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.).
Contribution Limits. Money given by a parent to a child to contribute to an IRA counts toward the annual contribution limit. For example, assume the contribution limit for your child is $5,000. If your child has already contributed $4,000 to her IRA, she can only add another $1,000 from her parents' gift.nce you've given the money to your child, she can only put it in his IRA if she qualifies to make an IRA contribution. The most likely barrier to making a contribution to a traditional or Roth IRA is that the child must have earned income equal to or greater than the contribution.