Total income and taxable income on client report

[shaybachelder]

I am working on a client tax plan, where income has increased from last year (wages) but part of the plan is to maximine 401k contributions. On the final report the client sees, I want them to see that their TOTAL INCOME for the year has increased, but their taxable income has decreased. Instead, it is taking the 401k contributions off of the TOTAL INCOME figure, making it look like they made less TOTAL income between last year and this year. I think this is going to be confusing to my client, and I also think that the tax savings would appear more substantial, if the total income could reflect the total amount that they make BEFORE pre-tax contributions to retirement. I would be happy to provide further feedback or share this tax plan with you if it would be helpful in understanding what I am trying to communicate.

[IntuitJim]

Based on customer feedback, we added a page to the report that compares the 2023 PSB with no action (presumably a high tax) and the 2023 with strategies (lower tax).  Here is a sample. 

To showcase the full tax benefit of retirement contributions (instead of the incremental increase in contributions), adjust the PSB contributions to $0 and increase the Box 1 Wages by prior year contributions, to effectively start at income before any employee contributions. Then include the full employee contribution on the strategy page, which will also reduce the Wages on the Review plan projection.