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 Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI), and it’s important to properly factor this in when addressing your tax planning needs.
That’s why we created this comprehensive checklist, which will provide you with clarity around where you stand and what options you have when it comes to coordinating the taxable income in your non-qualified portfolio with your other tax planning goals.
This checklist covers important factors to consider when reviewing non-qualified portfolio income, such as:
- Taxable and 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.
If you find yourself needing personalized guidance or have questions about optimizing your non-qualified portfolio for tax efficiency, we encourage you to schedule a complimentary consultation with our team of experienced financial advisors. We’re here to help navigate the complexities of tax planning and ensure your financial strategy aligns with your goals.
Bautis Financial LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Bautis Financial Advisor Commentary: July 25, 2024