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 can withdrawal your contributions tax-free from a Roth IRA at anytime, but you must pay taxes on your earnings if you withdraw them before you reach 59 1/2 years-old and use the money to fund education expenses. There is no 10% early withdrawal penalty if it is used for qualified education expenses. Qualified education expenses are tuition, fees, books, supplies, equipment, and room and board (in most cases), and you can use the funds for educational expenses for yourself, your spouse, your children or your grandchildren.