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My dad wishes to contribute to my son Drew's (6 months old) Education IRA. However, my dad's AGI (and mine too) is above the limit to do so. Is it true that he can gift $500 to Drew, and that I can then open an Education IRA for Drew and deposit the $500 in behalf of Drew? If possible, this seems like quite a loophole, where the AGI of the donor really doesn't matter, because they can just gift the money and then have the donee deposit it in the Education IRA.
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