This section allows you to record streams of income that the client expects to receive in the future and that will impact their future financial situation and ability to achieve goals. As with current income, you can classify the income type using broad classifications and indicate whether the income is taxable, tax-deferred or nontaxable.
Future Income Name and Recipient
Future income name Type an identifier for future income
Recipient Select one or more of the client's members as the future income recipient
Future 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.
Future 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.