My son is going to go to college this year. We had to fill out a federal aid form for him to qualify for loans and how much they would loan him. Last year I recieved about 1/3 of my normal salery as a benificiary but the money was taxable (from the death of my dad) I had put that money right into a retirement fund (for obvious reasons since I knew I was not working and did not want to be able to touch it if times got tough). That money made my income jump unto anouther tax bracket. This is not something that someone should complain about right? Try explaining to the feds why this is not your usual income and how there will be no way in hell I ever make that again? They told me I have to hash it out with the college and get them to LOOK at the extenuating circumstances. Even when something good comes along (even though it stemmed from something bad) It seems like you cant win. So now I am talking with the college crying the blues about recieveing more money than I usually have?
I hope your following this and I am making sense? I had planned only to give each kid 10K for college and they could borrow the rest from where ever. Looks like my son is going to get shafted because I had a death in the family.
Wife is telling me we need to help him out more now because of this? He will be able to find the money somewhere and I really dont want to give the kids any more than what I arady said I was. I am a firm believer in you work harder for something when it is not given to you. I have one child that I would be very concerned about if I help them more than the 10K. The other 2 kids will do fine regaurdless of what I give them.
Should I break down and cough up some more money or stick to my guns? I cant touch the money I put in a retirment fund with out a good sized penalty so the extra money would have to come from working funds.

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