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.).
Child's Money. Many banks, brokers, and mutual funds will let you set up a custodial Roth IRA if your child is a minor (under age 18 in most states including Texas; under age 19 and 21 in others). Waterworth Wealth Advisors has the ability to open these accounts for our clients' children. Roth IRA for a child with earned income can be very attractive. There's no minimum age to set up a Roth IRA, and many IRA providers will accept accounts for minors.