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I started college funds for each of my kids when they were born, long before the Education IRA came to be. Now that my kids are hitting double digits in age, the capital gains on their accounts are large enough where federal taxes are becoming an issue. We set the accounts up in the kids names, but so that my wife and I are custodians until the kids come of age.

What can I do to prevent Uncle Sam from grabbing such a big chunk each tax year?

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