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Yes that would be a gift to your child, whether you deposit it to the child's bank account, write a check to the child, or put the cash the child's hand.
GIFTS
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
It qualifies as a gift if you get nothing in return and you don't expect repayment.
All gifts are tax-free to the recipient.
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