swanosaur Posted November 5, 2016 Share Posted November 5, 2016 For the question regarding how much money we have in the bank - I have a significant amount: xx,xxx, but the money is not mine, it's just sitting in my account for now (it was an overseas transfer). Do I still need to report this? Link to comment Share on other sites More sharing options...
Boatswain2PA Posted November 29, 2016 Share Posted November 29, 2016 I would suggest that, if your name is on the account, the money is arguably (legally) yours.If ONLY your name is on the account you may also want to talk to a CPA regarding gift tax implications. Link to comment Share on other sites More sharing options...
MarkMass Posted November 30, 2016 Share Posted November 30, 2016 Are you asking in regards to FAFSA? As grad students it is my understanding that we are not "need based" students. Stafford loans cap out low (20,500/year I think?) and grad plus loans can fill the void. If you have assets that you can liquidate and use, I think thats a good idea over 5%+ loans. Private loans maybe be less or variable rate and may have high payoffs starting very quickly. As for reporting, I guess that affects grants. But like Boatswain mentioned, if it's legally yours then report it. Or put it in someone elses name just beware of the tax implications for them. I'm a soon to be student and slowly learning this stuff as well. I appreciate any corrections to what I've said or additional information. This is something that we all have as the last thing on our minds, right? Link to comment Share on other sites More sharing options...
PAtoB Posted December 2, 2016 Share Posted December 2, 2016 you can gift I believe up to $13K annually to a family member without requirement to report for tax. gifting above that triggers reporting and tax, blah blah blah. Link to comment Share on other sites More sharing options...
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