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There are plenty of options when it comes to IRAs, but with plenty of options can come plenty of mistakes. In episode 44 of the YMYW podcast, learn from Joe Anderson, CFP\xae and Big Al Clopine, CPA how to ensure you don\u2019t blow it with your IRA. Find out how to avoid the 10 most common IRA mistakes you don\u2019t want to make. Original publish date Junly 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro
01:09 - \u201cNow we\u2019re in the month of July and the Baby Boomers are turning 70 \xbd and having to take the required distributions. There are a lot of mistakes (made) and a lot of penalties.\u201d
07:14 - \u201cWith regards to the 401(k), if you are still working in the company and you\u2019re not more than a 5% owner of that company, you\u2019re able to delay that required beginning date to April 1st of the following year that you finally separate from service\u201d
09:22 - \u201cI\u2019ve been a CPA for over thirty years and it does amaze me how many people fail to get the message about tax planning and the rules until they make mistakes that could cost them thousands.\u201d
12:49 - \u201cIf you\u2019re inheriting retirement accounts, you have to know what is going on. Unfortunately, they\u2019re one of the most complex tax rules when it comes to these things because of the benefits you get while you\u2019re alive.\u201d
17:13 - \u201cIf there\u2019s more than one beneficiary, let\u2019s say three children, then the inherited IRA must be split by the end of the year into separate properties, separately titled inherited IRAs in order for each beneficiary to take advantage of the stretch IRA based upon his or her own life expectancy.\u201d
21:17 - \u201cIf your spouse is significantly older than you and passes away and you keep it in the decedent spouse\u2019s name, then that IRA will have to take a required distribution as if that spouse was still alive.\u201d
27:22 - \u201cSeeking professional advice on this stuff is so critical. If it\u2019s not with us, find someone who understands taxes in retirement and can put all of this together [for you].\u201d
32:37 \u201cShould I do the Roth provision [in the 401(k)] or should I do the pre-tax? Look at line 43 of your tax return because it will determine what portion of your income is taxable.\u201d
37:07 - \u201cIf you save money in taxes, your money is going to last you that much longer.\u201d