If you open a child custodial account which is basically a savings account in a bank...

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If you open a child custodial account which is basically a savings account in a bank and put 20,000 dollars in it. then when the child becomes 19 years old and withdraws the 20,000 dollars from the child custody savings account then does the child have to report or pay any taxes or does the parent who opened the account have to pay taxes?. This is a scenario taking place in New York, USA If you open a child custodial account which is basically a savings account in a bank and put 20,000 dollars in it. then when the child becomes 19 years old and withdraws the 20,000 dollars from the child custody savings account then does the child have to report or pay any taxes or does the parent who opened the account have to pay taxes?. This is a scenario taking place in New York, USA

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In the scenario described if a parent opens a custodial savings account for their child and deposits ... View the full answer