July · The Decision Calendar

The Projection

Alex Alston

Build this year's income now, while there are five months left to act on it. Everything August, September, and November do depends on this number.

01Income by source Year to date, plus what's still coming

Filing status Age 65 or older Last year's total taxFrom your return — this is your safe harbor

SourceSo farRest of yearFull year

Social SecurityBoth spouses, gross benefit

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Pension and annuity income

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IRA and 401(k) withdrawalsIncluding required distributions

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Roth conversionsDone or planned — August sizes this

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Interest and non-qualified dividends

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Rental, business, part-time work

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Long-term gains and qualified dividendsTaxed at preferential rates — include December fund distributions

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Projected income———

Two that get missed. Gains from something you sold earlier in the year and half forgot. And mutual fund capital gain distributions — funds held in taxable accounts distribute in December whether you sold anything or not. Check last year's 1099 for the scale.

02What you'll owe

03What you're paying in

Withheld so far this yearSocial Security, pension, IRA distributions Still to be withheldAt your current settings, through year end Estimated payments made Estimated payments still planned

04What this tells you

Carry forward — August, September, and November all read these

Federal tax only, using current-year brackets and deductions. State tax is not included. Long-term gains and qualified dividends are taxed at preferential rates and stack on top of ordinary income. This is a planning estimate, not a return. Bring it to the July call.

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