Emmitt Smith Joins the All-Star Lineup of Speakers for the Quest Expo

Emmitt Smith Joins Quest Expo
Estimated reading time: 2 minutes

It’s not every day that you can step into a meeting room and listen to a former NFL professional athlete share his expertise alongside countless other experts. At the Quest Expo, we’ve made it happen!

Our Expo stage just got a little bit hotter with none other than Superbowl champion and entrepreneur Emmitt Smith, and you’ll have the once in a lifetime opportunity to learn how he was able to create success on and off the field. Making his rise in the business world after leaving sports, there is no better person we can imagine sharing motivation and financial tips for what it takes to achieve your retirement goals at the Expo.

One of the biggest issues many professional athletes face after they leave their sport is what the next step. After years of being a football player or basketball player or hockey player – whatever it may be – figuring out what to do during that next phase of life can be difficult. Most of these athletes have dedicated all their time and efforts to sports rather than what they plan to do next. Emmitt has been able to break that cycle, learn what it takes to be a successful businessman, and will be here to share his story. Mr. Smith has proven that no matter who you are, where you come from, or your level of experience, it is possible to create wealth for yourself in real estate investments if you have the desire.

Smith says that many of the qualities that led him to become the NFL’s leading rusher can carry over to business. “You can’t sit back and get happy with a little bit of success. Have that burning desire to do more. Think outside the box. Push the envelope. Keep things fresh,” he shared with CNBC.

We would love to have you join us and Emmitt at the Quest Expo. We know that in the fast-paced investment industry, timing is everything and by attending the largest alternative investing conference in the nation, you’ll be on the cutting edge. The weekend will be filled with outstanding education, keynote presentations from leading experts, diverse networking, local and national exhibitors, and thought-provoking panels that incite creative new strategies beyond imagination.

Retire rich in real estate this fall at the Quest Expo and get your exclusive ticket today!


Quest Employees Join Together to Protect Local State Parks

Quest Employees Protect Local Parks
Estimated reading time: 3 minutes

With more than an estimated 300,000 tons of plastic littered each year, the ongoing need for help in our state and national park grows. While we might not even realize it, the average person will create around 4 and a half pounds of trash a day. And where does that trash go?

Most of the litter ends up along roadways, eventually making its way into storm drains and ending in lakes and oceans. 9 billion tons, to be exact.  In the United States alone, approximately 40% of the lakes are too polluted for fishing, aquatic life, or swimming, which is why every little effort helps.

Environmental clean up efforts take place across the globe every day, and this past weekend Quest Trust offices in Austin joined together to participate in a local clean-up project. Bright and early on Sunday morning, twelve Questies met at McKinney Falls State Park to clean a total of 8 bags of trash from the trails and beach areas. In a world where taxpayers spend nearly $11 billion cleaning up litter across the United States, our Quest team was happy to volunteer our time and help clean-up for free!

Quest Employees help clean Marble FallsCleaning up our local state parks proved to be a rewarding and enjoyable experience, bringing the Austin office together for a greater cause.  Not only were we able to bond, we were also able to work together to make the area a better place to live and visit, doing our part to help minimize the global footprint litter has left.

How Can You Help Local State Parks?

We’re all guilty of creating litter some way or another, but there are things you can do to minimize the amount of litter that is created daily.

  • Make sure your trash is secure
  • Educate others of the ongoing problems caused by litter
  • Make use of recycle bins whenever you can
  • Get involved yourself! State parks are always hosting clean-up projects and if you’re interested in getting involved like we did, you can find an opportunity at the Texas State Parks Volunteer schedule.

Our volunteer day is just one way we can make a difference and impact our community. We love self-direction at Quest because of the social impact we have as investors. With our investments

, we have the power to positively affect the community around us. Schedule a free consultation to talk to an IRA Specialist how you can make a difference not only for your future, but also for your community by investing with a Self-Directed IRA.

The Austin Quest Cares team

What a perfect example of how #QuestCares!


Small Business Myths Entrepreneurs Should Ignore

Small Business Myths
Estimated reading time: 4 minutes

Have you ever considered entrepreneurship? In the past, the possibility to create success by being a business owner was limited to a select few, but things are different. It’s 2022! Times have changed, and there is now more opportunity than ever to own a small business. Getting started might not be as difficult as you think either, but there are a few assumptions that can stop some people from taking the first step. Today, we’re here to bust those!

