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Subject:
Item Title: Clarifying 2008 IRS Filing Requirements for Unmarried, Dependent Children Under Age 24
Summary:

A question we hear quite often during tax season relates to when it is necessary to file a tax return for a dependent child. Some people think that money held in an account intended for college education is exempt from taxation. That is not the case, unless the account is an Education IRA or Section 529 plan. If the investments are held in a custodial account or held in the child's individual name, the child is deemed the owner and the income is attributable to him/her.
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