It depends. Here is the rules for a child under 24 and a full time student. A gift, if not placed in a savings account would be considered as support provide by your child (not you) since the funds were given to your son. If your son provides more than half of his own support, then you cannot claim your son. Any money your son does place in a savings account and does not remove by December 31st can be ignored for support purposes.
For tax purposes, the child's "age" is the age on December 31. The child is required to file the form if any of these conditions apply:
- the child is under 18 at the end of the year
- the child is 18 years old and does not have earned income that is more than half of the child's support for the year, or
- the child is a full-time student aged 19-23 and does not have earned income that is more than half of the child's support
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