What is the question 86 on the FAFSA?

As of the day you first submitted the 2023-2024 FAFSA, what is your parents' total current balance of cash, savings, and checking accounts? FAFSA Question #86.

How do I answer question 86 on FAFSA?

This is question 86 on the FAFSA. The response indicates the student's parents' total net worth (current value minus debt) of current investments as of the day the FAFSA was completed.

What is the question 86 on the FAFSA 529 plan?

What is the net worth of your parents' investments? This is question 86 on the Free Application for Federal Student Aid (FAFSA^®) PDF. The net worth of your parents' current investments is the amount left over after deducting the debt from the value of each investment as of the day you submit your FAFSA form.

What is the question 88 and 89 on the FAFSA?

FAFSA Questions 88-89- Parents Income Information

This includes their wage earnings and other income they earned. Both of your parents can find this information in any of the following forms: IRS Form 1040: Use Lines 7 + 12 + 18* + Box 14 of IRS Schedule K-1 (Form 1065)

What investments should be reported on FAFSA?

Investments include real estate, but not the home you live in; trust funds, Uniform Gift to Minors Act (UGMA) account or Uniform Transfer to Minors Act (UTMA) account, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts, ...

FAFSA Question 86-90

Does the FAFSA check your bank accounts?

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

What assets are not counted for FAFSA?

What does question 85 on FAFSA mean?

Parent Assets: These questions are about the student's parent(s). FAFSA Question #85. As of the day you first submitted the 2023-2024 FAFSA, what is your parents' total current balance of cash, savings, and checking accounts?

How do I answer question 87 on FAFSA?

Enter the net worth of your parents' current businesses and/or investment farms as of the day you submit your FAFSA form. Net worth means current value minus debt (what is owed).

What is question 85 on FAFSA?

This is question 85 on the FAFSA. The response indicates the student's parents' combined total from cash, savings, and checking accounts as of the day the FAFSA was completed.

How to answer Question 69 on FAFSA?

Include yourself, your spouse, and your dependent children—even if the children live away at college. Also include any other people (such as your own parent or someone else's child) who live with you and will receive more than half of their support from you between July 1, 2024 and June 30, 2025.

What is the question 83 on the FAFSA?

These are questions 83 and 84 on the Free Application for Federal Student Aid (FAFSA^®) PDF. Find the scenario that best fits your parent's tax filing status. If your parent didn't file taxes, include the information from their 2021 W-2 forms – box numbers 1 + 8.

What is the question 82 on the FAFSA?

This is question 82 on the Free Application for Federal Student Aid (FAFSA^®) PDF. The answer to this question may be prefilled with "Transferred from the IRS." This question can't be left blank unless your parents won't file a tax return.

Do 529 plans need to be reported on FAFSA?

If the student is an independent student, parent-owned 529 plans are not reported as an asset on the FAFSA, but distributions count as untaxed income to the student. If the 529 plan of a dependent student is a custodial 529 plan, it is reported as a parent asset on the student's FAFSA.

Does owning a second home affect financial aid?

Home equity in investment real estate, such as a second home, does count on both the FAFSA and the CSS Profile. When calculating the net worth of an asset, you can subtract only debts that are secured by the asset.

Does FAFSA include 529 investments?

The value of a 529 plan owned by a dependent student or a parent (529 plans do not allow joint ownership) is considered a parent asset on the FAFSA. The first approximately $10,000 will fall under the Asset Protection Allowance (the exact amount depends on the older parent's age).

How do you answer question 88 on FAFSA?

This is question 88a on the FAFSA. The response indicates the total amount of education credits (American Opportunity Tax Credit and Lifetime Learning Tax Credit) the student's parents received in 2021. Amounts can be found on IRS Form 1040 Schedule 3-line 3.

What is the 88 question on the FAFSA?

How much total child support did your parents pay? This is question 88b on the Free Application for Federal Student Aid (FAFSA^®) PDF. Enter the total amount of child support your parents paid in 2021 because of divorce or separation or as a result of a legal requirement.

What is the question 89 on the FAFSA?

This is question 89h on the Free Application for Federal Student Aid (FAFSA^®) PDF.

Does FAFSA question 89 include retirement accounts?

The value of retirement plans—401(k) plans, pension funds, annuities, noneducation IRAs, Keogh plans, etc. —also is not counted as an asset, but distributions do count as income; they appear in the AGI if taxable and in Questions 41 and 89 if untaxed.

What is question 84 on FAFSA?

This is question 84 on the FAFSA. The response indicates the amount of “wages, salaries, tips, etc.” earned by the student's parent as reported on the student's parents' 2021 income tax return, IRS Form 1040–line 1 + Schedule 1, lines 3 + 6 + Box 14 (Code A) of Schedule K-1 (Form 1065).

What is the question 90 on the FAFSA?

This is question 90 on the FAFSA. The response indicates the total number of people in the student's household in 2023-2024.

Is it OK to skip asset questions on FAFSA?

Depending on your financial situation, you may be able to skip certain questions regarding income and assets. Skipping questions won't impact your eligibility for federal student aid, but it might affect eligibility for certain state-specific aid.

How much assets is too much for FAFSA?

The FAFSA gives a parental asset protection allowance between about $30k and $50k. So, if your parents don't have more than that in assets, these resources won't be counted anyway. And above that threshold, it's only about 5-6% of the net value of the parental assets that count toward your EFC.

What is the highest income to qualify for financial aid?

Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.