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.).
There is no age minimum for opening a Roth. The requirement (as far as kids are concerned) is that contributions to a Roth IRA must be from eligible earned income, and contributions cannot exceed annual income. Translation â if your kid does not earn any money, you cannot open and fund a Roth IRA for them.o in 2010, a single person cannot contribute more than than $5,000 to a Roth IRA. However, some brokerages, like Fidelity as an example, may require your child to be 18 years old. In that case, you need to find a broker who will allow them to open an account.