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.).
You're in the 25% tax bracket, and you paid $12,000 in out-of-pocket tuition expenses for your 19 year old son who attended the local state university. In such a case, you're eligible to take an early penalty-free Roth IRA education distribution.hat's right. It's one of the many benefits of a Roth IRA. Even if you're under age 59 Â½, you can take an early Roth IRA distribution and avoid part, if not all of, the 10% early withdrawal penalty usually triggered by those in your age group.