After a new client has been added to your Gemifi account, you can then start adding their income data to their profile. This article will walk you through how to add/edit a client's income data.
Adding a client's income
1. To get started, you'll first need to make your way directly to that specific client's profile page. On the Clients page, click the row with the client's name and email address from the table. Once clicked, you'll be taken to that specific client's profile page.
2. To add a client's income, select the Income button from the Clients menu.
3. Next, select the Add Year button to add projected income for the current year for the client. To add previous years in addition to the current year, continue to select the Add Year button for each additional year added.
4. At minimum, when entering income for a client, the Filing Status (single or joint) and the Taxable Wages are required in order to produce a plan. After income has been entered, select Save before moving on to the State Tax section.
Additional optional fields are available for more accurate tax projections, including: AMT Credit, Long-Term Capital Gains, Short-Term Capital Gains, Business Income, State Withholding, Federal Withholding, and Spouse Taxable Wages (for joint filers).
5. Once the client's income has been saved, you can then enter their State Tax. If the client is located in NYC, select NYC under State as both state and city taxes will be included in the estimates. For all other locations, select Custom and enter the Ordinary Rate and Capital Gains Rate for the client's state. When complete, select the Submit button to add State Tax for the selected year.
6. If a paycheck is available from the client, the Paycheck Extrapolator can be used instead to enter income under the Paychecks section of that year. For the best accuracy, use a paycheck that is as recent as possible.
Editing and deleting a client's income
1. To edit or delete a client's income for a specific year, click on that year's row to expand it. The row will expand in place to show the income form fields for that year.
2. To delete that year, select the Trash can icon next to the year heading to remove that year from the client's income.
