Analyzing 1040s for Financial Planning Opportunities

Attendees will learn: I. The 1040 Form: A Gateway to Client Insights (10 minutes) Understanding the structure of Form 1040 Key lines to review and what they tell us about the client Recognizing income patterns and their implications II. Schedule A – Deductions and Financial Behavior (10 minutes) Analyzing itemized deductions for financial habits Opportunities for mortgage interest and charitable contribution strategies Uncovering potential for debt restructuring and philanthropic advising III. Schedule B – Interest and Dividends (10 minutes) Interpreting interest and dividend income for investment strategies Assessing the diversification and risk profile of a client’s portfolio Identifying opportunities for tax-efficient investing IV. Schedule D – Capital Gains and Losses (10 minutes) Capital gains analysis for asset turnover and tax-loss harvesting opportunities Strategies for balancing portfolio growth and tax implications V. Schedule E – Supplemental Income and Loss (10 minutes) Real estate income and deductions as indicators for property investment advice Passive activity losses and their role in tax planning and investment strategies VI. Identifying Retirement Planning Opportunities (10 minutes) Contributions and distributions: Signals for retirement planning Roth conversions and retirement income stream planning VII. Advanced Topics and Strategies (10 minutes) Alternative Minimum Tax (AMT) considerations Self-employment and small business income analysis for business planning Estate and gift tax insights for legacy planning