This section allows you to record streams of current income impacting the client's financial situation. You can classify the income type using broad classifications, and also indicate whether the income is taxable, tax-deferred, or nontaxable.
Current Income Name and Recipient
Current income name Type an identifier for current income
Recipient Select one or more of the client's members as the current income recipient
Current Income Type
Type Select income type from Employment income, Investment income, Alimony, Child support, Social security, Pension, Trust, or Miscellaneous.
Tax Status Select income tax status from Taxable, Tax-deferred, or Nontaxable.
Current Income Details
Amount ($) Enter amount of income per period.
Frequency Select either Monthly or Annually.
Start date Enter start date for this income.
End date Enter end date for this income.
Adjustment Indicate whether you want Morningstar Office to make an income adjustment. If you select Yes, then indicate if the adjustment is in percentages (%) or dollars ($), the frequency, and the amount.