have an effect on financial aid?