Sample Report: Tax Planning Snapshot

This sample report for Henry E. & Mary Price covers tax year 2024 and includes eight distinct sections, from the top summary and bracket analysis through to OBBBA legislative updates for 2026.

Use this article to understand what each section of the Snapshot shows and how to use it in a planning conversation.

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9-page sample report for Henry E. & Mary Price, includes top summary, bracket charts, deductions, MAGI tiers, QBI analysis, Roth conversion, safe harbor, Schedule B, HSA limits, Oregon state credits, 2025 MAGI phaseouts, and OBBBA 2026 update

Report Type: Tax Planning Snapshot | Pages: 9 | Tax year: 2024

Case Overview: Henry E. & Mary Price

Federal Overview		State Overview (Oregon)
Filing Status	MFJ	State	Oregon
Federal Tax Bracket	24%	State Marginal Rate	9.9%
Effective Federal Rate	18.98%	Effective State Rate	8.52%
Ordinary Income	$116,683	Owns a Business	Yes
Taxable Income	$251,260	LTCG Tax Rate	15%
Adjusted Gross Income	$281,913	LT Capital Gain	$132,600
Federal Taxes Paid	$47,677	LT Capital Loss Carryover	$3,000

Section-by-Section Guide to the Report

The Tax Planning Snapshot contains eight distinct sections across nine pages. Each section is explained below.

Section 1: Top Summary and Bracket Charts (Page 1)

The opening page is the most information-dense in the report. It combines a top summary box of headline figures with three charts: the federal income tax bracket diagram, the LTCG & Qualified Dividends bracket diagram, and the Oregon state income tax bracket chart.

Chart	What It Shows	Henry & Mary Price Position
Federal Income Tax Bracket	Stacked bar showing ordinary income ($116,683) and LTCG/QD ($134,577) against all seven federal bracket thresholds. Taxable income of $251,260 is in the 24% bracket.	24% bracket. Approximately $132K of remaining room before the 32% threshold at $383,900.
LTCG & Qualified Dividends	Maps the $134,577 in long-term capital gains against the 0%, 15%, and 20% LTCG tier thresholds.	15% LTCG rate. Comfortably below the $583,750 MFJ threshold for the 20% tier.
Oregon State Income Tax Bracket	Shows taxable income against Oregon’s four-tier bracket structure (4.75%, 6.75%, 8.75%, 9.9%). Oregon taxes most of the income at the top rate.	9.9% marginal rate. Effective rate of 8.52% across the blended bracket.

Key insight: There is $84,367 of remaining room in the 22% federal bracket before ordinary income begins. This is the Roth conversion opportunity window shown in Section 5. Converting up to $84,367 of IRA assets to Roth would be taxed at 22% — the lowest available rate for this client.

Section 2: Deductions and Charitable Contributions (Page 2)

The deductions section compares the standard deduction ($29,200 MFJ) against itemised deductions ($13,000 total) and shows that the standard deduction is more advantageous in 2024. The charitable contribution chart shows the AGI-based percentage limits for cash and non-cash gifts.

Deductions		Charitable Contribution Limits (2024)
Standard Deduction	$29,200	60% Cash Gift Limit	$169,148
Itemised Deductions	$13,000	30% Non-cash Limit	$84,574
Healthcare Exp.	$1,000	30% Special Limit	$84,574
Interest Exp.	$8,000	20% Capital Gains Prop. Limit	$56,383
Donations	$4,000	Cash Donated 2024	$4,000
Deduction Chosen	Standard	Non-Cash Donated 2024	$0

Key insight: Itemised deductions at $13,000 are well below the $29,200 standard deduction. Charitable giving would need to increase substantially to make itemising worthwhile. A donor-advised fund strategy could allow the client to bunch multiple years of giving into a single year to exceed the standard deduction threshold.

Section 3: Modified Adjusted Gross Income Tiers (Page 2)

The MAGI tiers chart maps the client’s 2024 MAGI against the phase-in and phase-out ranges for ten credits and deductions. It is a quick-reference eligibility checker showing which planning tools are available and which are out of reach at this income level.