Small Business Myth #1: Success Happens Overnight

The biggest reason new entrepreneurs get defeated is because they expect to see success right away. Unfortunately, its very rare to see results overnight, and will usually take some leg work to get an idea or product off the ground. In fact, most people who claim to have been an “overnight success” have actually put years into preliminary groundwork and now get to see the results of their labor. While it’s easy to expect instant profits given the fast-paced world we live in where people hand out “likes” on social media like candy on Halloween, it’s not always that simple. It may be cliché, but remember the saying, “Rome was not built in a day”. Building a business takes time.

Small Business Myth #2: Lack of Capital Leads to Failure to Launch

Some people believe if you don’t have enough personal seed money, you won’t be able to get started, but that’s not true! There are plenty of places that will give start-up loans to new new businesses and small businesses. If for some reason a bank loan isn’t possible, there are other finance options. Self-Directed IRAs can be a great option for those seeking out funds.

With Self-Directed IRAs, the borrower and lender can determine all the loan terms between themselves. Since the IRA is technically the lender, the borrower would pay back the SDIRA, not the account holder. These types of deals can be great for passive investors.

Small Business Myth #3: Failure is Not an Option

Many new entrepreneurs can easily get frustrated when they don’t succeed. We’ve already established that it’s not common to see instant success, but just because you don’t succeed the first time doesn’t mean you should give up. The best thing you can do when you don’t hit your goal is to try and try again. Learning from your mistakes is one the best ways to grow and overcome, especially when starting a new business.

In the section above, we mentioned it’s possible to get startup money from SDIRA lenders. In the event of a mistake with a loan you received from a private investor, it’s extremely important to do the right thing. Always do whatever you can to pay your investors back, even if it means you take a hit in the short term. Not only will your lender respect you for being honest, but it can also help your reputation. If word gets out that you took investor money but never paid them back, no one will want to lend to you in the future. But, even if you fail your first time and are still able to make it up to your lender, people will see your character and want to help out. This is just one example; you’ll find that the more you fail, the more you learn! Don’t get discouraged!

Small Business Myth #4: You Need to do Everything Yourself

When you’re starting out, you may get overwhelmed if you try to do everything by yourself. Never underestimate the power of a team. Every good entrepreneur has a power team in their back pocket, because they understand that different people can serve different functions. There may be someone that can handle a task better than you and asking for help doesn’t mean you’re not capable of something. Utilize the people around you so you can work smarter, not harder.

Small Business Myth #5: You Should Wait for the Right Time

One of the most common lines I hear people say is, “Man, I just wish I had started sooner.” This is because so many people wait until the “right time” to start their small business, but the truth is there will never be a “right time” to start working toward your goal but the sooner you start, the closer you’ll get to reaching it. I’ve heard people say that they are too young, they don’t have the money, or that there’s simply too much going on to even think about starting a business, so they wait. They wait for the so called “perfect time”, but what they discover is they waste valuable time that could have been used building their business. Entrepreneurship is possible for anyone, no matter who you are.

Self-Directed IRAs are a great tool for entrepreneurs looking to kick start their small business or take their current one to the next level. With a good understanding of how these accounts work and some of the myths surrounding entrepreneurship, you can avoid some common mistakes others have made and use some resources you might not have known you have available to you. If you would like more information about SDIRAs or how they can help your small business, call us at 855-FUN-IRAs (855-386-4727) to schedule a free consultation with an IRA Specialist.

Hard Money Loans Made Easy

Guide to Real Estate Investment Loans
Estimated reading time: 2 minutes

There are many financing options for real estate investors available today. One of the most popular options has become the hard money loan. A hard money loan is a loan collateralized by a hard asset (in most cases this would be real estate). One of the biggest differences between a hard money loan and a conventional loan is that hard money lenders use the value of the property versus the borrower’s creditworthiness to determine the loan.

Hard money loans tend to have terms of 12 months, but some can be extended to as long as two to five years. This works in favor of investors who plan to purchase a home in need of repairs, rehab it and sell it quickly for a  profit on their real estate investment.

