What is the best way to include distributions from non-qualified deferred compensation plans in order to properly reflect taxes?
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My wife's ex-spouse died and she's now going to receive a 50% increase in her SS benefits because 100% of his benefit when he died is greater than the benefit she is receiving based on her earnings.
ESPlanners tax calculation is off by a few hundred dollars and I am trying to reconcile it with my tax statement.
I received 1570.00 in taxable refunds the year before, I tried entering the 1570 into special receipts and marked its tax status as ordinary.
How should I enter disability payments in ESPlanner. Just treat it as ordinary income? I believe the IRS taxes it to 85% of its value depending on other income sources.
I cannot get ESPlanner so show spousal benefits for myself. I also use maximize mysocialsecurity which shows me as eliglible between the year of 66 when I file and suspend and 70.. I entered the following.
My file and suspend date is 1/2019 when I turn 66.
About half of my income right now comes in the form of stock that is vesting. This is resulting in high tax bills which must be paid in cash. To do so, I have to sell stock to cover the tax bill. What is the best way to enter this in the system?
There must be a reason but I don't see growth for SSA (hard to predict I know) or Special Receipts even though I did add a growth factor to Receipts.
Just started using ESPlanner today, so this may be a stupid question. In the Assets and Savings, Current Savings tab, The Real Asset Income is pre-populated. Mine, for example is 1800.
I would like to add in all assumptions, pensions, annuities, investments and get a report to show me income return per year to expect including RMD at 70 etc. .
It discretionary spending starting in 2018 and as a result puts my spending in 2017 at 5x what I entered for subsequent years? How cna I get rid of these suggested consumption amounts. If I had that kind of consumption as a suggestions then the excess should go into savings.
I currently have two homes: my primary home and a vacation home. I am planning to sell my primary home in a few years and move into my vacation home.
I am a new user and trying to initially build a simple economics based model. I have a few areas that I've been trying to resolve and hope you can help:
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?
I'm retiring at 63 and won't take Social Security until 70. The Esplanner financial model withdraws an even amount of money from my IRA from 63 until death and that results in low incomes taxes from 63 until 70 and then much higher taxes after that when I start collecting SS.
I have a couple questions on Health Care costs. I see that the program will estimate medicare part b costs when my wife and I are 65. I plan to retire at 62, so I assume I will need to calculate health care costs from 62 to 65 for me and for my wife until she is 65.
My spouse is 69 and I am 67. I am currently getting spousal benefits and will get my increased benefit when I am 70. My spouse will get his benefit when he turns 70 this year. I put in my current monthly benefit and checked that I have filed for benefits but it did not include those benefits.
On the detail pages, are the values for the various accounts a beginning balance in that year or a year-end value?
I asked what is the best way to manage my IRA distributions so they are distributed to my wife upon my end of plan? We have a 5 year age difference and I am planning EOP for myself/her at 94/96 respectively. Based on the Total Income report, distributions end when I pass.
My default portfolio is empty of assets. I click New Asset, give it a name, the year range is 2006 to 2015, then I click Next. An error box comes up saying "The span of return years must be within the range 0 to 0." This happens with either Real or Nominal Return Type.
Are there any plans to add more asset classes to the "build portfolios" portion of the Monte Carlo planning method? For those of us who do not have access to Dimensional Funds, the options are very limited.
In ESPlanner vs 2.35.2, on the "Assumptions" page of the PDF report the ages shown for "...Age of First Withdrawal For Retirement Accounts" and "...Age of Last Withdrawal for Retirement Accounts do not match the entries in the "Retirement Accounts/Key Ages" tab.
My first of 3 will be starting college this year and I can't see anywhere that accounts for the current education tax credit (up to $2500 under current law). This is a pretty significant credit and adds quite a bit to the bottom line. How does one account for this in ESP?
I have been playing with ESPlanner for the better part of a month, and like Dan Royer, I have come to rely primarily on the simple “economics-based planning” method, even though the Monte Carlo capability was an attractive point in choosing the software.
Instructions in the software state that some users use the Reserve Fund section to account for leaving money to heirs. How does the software treat this vs. Special Bequests in the Estate section? Not sure which to use...
My summary sheet is showing a large negative asset value. I have no loans or liabilities. I even zeroed out all the assets inputs but still get large negative values.
I could not find a resolution to this in the help questions.
Where do you think this might be coming from?