About this episode
A distribution from your traditional IRA could cost you if you’re not aware of your responsibilities. Many investors are saving up for their retirement in workplace accounts like 401(k)s. Those administrators handle tasks that IRA custodians don’t. And it’s up to you to take charge and keep track of your hard-earned money, so you’re not taxed twice. Denise Appleby is known as “The IRA Whisperer.” The Morningstar contributor has written about how to protect your IRA from costly mistakes.
Don’t Pay Taxes Twice: Here’s How to Save Thousands on IRA Distributions https://www.morningstar.com/personal-finance/dont-pay-taxes-twice-heres-how-save-thousands-ira-distributions
On this episode:
00:00:00 Welcome
00:01:28 What is a Traditional IRA and How It’s Funded
00:02:29 How IRA Withdrawals Are Taxed When Accounts Hold Taxable and Tax-Free Dollars
00:05:36 What IRA Custodians Don’t Track and Why Investors Should
00:09:05 What to Check on Form 1099‑R and Why Form 8606 Matters
00:12:02 How to Fix IRA Mistakes
00:13:44 What Records to Keep Track of to Avoid Double Taxation
Watch more from Morningstar:
Elevate Your 60/40 Portfolio With These Simple Tweaks
Why REIT ETFs Still Work as Real Estate Slumps
How to Make the Most of Your IRA in 2026
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