Advantages of Hard Money Loans

One of the biggest advantages of a hard money loan is there are less restrictions with hard money loans when comparing them to traditional loans. Lenders rely less on a borrower’s credit score and more on the value of the property itself. This allows borrowers with a less than perfect credit score to obtain a loan.

Another key benefit of hard money loans is they can be acquired quickly. Loans from banks and traditional lenders often take up to 60 days to issue, while hard money loans can often fund in a week. This is especially important if investors hope to acquire properties with competing bids. Time is money in real estate and time is on your side with hard money.

Hard money loans also provide tremendous leverage for fix and flip and buy and hold investors. The investor can enter a real estate project without putting their own money at risk and remaining liquid. This is a huge reason real estate investors seek out hard money lenders in Florida.

An Easy Decision for Investors

Although many investors with imperfect credit scores find hard money loans easier to qualify for, because of the higher risk involved these loans often come with higher interest rates. Despite this, they are an integral part of the real estate investment process and can be utilized when a traditional loan doesn’t make sense or is too difficult to get.

Hard money loans aren’t just for property flippers. Investor Loans Source offers loans for rental properties, as well as commercial investment projects!

More About Investor Loan Source

Be sure to ask one of their loan specialists about exclusive wrap loans, commercial and one-time close fix and rent options. Investor Loans Source makes hard money easy and if you would like to contact them, be sure to reach out at 833-457-2274. Visit Investor Loan Source to learn more, or follow them on LinkedInFacebook, and Twitter.

Are You Up to Date with the Latest Secure Act 2.0 Changes?

Are You Up to Date with Secure Act
Estimated reading time: 5 minutes

It may seem like it’s been a while since an update has come out regarding the Secure Act 2.0, but that just changed! As of last Monday, the proposed bill has passed the House of Representatives and is now at the Senate level. There are several important sections in the bill, but there are a few that stick out. Below, we have outlined seven sections we believe will affect Self-Directed IRA account holders the most and have provided a brief Secure Act 2.0 overview.

If you would like to learn more about protecting your account, access the direct link to the Secure Act bill to continue reading. Additionally, if you would like a more detailed analysis of a particular section, you can click on the hyperlinked title at the start of each individual paragraph.

Section 101: Automatic Enrollment
This section states that if you meet the vesting requirements of your 401(k) provider through your employer, then you will be forced to enroll in your company’s 401(k) plan. If you have met the vesting requirements for automatic enrollment, then a minimum of 3% of your paycheck will be contributed. Once in effect, that percentage will be increased by 1% each year, not to exceed 10% (and no more than 15% if you choose to go higher or to the max contribution).

Be aware that you will have the ability to “un-enroll” from the plan. Some believe that if you are automatically enrolled, then it could make sense to keep contributing. It’s important to note that SIMPLE IRAs are exempt from this ruling.

Section 106: RMD Age Increased
Section 106 of the Secure Act focuses on required minimum distributions (RMDs). This section increases RMDs to the age of 73 starting in the year of 2023. It is currently at 72. It goes on further to say the RMD limit will increase again in the year 2030 to the age of 74, and it will increase to the age of 75 in the year of 2033.

This is most likely spaced out to help prevent any hassle caused by the increase, as was seen a few years ago when the RMD age was increased from 70 ½ to 72. There was quite a bit of confusion around this time. Many account holders that were 71 questioned if they had to take an RMD or not. Then, when the pandemic happened, there was added confusion since many people were trying to navigate new rules all at once. By spreading out the time frame of when RMD ages will increase, there should be less confusion.

Section 108 and Section 603: Catch-Up Contribution Limits
Sections 108 and 603 of the Secure Act talk about “catch-up” contributions, a type of contribution that allows you to put an increased amount of personal money into your retirement account if you are over a certain age. We will cover each section individually.

108 says that at the age of 62 (if eligible through your employer), you can contribute an additional $10,000 each year as a catch-up contribution. You can continue this catch-up contribution between the ages of 62 and 64. At age 65, you no longer can make this catch-up contribution. It is not 100% clear why Congress chose those ages. It’s important to be aware that if this is a SIMPLE IRA, the amount is $5,000 as a catch-up contribution instead of $10,000.

