Should you complete the FAFSA for this kid? That’s totally up to you. If you don’t mind being completely full pay, then don’t bother. If he needs the Direct Loan later in the year, you can do the FAFSA at that time.
If you lose your job in 2021, the 2021 income will be for the 2023-2024 FAFSA. Losing a job this year would require you to do a special circumstances consideration…and that might include doing a FAFSA as part of showing the difference in your income.
529 is a parent asset.
I agree…maybe 30 minutes to complete the form. Maybe another 30 to get your tax return and bank balances. But you don’t have to do it unless you want to.