NEW GUIDE: What Issues Should I Consider With The Income From My Taxable Non-Qualified Account(s)? [June 2024]
Non-qualified portfolio income can be a wild card when it comes to taxes. Interest, dividends, and capital gains all have an effect on your clients’ AGI/MAGI, and it’s important to properly factor this in when addressing their tax planning needs.
With your help, clients will have a better understanding of where they currently stand, and what options they have at their disposal, with coordinating the taxable income in their non-qualified portfolio with other tax planning goals.
This checklist covers important factors a client needs to be aware of when reviewing their non-qualified portfolio income, such as:
- Taxable interest
- Tax-exempt interest
- Ordinary and qualified dividends
- Realized long- and short-term capital gains/losses
- Unrealized long- and short-term capital gains/losses
- Capital losses being carried forward from prior years
- Anticipated capital gains distributions from mutual funds