Section 603 goes on to say that if you are making one of the above-mentioned catch-up contributions, it must be a “Roth Component” catch up, so the catch-up must go to the Roth portion of your 401(k). Again, this means both the employer and employee make contribution via the Roth. So you would have to have one in order to do this. Note that this portion will be retro-active as of January 1st, 2022. All other parts in this proposed bill will be active starting 2023.

Section 109: Student Loans Payments as Elective Deferrals
This section targets people with student debt. Usually, if you are paying off student loans, you cannot contribute to your 401(k). If you are paying off any type of student loan debt, your employer can contribute a matching contribution (up to whatever percentage the plan allows for) of what your payment was towards the debt. It is almost as if you contributed directly to the 401(k) itself, but this way allows you to indirectly save for retirement. So, simply put, employees repay their student loans and employers contribute to the employees’ retirement plan.

Section 601: Simple and SEP Roth Contributions
This section would allow the employee to make Roth contributions directly to a SIMPLE IRA. With SEP IRAs, only the employer makes the contribution. The Secure Act update states the employer can allow this contribution to be labeled as a Roth contribution if the employee is willing to accept the retirement contribution via Roth. With all the benefits a Roth offers, we believe most people will see this as a positive option.

Section 322: Limitations on Prohibited Transactions
As a custodian, this is the section with the biggest change and impact to retirement accounts. Section 322 says that if someone enters into a prohibited transaction, the entire IRA “may not” be ceased or distributed by the IRS. Although this part is a little vague, it’s safe to believe that only the asset and any additional profit made from that asset would be distributed based off the Prohibited Transaction. Therefore, the IRA would still be labeled as an IRA. This is very similar to how a Solo 401(k) works, where the prohibited transaction only applies to each investment.

Overall, we believe these updates could be a good thing for account holders. As the Secure Act updated bill continues to move through the different levels of government, it’s important to stay current with these updates. We will continue to monitor and post updates, but if you would like more information or would like to have a detailed conversation about the Secure Act or your SDIRA, you can schedule your free 1-on-1 consultation with an IRA Specialist.

Grow Your Retirement Savings with Multifamily in a Self-Directed IRA

Multifamily Investing with a Self-Directed IRA
Estimated reading time: 2 minutes

Building wealth and saving enough for retirement can be frustrating when you don’t have control over your money. Most people think they can only invest in publicly traded investments like stocks, bonds, mutual funds, and CDs… but that isn’t true at all. With self-directed IRAs, you can diversify your investment portfolio into private assets like real estate, notes, cryptocurrency, multifamily, land, oil and gas, and other private entities. One investment that is growing in popularity is multifamily. Multifamily refers to residential property that contains more than one housing unit, including a duplex, a townhome, or an apartment complex.

What is a Self-Directed IRA?

Simply put, a Self-Directed IRA is a retirement account that lets you take control and invest in the broadest spectrum of assets. Like normal IRAs, Self-Directed IRAs also have tax advantages that allow earnings to grow tax-deferred or tax-free and compounds over time, maximizing growth in the account. Additionally, certain IRAs allow you to reduce your taxable income by taking tax-deductions. The difference between a regular traditional IRA and a truly “self-directed” IRA is the types of assets they hold.

What Can an IRA Invest In?

Self-Directed IRAs offer a few more investment options than typical IRAs, one of these options being private placements, like multifamily. A Self-Directed IRA can be used to purchase almost any private asset. Common investments include single family real estate, rehab properties, commercial and multifamily real estate, private loans, performing and non-performing notes, oil and gas, land, startup companies, LLCs, and other private businesses.

More About Private Entities

Private placements are investments in privately owned companies, rather than public companies. A few examples of private placement investment opportunities include those with:

  • Multifamily
  • Limited Liability Companies (LLC)
  • C corporations
  • Start-Ups
  • Small businesses
  • Limited Partnerships (LP)
  • Hedge Funds
  • Land Trusts


Multifamily real estate and other private entity deals are also quite passive and don’t require much work from the Self-Directed IRA investor, making these great opportunities. Always be sure to conduct your due diligence when investing into private placements and multifamily deals. To get more information about how to use a Self-Directed IRA to purchase multifamily, you can watch our investment 101 video!

After Opening an Account, What’s The Next Step?

