My child's godfather has a 529 that he set up for her use but he owns it. I was told that I did not have to claim it on her freshman fafsa since we do not own it. After that, any amount she uses will have to be declared as her untaxed income. I know that fafsa is changing starting next year so that we claim one year back on income. Does anyone know if that means her untaxed income (529 usage for freshman year) won't be reported next year but rather the year after that? I'm just trying to make the most out of those funds. Any suggestions are appreciated.
↧