The Transfers table is a report intended to highlight only transfer activity. We are interested in knowing when a transfer is scheduled to happen, the source, the destination, the amount, and the associated taxes. This becomes helpful when we have many transfers scheduled and particularly when a transfer amount is less than the “planned” amount, which can happen based on the future value of the account, market changes, and scenarios with multiple transfers from the same account.
What does each column on this report mean?
Year - each year of the plan from today to the end of the plan
Age - Client and co-client age through each year of the plan
Transfer From
Source - The transfer source name (or nickname). If Current Income or Excess Income, then there is no nickname. If any acct with a nickname, then use the nickname. If no nickname, then use the acct type and display the acct value alongside in parentheses.
Owner - The owner of the source account. If Current Income or Excess Income, use “Client” as the owner
Transfer To
Destination - The transfer destination (or nickname). If the acct does not have a nickname, just use the Acct Type
Owner - The owner of the destination account.
Net Transfer - The transfer amount, net of taxes, that is arriving in the destination account.
Total Transfer Taxes
Income Taxes - Any income taxes paid on the transfer amount.
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Transfers from Current Income
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Transfers from Pre-Tax to Taxable
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Pre-Tax to Tax-Free, or
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Taxable FIA/RILA to Pre-tax or Tax-Free
Capital Gains - Any capital gains taxes paid on the transfer amount.
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Transfers from Taxable to Pre-tax
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Taxable to Tax-Free, EXCEPT for Taxable FIAs (which pay income taxes on gains)
Gross Transfer - The sum of the Net Transfer + Total Income Taxes + Total Capital Gains taxes