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Suppose a family is over the AGI for contributing to an education IRA for one of their children (do I have the name right? I am not sure if it actually is called an education IRA. I am referring to the provision in last year's tax bill that allowed $500 to go into an account for each child; if the money is used to pay college expenses the gains are tax free.)

If the child has a custodial account, can that money be used to fund and education IRA? Assuming, of course, that the child's income does not exceed the AGI for these accounts.

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