Next steps after opening an account
Estimated reading time: 4 minutes

Now that your account is open, you can take the next step – funding your account! There are three major ways to fund your IRA, which include making contributions, initiating a transfer, or doing a rollover. You might also be interested in doing a conversion once your accounts are open. Learn more about Roth Conversions on our website..

Not sure where to start? Here’s a closer look at some of the next steps you can take to fund your new IRA – now or in the future!


A contribution is money you personally put into an IRA. This option allows you to make an annual contribution from your personal funds. It’s important to always consult with a knowledgeable CPA in order to understand how much you may contribute personally. You may be able to get a tax-deduction for contributing to your Self-Directed IRA. But remember – every account has its own rules and contribution limit. View the current year contribution limits for your tax benefit.

When you make your contributions, they must be made in cash. You have three options when submitting contributions – wire, ACH, or check. If you plan to write a check, please make the check payable to the Quest vesting: Quest Trust Company FBO (Client Name) IRA # (Acct. Number)

View the Incoming Funds Instructions


A transfer occurs when you move money from one IRA account to another. This option applies to individuals who have an existing IRA held at another company. A transfer occurs between like accounts (e.g., Traditional to Traditional or Roth to Roth). When you move funds from an IRA at one firm to an IRA account managed by another firm, the transfer isn’t reported to the IRS and no taxes or penalties are incurred. This is because the money in the original IRA account never actually reached the account owner.

Please be aware of the following:

  • Your current custodian might require a medallion guarantee stamp. If so, you can obtain one by visiting your current banking branch.
  • Your current custodian might require the original transfer form. If that is the case, you will have to send Quest the original, signed transfer form.
  • You will need to submit a copy of your current account statement along with the Quest Transfer Form.
  • You will need to liquidate any investments prior to Quest sending the Transfer Form to help avoid any delays.

Open the Transfer Form



A rollover occurs when an individual wants to move funds over from an old employer plan (e.g. 401k, 403b, etc.). A rollover can also be made between IRAs. To initiate a rollover, you must contact the current administrator of the plan and ask them to roll over the funds to Quest.

A rollover is considered a distribution and will generate a 1099-R. Provided you deposit the full amount of the distribution into an IRA within 60 days, penalties and taxes will not be assessed. Although direct rollovers are reported to the IRS, they generally aren’t taxable since the money was never made payable to the account holder. Please keep in mind, in most cases, you must have had separation of service from the employer to move the funds to an IRA.

There are two ways to complete a rollover:

  • Direct Rollover: The payment of funds will be made directly to Quest Trust IRA. No taxes will be withheld from the distribution.
  • 60-day Rollover: The funds are paid directly to you. You have 60 days to get the full amount of the distribution into your IRA at Quest. Keep in mind, taxes will be withheld from the distribution from the plan or IRA. You will have to use non-IRA funds to satisfy rolling over the full amount of the distribution. This type of rollover is allowed once per twelve calendar months from the date the rollover was received.

Complete the Quest Rollover Form


A conversion allows you to move funds from a tax-deferred IRA to a tax-free IRA. (e.g. Traditional to a Roth. Please be aware that a conversion to a Roth IRA is a taxable event. The non-taxed portion of the converted amount will be added to your modified adjusted gross income for the year. A couple of reasons to do a conversion are below:

  • It’s a way to endure tax-free growth if you are unable to participate in a Roth IRA because of income restrictions.
  • Pay taxes on the acorn and not the money tree. Doing a conversion and paying taxes early on helps your tax-free bucket of money grow bigger and faster!

Read more about Roth Conversions



To learn more about the next steps, follow our Quest Guide to transfers and rollovers. You’ll also want to keep these important dates in mind!

  • April 15th (Tax Filing Deadline) – This is the deadline to make a previous year contribution to a Traditional IRA, Roth IRA, Coverdell ESA or Health Savings Account.
  • October 15th (Tax Filing Deadline plus extensions) – This is the deadline to make a previous year contribution to a SEP IRA or SIMPLE IRA.


To talk to an IRA Specialist about your next step, schedule a free consultation!


