Funding Your IRA - Why Now is the Best Time

Your IRA is one of the most important tools you have when planning for the future, and one of the best ways to help your IRA grow while reducing your taxable income by making yearly contributions. The good news is that right now, we are in an amazing window that allows account holders to not only begin contributing for 2023, but also for 2022 for those that haven’t already contributed for the tax year.

Contribute for 2022 and 2023

If you are eligible to contribute to both tax years, you can make a contribution for the 2022 tax year before the tax deadline (April 18, 2023 for this year), and then make a separate contribution for the 2023 tax year once the contribution period begins (typically January 1 of the tax year).

Be sure to indicate the tax year to which the contribution applies to avoid confusion with your financial institution or the IRS. If you haven’t made last year’s contribution, this is the perfect opportunity to maximize your accounts by contributing as much as possible.

Depending on your personal financial situation and retirement goals, it makes sense to contribute every year to your account so that your investment funds have the most time to receive the maximum growth potential.

If you have the funds available and haven't yet contributed the maximum amount for the 2022 tax year, it may make sense to make a contribution before the tax deadline to take advantage of the tax benefits and help boost your retirement savings.  If you have already contributed the maximum amount for the 2022 tax year and for 2023, you’re ahead!

How Do I Make a Contribution to my Quest Account?

You have a few different options to contribute to your retirement account

• Mail a check to our corporate office in Houston at 17171 Park Row, Ste 100, Houston, TX 77084
• Drop off your contribution check at one of our offices in Houston, Dallas, or Austin with a Deposit Coupon attached.
• You can also send contributions via ACH or wire using the delivery instructions . Contact our office for more information.

What Are Some Other Ways to Fund My Account No Matter the Time of Year?

Contributions aren’t the only way to get funds into your SDIRA. If you have already made your yearly contributions and are still looking to move funds into your account, you have the options to either transfer from another IRA or you might be able to rollover all or a portion of your employer sponsored retirement plan. Here’s what you’ll need to know for each:

• Transfer funds over from your current IRA:
  • Print out the Quest Trust Transfer Form,
  • Upload your completed forms to our Secure Document Upload.

• Roll funds from your existing 401(k), 403(b), TSP, or other retirement:
  • Contact your current plan provider to initiate a Direct Rollover to your Quest account.
  • Complete Quest's Rollover Form.

(Note: our Rollover Form does not initiate any movement of funds.)

It's important to consider factors such as your current income, tax bracket, and other retirement savings when deciding whether to make a contribution to an IRA. It may also be a good idea to consult with a financial advisor to determine the best course of action based on your individual financial situation and retirement goals. As always, our certified specialists are available to help answer your contribution questions, so give us a call today!