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jaa37
Underclassman
1 Posts |
 Posted - 02/04/2004 : 00:05:58
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| Quick question about the FAFSA. It asks me for my total assets (i.e., bank accounts, etc.). Is it worth it, or even allowed, for me to transfer some of my money to others, like my parents or a friend? How much do schools weigh assets as opposed to income when deciding how much aid to offer? Thanks! |
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zoghead
Upperclassman
USA
12 Posts |
Posted - 02/19/2004 : 12:14:18
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quote:
Originally posted by jaa37
Is it worth it, or even allowed, for me to transfer some of my money to others, like my parents or a friend?
OMG is this a serious question? Did you have any ethic questions in your applications? |
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06mba
Underclassman
USA
6 Posts |
Posted - 02/24/2004 : 10:12:45
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| I hope you know the answer and you are simply seeking confirmation. |
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konst001
Underclassman
USA
1 Posts |
Posted - 03/02/2004 : 15:16:17
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| I have a similar question. Are my son's mutual funds, or soon-to-be mutual funds, counted against me when applying for aid? |
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frenchie
Underclassman
1 Posts |
Posted - 11/02/2004 : 16:40:00
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Everyone, please set down from your self-righteous thrones... this is NOT an unreasonable question, this is a question coming from someone who has money concerns. I don't have any problem in answering that question in the same honest nature it was asked:
you have to make the calculations on whether it is worth transferring money to family, friends, etc. First, and most importantly, financial aid will be asking for LAST year's tax returns, so don't plan on doing this now and having it benefit you next year... it must be 2 years from now. Second, you have a max of $10,000 that you can "give" to any person in a one year period, any amount above that is subject to a 50% federal gift tax, for which you are responsible. Finally, there is the income tax considerations: if you have this money currently invested, be it in a mutual fund or real estate or otherwise, when you sell it, you will realize all gains on the investment and therefore have to pay taxes on it.
Long and the short of it: it is probably NOT worth it. It takes a tremendous amount of effort to move the moeny around, and may not be terribly beneficial. Crunch the numbers and make your decisions accordingly. |
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Paying for an MBA?
