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Money and Finances
Reply to "Financial Aid Forms for College"
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[quote=Anonymous][quote=Anonymous]How do IRAs for kids affect financial aid? If someone wanted to contribute to a retirement account in their kid's name for the child to use 40 years or more later, would it hurt the family's chances for financial aid? [/quote] On the FAFSA, kid's IRA wouldn't be counted. (But, of course, kid needs to have equivalent earned income to contribute to IRA--you can't contribute if they don't have a job and can only contribute up to their income level). On the CSS Profile it would be reported and it would depend on the kid how it was treated. It could be perceived as a financial aid dodge and impact aid.[/quote]
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