I read your article about setting up an IRA for a kid, and I was wondering how a college students Roth IRA is counted for financial aid purposes.
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Assets in an IRAwhether held by the parent or the studentare excluded from financial aid calculations. IRA withdrawals, on the other hand, are included in the income calculations on the federal financial aid forms. Money withdrawn from a childs IRA is considered to be the students income and is hit hard by the financial aid calculations. The federal financial aid formulas expect students to contribute 50 cents of every $1 earned (after an income-protection allowance of about $6,400) toward college costs.
And even though Roth contributions can be withdrawn anytime without penalties or taxes, all withdrawals from the students Roth IRAwhether from contributions or earningsare considered to be student income in the financial aid formulas, says Marty Allenbaugh, a certified financial planner with T. Rowe Price, which lets kids open Roth IRAs with a minimum initial investment of $1,000.
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