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Reply to "Paying for college with grandparents 529"
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[quote=Anonymous][quote=Anonymous]It’s not income if it is used to pay for qualified education expenses. Just bc your expected family contribution is $50,000, doesn’t mean that the school will give you $30,000 of aid. I’m caveating my earlier statement that there may be a difference between what FAFSA considers income and what the IRS considers income bc I haven’t completed FAFSA. We use a grandparent 529 to pay tuition and a portion of her living expenses based on what the school allows. My dd is now in an apartment so we pay the rest out of pocket. [/quote] We used the calculators on the websites of the schools our kid was applying to, to learn what need-based aid we might expect. So, when you paid tuition for your DD with the grandparent's 529, she didn't have to file taxes on it? That's helpful. Though as you say, she might have needed to report it on the FAFSA if you'd done one.[/quote]
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