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.).
The key to making an indirect Roth IRA contribution is a 2010 rule change in which Congress eliminated the income limit for performing a Roth IRA conversion. Prior to 2010, if you had adjustable gross income in excess of $100,000, the IRS prohibited you from converting a Traditional IRA or an old 401k to a Roth IRA.nder IRS rules, youâre prohibited from making a direct contribution to your Roth IRA since your $300,000 income exceeds the $183,000 income limit for married couples.