I am a junior at UC Davis and I may be receiving a beneficiary IRA account before years end. If I get the IRA I am required to make a $300 withdrawal from the account immediately that I have to pay taxes on which I believe would count as income on FAFSA, and the rest of the income for my family comes from my mother like usual.
Last year I had an EFC of 00009, and I am trying to determine if having this IRA account and making the $300 withdrawal will change my EFC and ultimately give me less financial aid for my senior year at UC Davis.
I have talked on numerous occasions to both the UCD financial aid office and the people on FAFSA.gov, and both parties have basically told me that they cannot tell me if it will change until after I do my FAFSA...which does not help me whatsoever.
If anyone has any information on this or could point me in the right direction it would be greatly appreciated. I need to figure this out as soon as possible, and I was hoping that there was possibly a student who has been in a similar situation that could give me an answer. I really need to know that if obtaining this account would mean my financial aid would take a big hit, because I can't really afford that happening!