Credit / Deduction	2024 MAGI: $286,383	Planning Note
Additional Medicare Tax (0.9%)	Phase-in	Applies to earned income above $250K MFJ threshold
Coverdell ESA	Phase-out range	Contribution phase-out begins at $190K MFJ
Lifetime Learning Credit	Over limit	Phased out above $180K MFJ — unavailable
Student Loan Interest Deduction	Over limit	Phased out above $175K MFJ — unavailable
American Opportunity Credit	Over limit	Phased out above $180K MFJ — unavailable
Child Tax Credit	Phase-out range	Phases out above $400K MFJ; partially available
Qualified Adoption Expenses Credit	Phase-out range	Phases out between $239K–$279K MFJ
Saver’s Credit	Over limit	Phased out above $76K MFJ — unavailable
IRA Contribution Deductibility	Over limit	Covered by qualified plan; no deductible IRA
Roth IRA Contribution	Over limit	Over $240K MFJ limit — use backdoor Roth

Section 4: QBI Analysis (Page 3)

The QBI (Qualified Business Income) section applies because the client owns a business. It maps taxable income ($251,260) against the phase-in/phase-out thresholds for the 20% QBI deduction, distinguishing between service businesses (SSTBs) and non-service businesses.

Business Type	Below $383,900	$383,900–$483,900	Above $483,900
Service Business (SSTB)	20% deduction	Phase out	No deduction
Non-service Business	20% deduction	Phase out (W-2 & capital limits apply)	20% with W-2 & capital limits

Key insight: At $251,260 taxable income, this client is below the $383,900 MFJ threshold and qualifies for the full 20% QBI deduction if the business is structured correctly. This deduction can save up to 20% × business income in federal tax — one of the most valuable planning opportunities for business-owning clients.

Section 5: Roth Conversion Opportunity (Page 3)

The Roth conversion section visualises the space remaining in the 22% federal bracket above ordinary income. This is the amount that could be converted from a traditional IRA to a Roth IRA and taxed at 22% rather than a higher future rate.

Item	Amount	Notes
22% Bracket Ceiling (MFJ 2024)	$201,050	Top of the 22% ordinary income bracket
Ordinary Income	$116,683	Current ordinary income used
Remaining Room in 22% Bracket	$84,367	Maximum conversion at 22% federal rate
Already Converted to Roth in 2024	$0	No conversion taken — full room available
Recommended Action	Up to $84,367	Consult Roth Conversion Simulator for optimal amount

Section 6: Estimated Tax — Safe Harbor (Page 3)

The safe harbor section compares 2024 actual taxes paid against the safe harbor amount required to avoid underpayment penalties in 2025. Because AGI exceeded $150,000, the 110% rule applies, estimated 2025 payments must equal at least 110% of the 2024 tax liability.

2024 Federal Taxes Paid	2025 Estimated Tax Safe Harbor (110%)
$47,677	$52,444.70

Action item: 2025 quarterly estimated payments must total at least $52,444.70 to qualify for the 110% safe harbor. Given that the Tax Projections report shows $89,877 in projected 2025 federal tax, the client may need to make additional estimated payments beyond the safe harbor minimum to avoid a large year-end balance.

Section 7: Schedule B and Health Savings Account (Page 4)

Page 4 shows the Schedule B breakdown of interest and dividend income by payer, and the 2024–2025 HSA contribution and plan limits. The HSA section is informational, it confirms the limits for single and family coverage and the 55+ catch-up contribution.

Schedule B — Interest & Dividends

HSA Contribution Limits

Interest income:

Chase National Financial Services: $30

National Financial Services: $46

Altasim Technologies: $13

Ordinary dividends:

National Financial Services: $2,240

Contribution limits:

Single 2024: $4,150 | 2025: $4,300

Family 2024: $8,300 | 2025: $8,550

55+ catch-up: +$1,000 (both years)

HDHP minimum deductible:

Family 2024: $3,000 | 2025: $3,300

Family max out-of-pocket 2024: $15,000 | 2025: $16,600

Section 8: Oregon State Tax Credits (Pages 5–6)

Pages 5 and 6 list all available Oregon state tax credits, both standard credits (non-refundable, non-carryforward) and refundable/carryforward credits marked with an asterisk. These are shown for reference regardless of the client’s eligibility, as the advisor should review each one.

Credit	Type	Key Eligibility Notes
Income taxes paid to another state (802)	Standard	Applicable if Oregon taxed the same income taxed by another state — relevant in year of state move
Political contributions (809)	Standard	Up to $100 MFJ; for contributions to Oregon-certified candidates or PACs
Retirement income (811)	Standard	Age 62+, household income under $45,000 MFJ — not applicable at this income level
Child care fund contribution (841)	Standard	Requires Office of Child Care certification
College Opportunity Grant (871)	Standard	Requires participation in HECC auction
ABLE account contributions (897)	Refundable	Up to $300 MFJ for Oregon ABLE contributions; can be made through April 15
Oregon Kids’ Credit	Refundable	Low-income only (AGI under $30K); not applicable at this income level
Forest Conservation credit	Standard	For small forestland owners; requires 50-year harvest restriction
Earned Income Tax Credit*	Refundable	For low-to-moderate income workers; tied to federal EITC
Working Family Household & Dependent Care*	Refundable	Income-based; requires proof of qualified care expenses
Oregon Veterans’ Home Credit*	Refundable	For individuals caring for veterans in a qualified Oregon Veterans’ Home
Severe Disability Credit*	Refundable	For individuals or dependents with severe disabilities

Key insight: As the client moves from Oregon to Pennsylvania in 2026, the Credit 802 (income taxes paid to another state) becomes directly relevant. Oregon may tax income earned during the partial year of Oregon residency, and a credit for Pennsylvania taxes may be available depending on the income allocation between states.

