My three kids have UTMA's in a mutual fund with Fidelity Destiny II. I was pleased with this arrangement until tax time this year. My tax bill total for all three was just shy of $1,000 due to large year-end capital gains distributions. Really do not want want to pay this kind of tax bill early. Any recommendations on how to alleviate this? Can the funds be moved into some non-taxable fund? Suggestions for better programs (for college savings) would be appreciated.Thanks.
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