I note in my ESPlanner report that the program distributes more from my IRA than the Required Minimum Distribution to maintain the suggested consumption. That's fine with me but is there a way to see what the RMD and additional distribution amounts are in each year? Thanks.
I'm contemplating leaving full-time employment and taking a contractor job. That would be paid as 1099 wages. I see that ESP+ has a tab for self-employment income which is where I assume I'd record those earnings.
The SS section refers to copying income from the employee tab of the earnings section. But won't I have to pay into SS from my 1099 income? Is that income not reflected in SS history? If not automatically, how do I account for the fact I'd be paying self-employment payroll taxes?
Has anyone figured an efficient way to model retirement withdrawals from ROTH and traditional accounts? I figure it's some combination of ROTH and traditional each year and it can be tested on the special withdrawals screen, but it looks like it would take a lot of trial and error to figure it out. When I do withdrawals all from the traditional first, I end up paying no taxes at the end, which must mean I'd be paying too much tax early on, when it would make sense to seek a lower bracket.
I saw and was able to understand the previous tip from 2014 on how to model non-deductible IRAs future contributions in the special expenditures and special receipts tab. My feeble mind is having trouble figuring out best way to model an existing non-deductible traditional IRA balance. In my example, have one 3-year old traditional non-deductible IRA with after-tax contributions of $5500/year = $16,500, plus tax-deferred income of $1854 for total current balance of $18,354. Any additional tips or clarity from more advanced users on best way to enter this would be most appreciated.
My birthday is in the second half of the year, but Esplanner wants to start taking IRA withdrawals the year I'm 70 vs. the year I'm 70-1/2. Is there some setting I can change to get out to start the correct year?
Can ESPlanner model a non deductable IRA?