State selected us to be legal guardians of 12 year old grandson in December of 2021. He gets a SS deposit monthly based on his fathers income. The direct deposit comes as “Payor [wifes name] for [grandson name]”. The initial payment included a massive back payment of four years income. It just sits in an insured interest account and we are trying not to use it on him but save it towards his college costs. 1) Do we need to claim in on are 2022 income taxes and if not 2) do we need to file income taxes for him in his name?
Thank you
