Quest Expo 2022: The 3rd Annual Quest Expo returns to Houston September 23rd – 25th for an event-filled weekend that we’ve all been waiting for! Click here to learn more.

Pay Online

Contact

Call: 855-386-4727

Client Portal

Pay Online

Contact

Call: 855-FUN-IRAS

Client Portal
  • Home
  • Education
    • Education Center
    • SDIRA Video Library
    • Upcoming Webinars (Live)
    • Our Blog
    • IRA Education Articles
    • Due Diligence
    • Prohibited Transactions
    • Security Awareness
    • FAQs
  • Open an Account
    • Traditional IRA
    • Roth IRA
    • SEP IRA
    • SIMPLE IRA
    • Health Savings Account (HSA)
    • Coverdell Education Savings Account (ESA)
    • Solo 401(k)
    • Checkbook Control IRA LLC
    • Referral Program
  • Investments
    • The QTC Investment Hub
    • Real Estate
    • Promissory Notes
    • Private Entities
    • Cryptocurrency Investing
    • General Investments
    • Fair Market Values (FMV)
  • Forms
  • Events
    • The Quest Expo
    • SDIRA LIVE Webinars
    • Quest Special Events
    • Houston Events
    • Dallas Events
    • Austin & San Antonio Events
    • Other Cities – tbd
    • Invite Quest to Speak
  • About
    • Mission Statement
    • Client Testimonials
    • Executive Team
    • Meet the Management & Education Team
    • FDIC: Federal Deposit Insurance Corporation
  • Client Portal
  • Contact Us
    • Make a Payment
    • General Contact Information
    • Contact a Certified IRA Specialist
    • Career Opportunities
    • Coronavirus (COVID-19) Resource
Quest Trust Company›Blog›Open a Quest account

Tag: Open a Quest account

Important Factors To Consider When Choosing A Roth IRA

Posted on January 27, 2020August 14, 2020 by Quest Trust Company
Important Factors To Consider When Choosing A Roth IRA
Estimated reading time: 2 minutes

Image Credit: ccPixs.com

If you are beginning to plan for your retirement or want to change your retirement savings account, you may be intrigued by a Roth IRA. Roth IRAs are popular retirement savings accounts, although contributions to Roth IRAs are not tax-deductible, any withdrawals from the account are tax-free.

There are, however, some important factors to consider when choosing a Roth IRA which we will outline below:

Distribution Rules

With a Roth IRA you will make after tax contributions and ideally grow them tax free. This is different from a traditional IRA where you make pre tax contributions (or receive tax deduction) and grow your funds tax deferred. 

To receive tax free distributions from the Roth IRA you must meet certain requirements, such as having the Roth IRA open for at least 5 years and being over the age of 59.5.

If you have a pre tax account currently you may convert them into a Roth IRA, however please consult with a CPA to determine if this strategy will be wise for your personal situation. 

Roth Conversion Timing

Deciding whether a Roth IRA, rather than a traditional IRA, is right for you may depend on what life stage you are currently at. 

For example, if you are a young adult currently paying low tax rates, a Roth IRA conversion would make more financial sense. If, however, you are at the peak of your career and will soon be expecting your tax rates to skyrocket, sticking with a Traditional IRA may be more suited for you. 

Required Minimum Distributions

Roth IRAs do not have required minimum distributions, unlike traditional IRAs. Traditional IRAs are subject to RMD, meaning the IRS requires you to take a minimum distribution each year once you reach a certain age. Due to the New SECURE Act if you were born before July 1st 1949 you will begin taking RMD’s at age 70.5. If you were born after you will begin at age 72. 

Without RMD, a Roth IRA can be left for heirs or transferred to a named benefactor, stretching out the tax-free benefits.

Account limits

There is currently a $6,000 contribution limit on Roth IRAs or $7,000 if you are over the age of 50. If this is too small for your retirement plan, you may need to consider another savings account. 

