Tax Return Review – Huge Overpayment
“Bob and Sue” have income on nearly all of the lines of the first page of the 1040, itemize their deductions and were eligible for a refund of over \$27,000. Watch to see Steven’s insights on opportunities to deliver value for this real taxpayer

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When Congress changes federal tax law, it always dominates the headlines, but the IRS' portion of a taxpayer’s income is only part of the story. Every state has their own unique set of tax rules, and it is not enough for financial advisors to be versed in the rules of their home state. Eight states have no individual income tax. For the other states, there are 42 different sets of rules on what type of income is taxed, how it is taxed, at what rate it is taxed and whether where you work or where you live is more important. Then one could wade into local taxes, with nearly 5,000 jurisdictions in 17 states imposing a local income tax, which can treat nonresidents differently than residents.
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Guide to Getting
IRS Form 8606
RIGHT
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