Yes, you may set up an arrangement where the earnings of your teenage children are contributed to a 529 plan. You may set up a formal employment agreement with your children, just as you would with any other employee. The work they do must be legitimate and done in such a way that it doesn't appear as a gift in disguise.
There may be specific compliance issues in the state where you are domiciled so you may need to check those requirements regarding documentation of their work and pay, including contributions to the 529 plan.
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