Forms and Requests Received Will be Processed in 24-48 hours of Quest Receiving the Form.
The Traditional IRA is widely known for its tax advantages, as the account owner does not pay taxes upfront, and the contributions can be tax deductible. There are no income limits on who is eligible to enroll in a Traditional IRA, but not everyone can receive a tax deduction. All growth within the account is tax deferred but you must pay taxes upon distribution. You can take distributions at any time, however, a 10% penalty is applied if you take a distribution before you are 59 1/2. Age 59 1/2, distributions are penalty free but taxed as current income. You also must begin taking RMDs, or required minimum distributions, at age 70 1/2 and can no longer make contributions. In 2016 & 2017, the contribution limit for the Traditional IRA is $5,500 and also allows for a $1,000 “catch-up” for those over the age of 50.
2016 & 2017 Contributions:
- $1,000 catch-up (Age 50+)
Submit Your Forms: All forms can be mailed or faxed to any of our locations or emailed to NewAccounts@QuestIRA.com
|Tax Filing Status||2016 Tax Year||2017 Tax Year|
|Single or Head of Household||$61,000 – $71,000||$62,000 – $72,000|
|Married Filing Jointly||$98,000 – $118,000||$99,000 – $119,000|
|Married Filing Seperately||$0 – $10,000||$0 – $10,000|