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My 5 year old son has an UGMA account (I am custodian) which is up to $60,000. It consists of stocks and an Index fund. However, he (I) gets hit with a tax bill every year. Is there a way to convert some/all of this into a Roth or other tax deferred account? Would this be a good idea? Also, with the Roth, if it is not used for education, what happens to it? (He is an only child).
Elaine Bush
Carmel, CA
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