Is the amount shown in "Regular Assets/Taxes" payment of the taxes for the previous year, which makes sense from a cash flow aspect, or is it the current year tax liability?
Federal Income Tax
Under Assumptions > Taxes:
Is the data item "Percentage change in taxes" expressed in points or pct? If my marginal rate is 35%, would a 2% value in this field take it to:
- 37% (ie - a 2-point increase) OR
- 35.7% (ie - a 2% increase)
I'm guessing the latter, but it would be nice if the explanation in the online help would clarify that.
I don't understand how this report determines "Deduct". My interest, sale & real estate taxes and donations are about 18K now and I see $15.1K as a constant value over time. I understand the real cost of interest will decrease overtime.
As a result, at least in the near term, seems my deductions are understated. Is there a way to add in some tax deductions?
There appears to be no documentation on the report in the User Manual.
How do you express/input after tax funds invested in a time locked investment which is sheltered from all taxes until it's withdrawn? I currently have it "other assets" but I fear that those funds are assumed to be subject to taxation during their tenure. There are several, each with a different date of maturity and rate of return. Perhaps they ought to be entered into 'Special Receipts' as non-taxable instead?
Is Federal Income Tax calculated and applied for withdrawals from 457(b) retirement accounts? Are the annual withdrawals listed in the Total Income report table before tax?