Thank you for the reply. Much appreciated.
The worksheet seems more designed for a parent or relative which makes it difficult to navigate.
I adjusted a few things and labeled expenses. The savings account was $1,400 at the start of the year of gifted funds. She used $805 towards car insurance and replenished the account with $305. Making the balance $895 at the end of the year.
I didn’t know what to do with that or with line 2 and 3 since a lot of this is gifted.
For section 1:
Student Income/Savings/Other
Income: $7159.13
Student Loans: $2722 (Adjusted down from incorrect amount)
Savings: $305 (End of Year) – Balance was actually $945 (Gifted)
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Total: $10,186.13
For section 2: Household expenses:
Lodging, Food, Utilities: $7,314.76
Additional expenses, travel and recreation (estimated): $ 4,000
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Total: $11, 314
For section 3:
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Share of household expenses: Already split it’s not an even distribution. The minors in the household are given total financial care, and there are two, where as the other members are given lodging, food, and share some recreation. But they pretty much pay their own personal expenses.
Share of Household: $11,314
Her college expenses were gifted and include:
- Books - $418
- Laptop - $1164 (Required for classes)
- School Supplies: $219.47
- Background Check: - $22.00
- Technology Fee: $1000 (Required for enrollment)
There were also $1,395.90 in airline expenses, gifted and not paid for by the parents. I did include those on the worksheet.
Car insurance: $805 (Technically gifted)
Car maintenance: $500 (estimated)
Total Student Expenses: $4719.37
Total income/other: $10,186.13
Total support: $11, 314.14 (50% = $5,657.07)
Total expenses: $4219.37
Total gifts: $4719.37 + $1,400 Savings start of year)
In summary the only thing she paid for last year were the two loans totaling $2,722. All expenses were gifted with the exception of the part provided by her parents. Not sure if that helps. But thanks again for the many replies. Very helpful.