3 Reasons Millennials and Gen Z are Turning to Self-Directed IRAs

Estimated reading time: 3 minutes

A big shift in the investing world is coming. As younger generations begin inheriting family wealth, more and more millennials – and even members of Gen Z – are understanding the importance of growing their money and saving for their financial future. The millennials and Gen Z of today hold more economic power than any generation that came before them, earning more, saving more, and even investing earlier. According to Fortune.com, 31% of millennials started investing before age 21, compared to 23% of generations that came before.

Millennials are also the largest workforce in U.S. history, earning money for today and for retirement. Add the transfer of tens of trillions of dollars through inheritance, which is already underway, this powerful generation is ready to take back the control of their finances. And that is where Self-Directed IRAs (SDIRAs) come in. With the freedom and opportunities Self-Directed IRAs offer, these younger generations are seeing the benefits of these accounts, and here’s why.

1. Eager to Learn

As technology increases, it becomes easier and easier to access education and information from multiple different sources. Forum sites allow for discussions of topics with other people who share similar interests, and these conversations can lead to even more desire to discover and learn. In the past, SDIRAs were not very well known and the popularity of these accounts has significantly increased over the past 30 years. With more millennials discovering SDIRAs and the benefits these accounts can offer, they are learning that it may be easier than they thought to move away from the traditional investing methods they have always been taught.

2. Perspective Shift

As Millennials and Gen Z live through different situations, there continues to be a shift in the way they view financial security. Millennials have seen the struggles of their parents, watching them live paycheck to paycheck and invest their money the traditional approach. They are seeing that the cookie-cutter methods simply weren’t working anymore, and that new investment outlets – like crypto currency, real estate and oil and gas – were providing better rewards.  Self-Directed IRA, offering the ability to invest into these alternative assets, became much more sough after.

3. Want to take back control

The most common reason Millennials and Gen Z are turning to SDIRAs is the control. Self-Directed IRAs truly put the control back into the hands of the investor. Investing vehicles like IRAs and Roth accounts at traditional custodian limit the investment choices to stocks, bonds, mutual funds, etc. and usually, those investments are sold by financial advisors. Self-Directed IRAs are different, though. They allow the investor to find an investment of their choosing, and then tell their representative where to invest the money – a strategy younger generations prefer. When younger investors asked if they would ever choose to work with the same financial advisor as their parents, 88% responded saying they would never even consider it. This goes to show that Millennials and Gen Z are ready to take back the control of their money and put it into assets they know and understand.

It’s never too early to start saving for retirement, and when investing in a vehicle that is comfortable to you, you can greatly help grow your wealth faster and greater. Though we’ve only listed just a few reasons here, the benefits are endless. If you ever have questions about how to get started with a Self-Directed IRA at Quest, call us at 855-FUN-IRAs or schedule a free consultation with an IRA Specialist HERE.

Investing in Cryptocurrency & How to Hold it in Your Self-Directed IRA

Estimated reading time: 3 minutes

As the world moves deeper and deeper into the digital realm, Quest is making sure your Self-Directed IRA (SDIRA) is able to keep up with today’s technology and investing trends. One of the most sought after and discussed investments in the world right now is cryptocurrency, an asset you can now hold in your Quest SDIRA. As lucrative as crypto investments can be, not everyone understands these intangible assets, so we’re here to help you get a better understanding of this investment and how to properly hold it in your account.

Cryptocurrency History

It may seem as though crypto has dominated the investing space only recently, but you may be shocked to hear that many well-known cryptocurrencies have been around for over 10 years. Those that held early cryptocurrency, like Bitcoin and Ethereum, have been able the see the values of these investments grow exponentially over the years. Now, many Self-Directed IRA investors are starting to see the value from cryptocurrency and are starting to take control, too.

New cryptocurrencies are created and mined daily, but only a few have become leaders in the space. When you hear the term “mining”, you may think this is simply creating new cryptocurrency (or you may not know at all), but it also includes validating cryptocurrency transactions on what is called a blockchain. The blockchain is designed to help prevent the double-spending of digital currency by recording data, transactions, and documents. Common cryptocurrencies include Bitcoin, Litecoin, and Ethereum – all of which can be held in your SDIRA at Quest. Now that you are aware you can hold this investment at Quest, it’s time to make sure you understand the actual process and feel prepared to start investing in crypto yourself.

