ira inherited by college age student

Submitted by richard denning on Tue, 2010-10-26 16:33

Does an inherited ira hinder the opportunity for college aid. Is it considered an available asset for college.

Thanks



Submitted by Alan Spross on Tue, 2010-10-26 18:28

An IRA, whether owned or inherited, is not a countable asset for the student. However, the RMD on an inherited IRA will count as income. The RMD % is very small for a college aid beneficiary, but the other income variable is the balance on which the RMD is calculated.

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