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Traditional IRA

Grow Your Retirement Tax-Deferred with a Traditional IRA

Open an Account

Savings with an Upfront Tax Advantage

Traditional IRAs give account holders a long savings runway with impressive tax advantages. Open to anyone earning taxable income, including joint filers, account owners won’t need to pay taxes upfront, and the contributions can be tax deductible. Start securing your retirement today with a Traditional IRA.

Traditional IRA

Traditional IRA Phase-Out Ranges for Tax Deduction

Your Traditional IRA contributions may be tax-deductible. The amount of deduction is dependent on your modified adjusted gross income (MAGI) and if you or your spouse is covered by a retirement plan at work. 


Tax Filing Status 2023 Tax Year 2024 Tax Year
Single or Head of Household  $73,000 - $83,000 $77,000 - $87,000
Married Filing Jointly $116,000 - $136,000 $123,000 - $143,000
Married Filing Separately $0 - $10,000 $0 - $10,000
Spousal IRA Contributions $218,000 - $228,000 $230,000 - $240,000

What are the Benefits of a Traditional IRA?

  • Tax-deductible contributions (qualifications apply).
  • No income limits on participation.
  • Earnings grow tax deferred.
  • Bankruptcy protection provided.
  • Inheritance: You can pass assets to beneficiaries after death.

Ready to Get Started?

Open a Traditional IRA Today!

Get Started

Frequently Asked Questions

What is the contribution limit for a Traditional IRA?
  • The IRS sets limits for how much you can contribute to a Traditional IRA. See the current contribution limits.
What are the distribution rules for a Traditional IRA?

o   A Traditional IRA distribution is taxed as income for the tax year of the distribution.

o   If you withdraw a distribution before the required age of 59.5, you are subject to a 10% early withdrawal penalty.

o   Distributions are optional between the ages of 59.5 and 72. Once you hit 73, the required minimum distributions (RMD) begin.

o   Required minimum distributions are calculated by the following formula:
(Fair Market Value of IRA) ÷ (life expectancy of IRA account holder)

How do you invest with a Traditional IRA?
  • Open a Traditional IRA account at Quest.
  • Fund your account by rolling over an old 401K, transferring money from another IRA, or making a contribution.
  • Use the Investment Hub in the Client Portal to self-direct your investment. All forms can be submitted through the Client Portal
Can a non-working spouse contribute to a Traditional IRA?

Yes. A nonworking spouse can make a contribution to an IRA as long as the couple files a joint tax return, and the working spouse does have earned income that is equal to (or more than) the total amount of the nonworking spouse’s contribution plus the working spouse’s contribution. 

How do I use a Traditional IRA to buy a house?

You first need to find a custodian that will hold non-traditional or ‘alternative’ investments and establish an IRA with them. You will then locate the house you want to purchase, and typically, your custodian will require you to sign some internal forms. After making sure the contract is in the name of the IRA, your custodian will purchase the property for you on behalf of your IRA. 

What is the last day to contribute to a Traditional IRA?

The last day to contribute to a Traditional IRA is usually the tax filing deadline.

Contact an IRA Specialist

Not sure where to start? We’re here to help. From opening an account to funding your first investment, we are here for you every step of the way.

Schedule a Free Consultation
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Client Login

Log into your Client Portal to access all your SDIRA investments and account information. Upload new investments, manage old ones, and prepare for any upcoming deadlines online HERE.

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Managing your Solo 401k is quick and simple. Click here to access your online dashboard to manage your 401k account and submit your investments.

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