How to Invest with Your Quest SDIRA

When you use your Self-Directed IRA to invest in digital currency at Quest, you have the ability to submit a new investment the same way you can any other private entity investment. Quest has come together with ErisX to provide a simple platform for crypto investing. All you need is an account at Quest Trust Company and to complete the onboarding process at ErisX, then you are ready to use your Client Portal to invest in cryptocurrency! Below are the steps you can follow to get started.

  1. Be sure to have your Self-Directed account established at Quest Trust Company
  2. Complete the ErisX onboarding process online
  3. Select Quest as your IRA provider on the Compliance Questions during the ErisX onboarding process
  4. Use the information you receive in your Welcome Letter to complete Quest Trust Company’s Private Entity funding information in your Client Portal
  5. Quest will process your investment and send funds to your ErisX account, which you can use to invest in crypto

Where To Get More Information

We know you will have questions as you begin familiarizing yourself with this new asset class, and we have some resources that can help you with your next steps. First, we suggest viewing the ErisX website to ensure you understand how this platform is used and why it is needed for your crypto investments. Not only can their website and staff shed helpful light, our Quest representatives are also always available to provide more information, too. You can learn more about cryptocurrency at Quest or how to navigate your Client Portal on our website.  If you have more questions about crypto investing, schedule a free consultation to speak with an IRA Specialist today.

Opening an IRA before the Tax Deadline Could Help You Save

Save Money on Your taxes with an SDIRA
Estimated reading time: 3 minutes

2021 may be long gone by now, but taxpayers still have the chance to save on their 2021 income taxes by contributing to a traditional IRA before the Tax Filing Deadline. Opening a Self-Directed IRA (SDIRA) and contributing could help you lower your taxes. This simple strategy is one of a few ways you can still pay taxes from last year, while making those contributions by April 18th, 2022.

How Can SDIRA an Save You Money?

Making contributions can help lower your taxes! For tax year 2021, you can contribute up to $6,000 to an SDIRA account with an additional $1,000 if you’re age 50 or older. Remember – you must have earned income to contribute to an IRA. If you meet certain requirements, which we will cover below, you’re allowed to deduct the full amount from your income. This means you will not owe taxes on the amount you put into your account.

If you and your spouse if filing jointly and do not have a retirement plan at work, you are able to claim a deduction on your tax return for the contributions you make to your traditional IRA. If you or your spouse do have a retirement plan at work, then your ability to deduct contributions will depend on your income and where it falls within the traditional IRA income limits. You can contribute to an IRA even if you have a retirement plan at work, though you may not be able to deduct the full amount of your contribution.

Understanding Deductibility

You’re eligible to claim a full tax deduction for your contributions to a traditional IRA if your income is under the limits, but if your income is higher than the limit, you are unable to deduct your IRA contributions. The good news is, if you’re income falls in the phase-out range you can deduct a portion of your contributions.

Other SDIRA Contributions

Another option for those that are married are spousal contributions.  A spousal IRA allows a working spouse to contribute to an SDIRA on behalf of a non-working spouse who has little to no income, as long as the contributor has earned income. The rules work the same as a normal account, except that the contributor is able to make a contribution in the name of the non-working spouse.

You may also be eligible to receive a further tax benefit for contributions that you make to your SDIRA called the Saver’s Credit.  The Saver’s Credit was created to provide a direct financial incentive for lower income workers to save for retirement. Saver’s Credit can reduce an individual’s tax bill by up to $1,000 if their income is below certain thresholds or up to $2,000 for taxpayers filing joint tax returns.

What is the Contribution Deadline?

For 2021 contributions, you have up until April 18th, 2022. If mailing in a contribution via check, as long as the postmark date is before the 18th, even if it arrives to your custodian after that date, it can still be applied. Always be sure to include the contribution year with your check when sending checks to your custodian, so the funds are applied to the proper year. If you’ve already filed your taxes for 2021 but haven’t made a contribution, don’t worry. With a little extra work, you can re-file your taxes, contribute to an SDIRA, and receive those tax savings.

If you have more questions about how to reduce your taxes by making a contribution, our team is happy to help. You can call an Accounts Receivable Representative or an IRA Specialist at 281-492-3434 or schedule a free consultation.