I'm unclear about the survivor results in Contingency Planning when the Key Ages for converting my 403b and IRAs are set to a later date than the date I'll die (e.g., 70 for the accounts vs 66 for death).
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I did a "maximize" on my base profile in Maxifi (I'm sure something similar would be the case in ESPlanner) and the net result was that it shifted a large amount of discretionary spending from pre-retirement to post-retirement.
I cannot seem to locate in the manual or previous questions how to incorporate a passthrough entity into ESPlanner Plus. I have passive ownership in a company that produces capital gains from revenue and primarily negative income from their expenses.
First off, this is a great program! I wish I had it when I was 20 or 30.
I’m curious about MaxiFi Planner. Unless I’m missing something, I can’t sign up on any sort of trial basis, but I don’t know if it will handle some of the things that affect my finances.
The Fortune 500 company I worked for went bankrupt and my pension was transferred to PBGC (Pension Benefit Guarantee Corp.). PBGC shows my pension is subject to a Social Security Offset Amount. On the Pensions input tab do I enter the annual amount before or after the offset is applied?
How do I get the social security benefits to increase each year at the rate of inflation?
This is a retirement spending question. ESP assumes I will take the smoothed consumption and spend it. How would I model the case where I plan to just spend what I estimate I need, and to leave the remainder in place, or perhaps move it from tax deferred IRA to a taxable account?
I am considering making the switch and was wondering if Maxifi could be used to decide if a conversion makes sense. If so, how would I do this?
I assume when using Monte Carlo Planning that the Regular Assets Income on the Total Income Report shows the expected mean return for each year, taking into consideration years when historical stock returns are higher in some years and lower in others.
Back in June 2017, I purchased the ESPlanner software and created my first plan using YTD data as of 12.31.16. I’m now at the point that I have all of our 2017 data, and ready to perform my 2nd update. I just wanted to know from any long-term user if there is a way I can do the following….
Does the program account for the ability to exercise the Home Sale Tax Exemption of either $250,000 or $500,000? I didn't see an option to have that included in the sale of a primary residence. How do you manage to account for that? Thanks.
I have a question about minimum distribution requirements. I know the normal age at which you are required to withdraw is 70. However, I work at an academic institution and I am not required to begin minimum distributions until I actually retire from this institution.
Is the "...Age at start of survivor report the end of the year the person reaches the selected age?
When I run a report with contingent planning activated I don't see any difference compared to the report with contingent planning deactivated. My wife & I are both retired in our late 70s.
I'm modeling the decision to sell a vacation home for cash or with seller financing.
I've been a steady user for the past 5 years and just renewed my subscription of ESP Plus. Comparing outputs after the upgrade to 37.2 for 35.2, I seem to have lost a considerable amount of SS benefits (from 34,636 down to 33,382).
Can you please explain the statement on the pass-through deducttion tab? "If your QBI is other than ... enter it as a special receipt that is taxable at ordinary income tax."
Just wondering when MaxiFi Planner and ESPlanner will include updates for the TCJA. I'm working with a client who is a "Specialized Trade or Business" and need to see the impact of the 20% pass-through deduction (among other things). The tax differences under TCJA could be significant.
How should hedge fund and private equity investments be entered? They don't seem to fit the categories in the program.
Does anyone have advice on the best way to model contributions to a non-deductible IRA in ESP?
I currently live in one unit of a two family home, and rent out the other unit. In ESPlanner Plus, I represent this by splitting certain costs and the purchase price between the primary home tab and the real estate tab, which seems to work well.
I'm unclear as to what to record as self-employment income as a sole proprietor. How do I record $150K income (before self-employment taxes) and $28,000 profit-sharing contribution (from that $150K income) to my Solo 401k?