Section 9: 2025 MAGI Phaseouts and OBBBA Legislative Summary (Pages 7–8)

The final two pages combine the 2025 MAGI phaseout chart for newly enacted deductions and credits from the One Big Beautiful Bill Act (OBBBA), alongside a concise legislative summary of the major changes effective from 2025 and 2026.

Key OBBBA Changes Shown in This Snapshot
Provision	Effective	Key Detail	Position in Sample
Child Tax Credit	2025	Phaseout range adjusted; client is in phase-out zone at $286K MAGI	Partially available in 2024; check 2025
Senior Deduction	2025	New deduction for age 65+; phaseout begins around $300K MFJ	Not yet applicable (2024); relevant from 2027 when both filers turn 65
Tax on Tips Deduction	2025	Phase-in at current MAGI level; deductibility depends on income level	Phase-in range in 2025–2027
Tax on Overtime Deduction	2025	Phase-in at current MAGI level	Phase-in range in 2025–2027
SALT Deduction	2025	Cap structure changes under OBBBA; phase-in at higher income levels	Under limit in 2025–2026; phase-in in 2027
Car Loan Interest Deduction	2025	Income phase-out starts above $100K; client is over the limit	Over limit in all projected years
Residential Clean Energy Credit	2026	Eliminated for expenditures after Dec. 31, 2025	Act before Dec. 31, 2025 to preserve credit
Clean Vehicle Credit	2025	Eliminated for vehicles after Sep. 30, 2025	Act before Sep. 30, 2025 to preserve credit
Section 179 Expensing	2025	Limit raised from $1M to $2.5M; phase-out starts at $4M	Business owners: review equipment purchases
Full R&D Expensing	2025	Businesses can fully expense domestic R&D in year incurred; retroactive to 2021 by election	Business owner: review prior-year R&D costs
QSBS Exclusion	2025+	Higher issuer and gross asset limits; phases increase	Review any QSBS positions
Non-itemizer Charitable Deduction	2026	$1,000 single / $2,000 MFJ above-the-line; permanent	Relevant for 2026 onward regardless of itemising
Trump Accounts	2026	Tax-deferred savings accounts for children born 2025–2028; $5,000/year limit, $1,000 federal bonus for post-Jan 2025 births	Review for clients with young children
0.5% Floor on Charitable Contributions	2026	Only contributions above 0.5% of AGI are deductible; applies before percentage limits	At $281,913 AGI: first $1,410 of giving is non-deductible
2/37 Rule on Itemised Deductions	2026	Reduces itemised deductions by up to 5.4% for 37% bracket taxpayers	Not currently applicable at 24% bracket

How to Use This Report in Client Meetings

1	Open with the Top Summary. Confirm filing status, AGI, and effective rates. Ask the client: “Does this look right compared to what you remember paying?” This builds confidence and catches errors early.
2	Show the bracket charts. Explain where they land in the 24% federal bracket and the 9.9% Oregon state bracket. Use the visual to demonstrate they are well below the 32% threshold.
3	Highlight the Roth conversion opportunity. Point to the $84,367 of remaining room in the 22% bracket. Explain: “If we convert this amount now, it’s taxed at 22%. If we leave it in the IRA and take it as distributions in a higher-income year, it could cost 32% or more.”
4	Review the QBI analysis if they own a business. Confirm whether the business qualifies for the full 20% deduction and whether any income is in the phase-out range. This is often the most financially significant section for business owners.
5	Check the safe harbor amount. Confirm that 2025 estimated payments are set up correctly. The minimum required is $52,444.70 — but the projected 2025 tax is $89,877, so underpayment risk is real.
6	Walk through the OBBBA changes. Focus on any provisions with a 2025 or 2026 effective date that require action before year-end: Clean Energy credits (before Dec. 31, 2025), Clean Vehicle credits (before Sep. 30, 2025), and the non-itemiser charitable deduction starting 2026.
7	For Oregon residents: review state credits. Confirm whether any Oregon state credits apply, particularly Credit 802 if the client has paid taxes in another state, and ABLE account contributions if relevant.

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Disclaimer: Information provided is for educational purposes. Your advisor does not provide tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.