In order to make the most of your Roth IRA, it is advisable to pay taxes with money outside of the account, to allow the Roth IRA to grow to its full potential.

If you think a Roth IRA could be the right retirement account for you, contact Quest Trust today. We offer truly self-directed IRAs and give you complete flexibility with your investment options. Open a Quest account or sign up for one of our events today!

Posted in Accounts Can Be Self-Directed, Not Just Roth IRAs., Roth IRAs and Roth ConversionsTagged Open a Quest account, Roth IraLeave a comment
  • Phone Service Provider is currently down at Quest

    Phone Service Provider is currently down at Quest

    Our team is working to resolve the issue. In the meantime, please utilize our live chat feature on our website or email info@questtrust.com. Thank you!

    Register NowSee All Events
  • Flip the Odds in Your Favor with UNLIMITED ACCOUNTS

    Flip the Odds in Your Favor with UNLIMITED ACCOUNTS

    Get ready for Unlimited Accounts! Use Code: MULTIPLES22 You may think the House always wins, but not today! Quest Trust Company is flipping the odds in your favor so you can win big. Spend $100 and you get UNLIMITED ACCOUNTS. Do you want a Traditional IRA? A Roth IRA? A Heath Savings Account? Why not […]

    Register NowSee All Events
  • Get Your Tickets to the 3rd Annual Quest Expo!

    Get Your Tickets to the 3rd Annual Quest Expo!

      Join the #1 Alternative Investing Conference of the Year! 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! Attendees can experience fresh takes on proven real estate concepts, with plenty of the Quest flare you know and love. […]

    Register NowSee All Events
  • The SDIRA Social

    The SDIRA Social

    Browse all of our upcoming events here!  Tapping into TRILLIONS of dollars’ worth of investment capital for your real estate deals is easier than you think. All it takes is the right conversation, and you could potentially unlock unlimited capital for your deals. If you’re looking for ways to increase your net worth by improving […]

    Register NowSee All Events
  • Our transition from Bancorp South Bank to Frost Bank

    Our transition from Bancorp South Bank to Frost Bank

    We expect this transition to be smooth and easy, requiring almost no changes on the client end! There are no new systems to learn nor any account changes to make. The only update to be aware of is the new Incoming Funds Instructions. The old instructions for Bancorp South will no longer be applicable or […]

    Register NowSee All Events
  • Introducing our new QTC Investment Hub!

    Introducing our new QTC Investment Hub!

    With this new feature, you can now submit investments directly through the client portal and track your investments in real time!

    Register NowSee All Events
  • It Pays to Have Friends!

    It Pays to Have Friends!

    Start raking in the rewards for the services you love. Refer a friend to Quest and receive a credit towards your account!   How to Begin Earning Credits: 1. Visit OUR REFERRAL PROGRAM PAGE, and enter your name, your friends email and their phone number in the referral box! 2. Your friend will then receive […]

    Register NowSee All Events
  • Virtual Classes + Networking

    Virtual Classes + Networking

    Check out our full class schedule here! Our weekly Quest webinars give you access to unlimited free education! Get the knowledge to help grow your retirement at one of our weekly classes on Tuesdays and Saturdays at 12PM CT! And don’t miss our Virtual Networking Happy Hours on the 4th Wednesday of every month – […]

    Register NowSee All Events

More Upcoming Events

  • Houston Events
  • Austin Events
  • Dallas Events
  • Upcoming National Webinars
  • Client Referral Program
  • Blogs
  • Security Awareness
  • Testimonials
  • Due Diligence
  • FAQs
  • FDIC Insurance
  • Career Opportunities
  • Contact Us
  • The Quest Expo

Connect with Us:

DISCLAIMER: Quest Trust Company does not render tax, legal, accounting, investment, or other professional advice. If tax, legal, accounting, investment, or other similar expert assistance is required, the services of a competent professional should be sought.

© 2021 Quest Trust Company. View our Terms of Use.

© 2021 Quest Trust Company. View our Terms of Use.