A 1040 is an individual’s or family’s annual financial statement and reveals financial details crucial to the advice given to clients and prospects. It sizes up prospects or client’s current situation. Even if you never prepare a single tax-return for clients, knowing a 1040 in detail offers advisors a snapshot of an individual’s income and balance sheet. It’s required reading before establishing an investment plan. We'll cover: • Wage, interest, dividend taxation • Capital gains/losses • Business income/loss, including oil/gas investments • Retirement saving incentives • Income/loss from real estate, partnerships • Social security taxation • Educator expenses, HSAs, & Moving expenses • Student loan interest & tuition deductions • Standard/itemized deductions • Dependency & exemptions • Computing tax due & understanding the AMT • Education, retirement savings, child, and energy tax credits • Self-employment tax • Early distributions from retirement plans • NIIT & Additional Medicare tax