Why are they asking this information?

This question asks you for the most current, combined amount of money in your parent/parents’ cash, checking and savings accounts on the day the FAFSA is filed. Even though they are reporting past tax return figures, the FAFSA gathers more current information, such as the answer to this question to gain insight into their current financial situation.

How to answer this question / fill out this section

Fill in the total combined amount from your parent’s or parents’ checking and savings accounts, as well as any additional cash they may have. This figure should reflect that total amount on the day you file your FAFSA.