12.19.2023 - 1040
Analyzing 1040s for Financial Planning Opportunities
Presented by Larry Pon, CPA
Preparing a tax return is an annual ritual that brings a lot of pain to many Americans, but by analyzing your client's 1040, you can find a plethora of valuable financial planning opportunities. In this webinar with CPA Larry Pon, listeners learned how to efficiently read a tax return and find financial planning guidance for their clients.
Attendees Comments:
When listeners were asked what they learned during this webinar, they commented:
W2 box 12 codes. Had no clue about all the various codes. Utilized this info today for a plan I was working on.
- Curtis I.
"$50,000 Charitable gift annuity - income for life
Make Roth conversion to generate taxable income, so you can use the full amount of non-refundable tax credits"
- Cynthia L.
IRS8606 form needs to be filed when you make non-deductible contribution to IRAs.
- Peng H.
Learned a ton! have never walked through a 1040 in that detail
- Noel C.
Mega-back-door Roth - use refund to make the IRA or HSA contribution - the only lawsuits that are tax deductible are personal physical injury. the EV tax credit isn't refundable and cant be carried forward.
- Ann Marie F.
"once in a lifetime rollover from IRA to HSA
ability for daughter who is no longer covered by health plan is able to contribute to HSA at family level - ""super HSA"""
- Nancy B.
The cap gains range and the roll back of the standard deduction in the future
- John M.
W2 box 12 codes. Had no clue about all the various codes. Utilized this info today for a plan I was working on.
- Curtis I.
"$50,000 Charitable gift annuity - income for life
Make Roth conversion to generate taxable income, so you can use the full amount of non-refundable tax credits"
- Cynthia L.
IRS8606 form needs to be filed when you make non-deductible contribution to IRAs.
- Peng H.
Learned a ton! have never walked through a 1040 in that detail
- Noel C.
Mega-back-door Roth - use refund to make the IRA or HSA contribution - the only lawsuits that are tax deductible are personal physical injury. the EV tax credit isn't refundable and cant be carried forward.
- Ann Marie F.
"once in a lifetime rollover from IRA to HSA
ability for daughter who is no longer covered by health plan is able to contribute to HSA at family level - ""super HSA"""
- Nancy B.
The cap gains range and the roll back of the standard deduction in the future
- John M.
W2 box 12 codes. Had no clue about all the various codes. Utilized this info today for a plan I was working on.
- Curtis I.
"$50,000 Charitable gift annuity - income for life
Make Roth conversion to generate taxable income, so you can use the full amount of non-refundable tax credits"
- Cynthia L.
IRS8606 form needs to be filed when you make non-deductible contribution to IRAs.
- Peng H.
Learned a ton! have never walked through a 1040 in that detail
- Noel C.
Mega-back-door Roth - use refund to make the IRA or HSA contribution - the only lawsuits that are tax deductible are personal physical injury. the EV tax credit isn't refundable and cant be carried forward.
- Ann Marie F.
"once in a lifetime rollover from IRA to HSA
ability for daughter who is no longer covered by health plan is able to contribute to HSA at family level - ""super HSA"""
- Nancy B.
The cap gains range and the roll back of the standard deduction in the future
- John M.