Excluding an investment account from income plan calculations

By default, any investment account you include in an Income Lab plan will be included in all calculations of the income plan. However, there are certain times when you want to see an account in certain parts of the software - especially Life Hub, the plan's Balance Sheet, and the assets section of the Insights dashboard - but exclude it from use as an income source or as a source of taxable income and other tax calculations. In order to do this, you can uncheck the “Include account in income plan calculations” box in the account's side panel.

Doing this will remove that account from:

1. Being used as a resource in the income plan (that is, being used for portfolio withdrawals)
2. Being included in tax calculations
3. Showing up as part of the overall Income Plan balance on the plan Dashboard's Income screen
4. Being part of the allocation calculations in the “View More” section for the Income Plan Balance

However, you will still see this account in Life Hub and the Balance sheet. On the Insights dashboard, you will see these accounts in the Assets section, but not in the “Balance at Retirement” or “Current Balance” total in the Planning section. (The “Planning” section of the Insights dashboard focuses on the Income Plan and Estate & Insurance planning, not on total assets.)

Furthermore, you can still add distribution plans to accounts not included in the income plan. This allows you to show in Life Hub how the account's balance might be projected to change over time with those distributions.

This ability to show an investment account growing or being distributed without having it available for withdrawals that fund the plan can be very useful for planning situations such as:

1. Donor Advised Funds
2. Charitable Remainder Trusts
3. Other irrevocable trusts
4. Accounts that will not be drawn on for retirement (though be aware that tax impacts will not be reflected in the tax calculations for the plan).