The Tax and Fees card is home to several inputs, including the Tax Filing Status, AUM Fees, and Local Taxes:
The Tax and Fees card can be found within the Expenses section of the Profile (or the Expenses step of the initial data entry process):
Tax and Fees Data Entry
Click on this card to open a data entry drawer on the right side of your screen, allowing you to input the details:
Filing status
Within joint plans, filing status options include Married Filing Jointly, Married Filing Separately, and Non-Married Filing Single. Within individual client plans, options include Single and Head of Household. The option you select here will have a direct impact on the tax calculations in the future-looking projections.
Local tax
In applicable cases, you can specify any local municipal or city taxes within this card. Local taxes can either be entered as a percentage of AGI or gross income. Please be mindful not to include state taxes here, as those are calculated automatically within RightCapital.
Average AUM fees
This field allows you to enter average AUM fees, to ensure that their impact is captured within the plan. This will reduce all non-annuity invested asset returns by the percentage indicated (this includes bank accounts / the cash reserve).
