This report breaks down annual taxes. We want to understand how much tax is paid from each source.
What does each column on this report mean?
Year - Every year of the plan from the current year to the end of the plan
Age - Age of the client and co-client in every year of the plan
Total Income Taxes - Sum of all income taxes for the year
Income Tax Breakdown - Income taxes across different sources for each year
-
Transfer Taxes - all Income Taxes on Current Income contributions and Transfers (including Roth Conversions)
-
Annuity Taxes - all income taxes on GIA payouts, plus taxes on Taxable FIA/RILA distributions
-
Pre-Tax Dist Taxes - all income taxes on distributions from pre-tax accounts. Does not include taxes on pre-tax GIAs. Does not include taxes on RMDs
-
SS Taxes - all income taxes on SS incomes
-
RMD Taxes - all income taxes on RMDs
-
FICA Taxes - any FICA taxes on Payroll income
-
All other Incomes - all income taxes on all other income types (like, payroll, pension, other)
Total Capital Gains Taxes - Sum of all capital gains taxes for the year
Capital Gains Tax Breakdown - Capital gains taxes across different sources for each year
-
Transfer Taxes - all capital gains taxes on any transfers
-
Taxable Dist Taxes - all capital gains taxes on taxable account distributions
Total Taxes - Sum of all Income Taxes and Capital Gains taxes