The purpose of this report is to help you understand the total spending goal for each year, the money source for the goal, and the total taxes incurred.
What does each column on this report mean?
Year - From today to the last year of the plan
Age - The client and co-client age in each year of the plan
Net Goals - The user-defined spending goal(s) for a given year. This is net of taxes. This should not include transfers
Net Goal Payments From
Current Income - The amount of the spending goal paid from current income in a given year, net of taxes (i.e., no taxes included)
Portfolio - The amount of the spending goal paid from the portfolio in a given year, net of taxes. This includes all non-FIA, non-IUL accounts, across all tax categories, as well as Excess Income. This must EXCLUDE RMDs.
RMD - The amount of the spending goal paid from RMDs in a given year.
FIA - The amount of the spending goal paid from all FIAs in a given year. This includes GIA payouts, FIAs, and RILAs, across all tax categories.
IUL - The amount of the spending goal paid from all IULs in a given year. This includes GI IUL payouts and IUL distributions.
Total Taxes
Income Taxes - Total incomes taxes paid in a given year on the above net goals, across all sources that pay income taxes. Taxable sources will be current income, Pre-tax distributions, RMDs, taxable (non-qualified) FIAs, and pre-tax FIAs
Capital Gains - Total capital gains taxes paid in a given year on the above net goals, across all sources that pay capital gains taxes. Taxable sources will be taxable accounts only (non-FIA).
Gross Goal - The sum of Net Goals + Total Income Taxes + Total Capital Gains in a given year.