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.).
In general, the Roth IRA is the IRA of choice for minors who have limited income and who, therefore, would not benefit from a deductible traditional IRA. Benefits of IRAs for Kids. Opening an IRA for your child provides him or her not only a head start on saving for retirement, but also valuable financial lessons.ere, we take a look at two types of IRAs for kids, the benefits these tax-advantaged investment vehicles offer, and how to open and make contributions to an IRA for kids. Types of IRAs for Kids. There are two different types of IRAs that are suitable for children: traditional and Roth.