No, the money that you deposit in his bank account is not taxable to him. If he earns interest on that money & it is above a certain threshold, then taxes come into the picture.
Dependent children who have earned income of more than $13,850 of income in 2023 typically need to file a personal income tax return and might owe tax. This threshold increases to $14,600 for 2024. Earned income applies to wages and salaries your child receives as a result of providing services to an employer or from self-employment, even if only through a part-time job.
The rules for filing a tax return change when your dependent child receives income from sources other than employment, such as investment income including interest and dividend payments. When the 2023 total of this type of income exceeds $1,250, then a return needs to be filed for your dependent child. This threshold increases to $1,300 for 2024.
You can choose to include it on your own return or they can file their own tax return.
For more Information:
https://turbotax.intuit.com/tax-tips/family/tax-filing-requirements-for-children/L8ice6z0K
https://turbotax.intuit.com/tax-tips/family/what-is-irs-form-8615-tax-for-certain-children-who-have-...
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