A Roth IRA is a retirement savings account that allows your money to grow tax-free. This is an after-tax account, meaning the IRA owner of a Roth must pay taxes upfront for all money contributed, however all growth within the account is tax deferred, but if you take a qualified distribution, it can be potentially tax free. This is a major advantage for the younger population, as they can make contributions over a lifetime and watch their funds grow.
Open your Roth IRA today!
Roth IRA Account Application (AdobeSign)
IRS Form 5305 Roth (PDF)
Have Questions? Contact a Certified IRA Specialist at IRASpecialists@QuestTrust.com. Forms and Requests Received Will be Processed in 24-48 hours of Quest Receiving the Form.
Answers to some of the most frequently asked investing questions (FAQs) about Roth IRAsHow much can you contribute to a Roth IRA?
“To have and contribution to a Roth IRA, you must have earned income. Additionally, certain income restrictions put limitations on directly contributing to a Roth IRA. For single filers, your Modified Adjusted Gross Income (MAGI) must be under $153,000 for 2023. If you’re married and filing jointly, your MAGI must be under 228,000 for 2023.”
It’s easy to invest with a Self-Directed Roth IRA!
- Open a Roth IRA account at Quest
- Fund your account by making a contribution, transferring from another Roth account, or rolling over an old 401K.
- Invest in what you know best!
|Tax Filing Status||2023 Tax Year|
|Single or Head of Household||$138,000 – $153,000 (2023)|
|Married Filing Jointly||$218,000 – $228,000 (2023)|
|Married Filing Separately||$0 – $10,000 (2023)|
Qualified distributions V Non-Qualified distributions
A qualified distribution from a Roth IRA is tax-free and penalty free, providing the 5 year aging requirement has been satisfied and one of the following has been met:
- Over age 59.5
- Death or disability
- Qualified first-time home purchase
A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies. Several exceptions exists that enable Roth IRA account holders to withdrawal cash from Roth IRA’s that otherwise would be subject to income taxes and a 10% penalty:
- You have un-reimbursed medical expenses exceeding 7.5% of your Adjusted Gross Income (AGI).
- You are paying medical insurance premiums after losing your job.
- The distributions are not more than your qualified higher educational expenses (for yourself or eligible family members).
- The distribution is due to an IRS levy of the qualified plan.
- The distribution is a qualified reservist distribution.
- The distribution is a qualified disaster recovery assistance distribution.
- The distribution is a qualified recovery assistance distribution.