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Analyzing 1040s for Financial Planning Opportunities

Utilizing Demographics, Income, Schedules B, C, D, E, and A to Better Serve Clients

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, June 22, 2023

Recorded event now available

or call 1-800-926-7926

This webinar will review Form 1040, U.S. Individual Income Tax Return, and demonstrate how tax advisers can and should utilize the information provided and reported on a taxpayer's return to identify financial planning opportunities for taxpayers. Our Financial Planning Specialist will discuss the correlation of specific portions of a tax return with tax planning ideas and meaningful conversations that should take place with clients.

Description

The demographics, schedules filed, filing status, and level of income accumulated to prepare a client's individual income tax return point to opportunities for taxpayers to better prepare for the future. Tax practitioners can use this data to provide financial planning recommendations and better serve their clients.

The AICPA recently updated its checklist "Analysis of a tax return for financial planning opportunities." Beginning with page 1 of Form 1040, it suggests that dependents on a tax return begs the question, "Has the client considered gift and estate planning opportunities for his or her dependents." This conversation could uncover additional planning needs, including a 529 plan, life insurance, or the importance of updating all beneficiary designations. A taxpayer's occupation listed could suggest a need for professional liability or disability insurance. A client's age or birthdate may indicate the need to verify wage history with the Social Security Administration or RMD planning.

A client's investment income on Schedules B and D might warrant a discussion of FDIC limits, tax-exempt investments, or foreign bank account reporting requirements. Tax practitioners working with individual income tax clients should explore the benefits and value analyzing a taxpayer's 1040 can add to the client relationship.

Listen as our Certified Financial Planner walks tax practitioners through the forms, schedules, and lines of Form 1040 to identify areas that tax professionals can address to assist in planning for the future.

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Outline

  1. Analyzing Form 1040: introduction
  2. Demographics
  3. Income
  4. Adjustments to income
  5. Schedule B
  6. Schedule C
  7. Schedule D
  8. Schedule E
  9. Schedule A
  10. Other considerations

Benefits

The speaker will cover these and other critical issues:

  • Planning considerations for taxpayers with rental properties on Schedule E
  • How a client's location impacts his financial planning
  • When and how Social Security planning should be addressed for taxpayers
  • How certain items on Form 1040 indicate a need for additional estate planning
  • Investment considerations relative to items on Schedule B

Faculty

Pon, Lawrence
Lawrence K.Y. Pon, CPA/PFS, CFP, EA, USTCP, AEP
Tax Attorney
Pon & Associates

Mr. Pon has been in practice since 1986 providing comprehensive tax and financial planning, tax preparation and...  |  Read More

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