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Rolled 401k to Trad IRA, Taxes didn't Change but AGI Increased - How does this Impact Parent FAFSA for Daughter Entering Grad School
Daughter is going to Grad School starting Jan 2022. She and I will both fill out FAFSA applications in Oct 2021 for parent and student contributions. In 2020, I rolled over a 401K to Traditional IRA, now my Adjusted Gross Income looks like I make way more than I actually do and will probably exclude her from any financial aid. Did I mess up with rolling this over? In looking at the FAFSA application, I'm not seeing how you exclude retirement rollovers on their application.
Any thoughts??
Thx!
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March 28, 2021
12:15 PM