My mother has given me money for my son , to use when he goes to college.My husband does not know about this.?

Question

money. I have put it in a CD acct. I am afraid though when we do our tax return this money will show up? See my husband and I argue alot about money and I do not work, He controls every penny of his check, so my mom told me never to tell him abou this money. will he find out about it when we file for tax return?

Answer 1

Not unless you tell him, I think that its sad that you have to hide it from him, even though you don't work, the decisions about money should be a decision that u make togwtger

Answer 2

Yes, he will find out about it. Why don't you put it under someone else's name? I mean, with the understanding that the other person knows that this is your son's money. Preferably a close relative...cause you never know right?  

Answer 3

Ask you mother to put it in a cd in her name and your son's name that way it will never show up

Answer 4

I suggest thst you give the money back to your Mom,& ask her to put it in trust for your son,so that it doesn't show up on your records.Then,I would tell your husband thast she has this account for your child.If he has a poroblem with this,& isn't happy that your son has a start for his future,you have more problems than you think,with this man.

Answer 5

Uniform Gift To Minor Account (UGMA)is the method.

Put it in the name of your child and you.

Use a mixed mutual fund.

Answer 6

Yes it will come up and have to be told about during tax time. I had a daughter who had a trust fund she could only open at a certain age, and everything in life that required a finacial acct. of your household earnings, whether yours or your childs will have to know about that money

Answer 7

You will have to tell him in order to file your taxes. Just let him know the truth. Which is it’s for you son. I’d be surprised if he’s not ok with it