Since I submitted FAFSA in the fall I have gained more money from work and have cashed a savings plan that was a gift from my uncle. I didn’t know this savings plan existed until last month and thus did not report it on the FAFSA. Do I need to make a revision on the current FAFSA before the March deadline or will this new money just be included on next year’s FAFSA?
Next year (or the earnings when you report 2017 taxes). Everything is done as of the day you file.
@twoinanddone However, if my name was on the savings plan, would it have needed to be included in my assets? or would it still just be considered a gift I received last month?
You put assets on your FAFSA as of the date you initially file the form. If you filed in the fall…and that new gift money was NOT in your possession at that time, it would not have been listed on the 2018-2019 FAFSA.
If the account was in your name when you initially filed the fafsa on the fall, the account should have been on that FAFSA.
Could you be a little clearer? Was this money yours when you filed the FAFSA in the fall.
@thumper1 I was looking into it and I’m pretty sure it’s a UTMA custodial account that I am a beneficiary of, but my Uncle controls. According to Oppenheimer Funds, “For financial aid purposes, the assets in an UGMA/UTMA account are considered to be the student’s and, therefore, may affect the amount of financial aid the student receives”. But again, I didn’t know this thing existed until a few weeks ago.
Yes…you are required to list all assets held in your name.
So…if it was YOUR account when you initially filed…you need to amend your FAFSA and ADD this amount.
@BelknapPoint correct?
@thumper1 but for one school the financial aid form deadline was last November. In that case, what should I do?
The date of your original submission is the date you submitted. You can make corrections after that… but it won’t change your original submission date.
You made a miistake because you didn’t know about an account.
If you are not sure…call the school and ask.
Yes, a UTMA where the student is the beneficiary should be reported on FAFSA as a student asset. That’s hard to do, obviously, if the student is not aware of the account’s existence at the time that FAFSA is completed. But finding out about it later probably warrants a FAFSA correction.
California1235: you need to understand that once you reach the age of majority, the account custodian (your uncle) is legally obligated to turn over control of the account to you. If you’re a California resident (as indicated by your user name), that would probably happen on your 18th birthday (in certain circumstances and if the correct language is used, transfer of control can be delayed until up to age 25).