For the nearby town named Kingston, see Kingston (town), New York. Kingston /ËkÉªÅstÉn/ is a city in and the county seat of Ulster County, New York, United States. It is 91 miles (146 km) north of New York City and 59 miles (95 km) south of Albany.
The $500 contribution you make is not tax-deductible but, like the Roth IRA, you can withdraw it tax-free for your child's college education. (As a matter of fact, it can be transferred to another family member if the one for whom it's intended doesn't use it.he $500 maximum that you could invest yearly in an Education IRA is in addition to that $2,000. (As of this writing, there is a movement afoot to get that $500 per year limit raised to $2,000 per year. However, right now that raised limit is but a gleam in the eye of brokers and lobbyists.).
Traditional IRAs havenât been attractive investment vehicles for minors, in part because young children seldom have enough income to benefit from the deduction. A Roth IRA for a child can be very attractive, however. Thereâs no minimum age to set up a Roth IRA, and many IRA providers will accept accounts for minors.In most cases the only issue is whether the child has taxable compensation income.hereâs no minimum age to set up a Roth IRA, and many IRA providers will accept accounts for minors. In most cases the only issue is whether the child has taxable compensation income.