Can non-breadwinner spouse fill out FAFSA when filing taxes jointly? - Investment reporting confusion

Yes, either parent in a married household can fill out the FAFSA! The form doesn't care which spouse completes it - what matters is that you include ALL household financial information regardless of which parent is doing the paperwork. For jointly filing couples, you need to report combined bank account balances and investment information from both spouses. The SAI calculation considers the entire household financial situation, not just the person filling out the form.

when i did my kids fafsa last yr i put everything combined bc thats how we file taxes. doesnt matter whos the main earner

To add some clarity here: Either parent can create the FSA ID and actually fill out the form, but as others have mentioned, you must report financial information for BOTH parents when they're married and living together. This includes: • Combined bank account balances • ALL investment accounts (regardless of whose name they're in) • Both parents' income from the tax return • All untaxed income for both parents The only exception is if you're legally separated or divorced. In that case, only the custodial parent (the one the student lived with more during the past 12 months) reports their information.

My cousin's kid lost a scholarship bc they only put one parents info on FAFSA even tho they filed jointly. The school found out during verification and recalculated everything and the SAI went up so high they didn't qualify anymore. Be super careful!!

Regarding your question about the FSA ID - it doesn't matter which email you use, but I strongly recommend using an email you check regularly. The FSA ID is tied to an individual person, not to your tax filing status. Your husband should have his own FSA ID with his own email, and you should have yours. The parent who will actually be completing the FAFSA should create their FSA ID first. The email used for the FSA ID won't affect your SAI calculation at all - that's determined by the financial information you provide on the form itself.

I remember when I filled out my son's FAFSA last year I got so confused about this exact same thing! I'm the one who handles all the college stuff but my husband makes way more than me. I just ended up putting everything combined and it worked out fine. The financial aid officer told me later that's exactly what we were supposed to do.

One important detail that nobody's mentioned: retirement accounts like 401ks and IRAs are NOT reported on the FAFSA as investments!! That's a common mistake people make. You DO report regular brokerage accounts, 529 plans, real estate (other than your primary home), etc. But retirement accounts are excluded from the asset calculations.

anybody else think its ridiculous how complicated they make this stuff?? my kids smart but we might not get aid cuz i have a decent job. system is broken

To summarize what everyone has correctly mentioned: 1. Either parent can complete the FAFSA form 2. You must report combined financial information for both parents 3. The email used for your FSA ID doesn't affect calculations 4. Retirement accounts (401k, IRA) are NOT reported as assets 5. Regular investment accounts, 529 plans, and additional real estate ARE reported Just make sure whoever fills it out has all the necessary information for both parents readily available, including the tax return, bank statements, and investment account values.

Just wanted to add one more tip that helped me when I was going through this process - make sure to gather all your financial documents BEFORE you start the FAFSA! I made the mistake of starting it and then realizing I didn't have our investment account statements handy. The form times out after a period of inactivity and I had to start over. Having everything organized beforehand (tax returns, bank statements, investment account balances as of the FAFSA filing date) made the whole process so much smoother the second time around.