Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Tax planning worksheet
Old 11-29-2018, 11:05 AM   #1
Recycles dryer sheets
Join Date: Sep 2017
Posts: 481
Tax planning worksheet

I know itís hard for any sort of template spreadsheet to model every scenario, but Iím wondering if anyone has come across a decent tax planning sheet that might get me *most* of the way there.

Iíve tried running sample scenarios through turbo tax, but it becomes cumbersome to test different scenarios and Iím not sure Iím entering things correctly. Iorp doesnít seem to have what Iím looking for either.

We have most of our assets in taxable accounts, but Iím trying to look at managing income for aca and better understand what SS and RMD will do to our tax rate. I feel like this is the one area that I donít have a great handle on and could end up being a big dollar amount given our projected spend.

Any pointers in the right direction would be helpful.

tb001 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-29-2018, 11:42 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 22,941
I used to use TaxCaster online (also by intuit) it's up to date 2018. It seems pretty complete, but there may be some scenarios it doesn't handle.

I think the older version was very useful - I ran several scenarios through it a couple of years ago, but I don't think that is still available. I also used it as an app.

Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 11-29-2018, 11:48 AM   #3
Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 3,797
I like this one

It gets the same answer as Taxcaster and the HR Block tax calculator but seems less cumbersome to do what-ifs since it is on a single page.
kaneohe is offline   Reply With Quote
Old 11-29-2018, 12:10 PM   #4
Moderator Emeritus
braumeister's Avatar
Join Date: Feb 2010
Location: Flyover country
Posts: 13,515
That's the same calculator as the Dinkytown one, which I've always used.
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 11-29-2018, 12:11 PM   #5
Full time employment: Posting here.
Join Date: Jun 2014
Posts: 843
Originally Posted by kaneohe View Post
I like this one

It gets the same answer as Taxcaster and the HR Block tax calculator but seems less cumbersome to do what-ifs since it is on a single page.
omg this is so much better and handles HSAs, rollovers, etc. yeh, THANKS
karen1972 is offline   Reply With Quote
Old 11-29-2018, 12:23 PM   #6
Thinks s/he gets paid by the post
Join Date: Jan 2018
Location: Tampa
Posts: 4,540
Are you just interested in 2018 taxes or forecasting future years' taxes?
Dtail is offline   Reply With Quote
Old 11-29-2018, 12:37 PM   #7
Recycles dryer sheets
Join Date: Sep 2017
Posts: 481
Mainly forecasting future taxes as income sources change. It’s relatively easy if withdrawing all from our taxable accounts, but trying to understand implications of different scenarios as SS and RMDs come in, as well as thinking about ways to manage income for aca.

Obviously a lot can change but would like to at least have a place to start. Most of our savings is outside of tax deferred accounts. My initial cut at estimating tax rate was shockingly low, but I know that will change as we start drawing down other accounts and SS kicks in.
tb001 is offline   Reply With Quote
Old 11-29-2018, 12:46 PM   #8
Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 2,343
TurboTax 2018 is out now. I started running the MFJ + Standard Deduction scenario to see how it shakes out. 1098 and property tax deductions arent available until Jan1 though.

I use TaxCaster until they finally release TurboTax come November each year.

Losing that 4k/person exemption is not helping our situation. Once they finalize I should breakeven but for a second it said I had underpaid and owed a $9 penalty lol Then I added in child care expenses
AA (Stock/Bond/Cash ): 96.5/0/3.5% MIX (Small/Mid/Large): 25/25/50% BLEND(US/Foreign): 100/0%, REIT (Real Estate Equity): ~50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
kgtest is online now   Reply With Quote
Old 11-29-2018, 02:28 PM   #9
Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 2,341
I was trying to figure out roth conversions for the next decade + and approximated the flow of Q-divy, LTCG, and ordinary income (STCG) based on growth and assumed reinvesting money that is not spent. Just wrote a macro based spreadsheet for the whole thing. But I left SS out as I don't expect to take SS until after the conversions are done.

I did leave out AMT since I can't use the simple form for it anyway.

I would not expect a spreadsheet should be easy to write unless you have really complicated stuff.
bingybear is offline   Reply With Quote
Good Question
Old 11-29-2018, 02:45 PM   #10
sengsational's Avatar
Join Date: Oct 2010
Posts: 5,581
Good Question

I've always maintained that you must plan for every year of the plan (aka until you kick the bucket), in order to get the most out of the financial chess moves. That's why I usually recommend i-orp, but I'll grant you that the tax calculation is bothersomely opaque and the resulting plan doesn't lend itself to pulling into a spreadsheet for tweaking. I do have a spreadsheet which replicates many, but not all, of the calculations.

Another failed attempt that I made was to try to simplify an existing, highly complete, single-year, multi-sheet federal income tax spreadsheet into a single page. The idea was that I'd stack up 30 pages (30 years), and then try to model all tax years at once. After a few hours I decided to go outside and catch a butterfly or something, but I'm sure someone with more dedication could do it. One of the annoyances was that the sheet was "protected", so I had to run it through some translations to unlock it, and that removed some functionality, which I needed to put back (super tedious).

Anyway, good question, I'd like to see a really good way to do more than one year at a fact all years at once.
sengsational is offline   Reply With Quote
Old 11-29-2018, 04:13 PM   #11
Thinks s/he gets paid by the post
Cobra9777's Avatar
Join Date: Jul 2012
Location: Texas
Posts: 1,972
I've always used spreadsheets that are highly customized (simplified) to our specific situation. This makes it easier to model multiple years, including strategies like Roth conversions and various withdrawal strategies, such as when to take SS. Trying to analyze the interrelationships of all these decisions over long periods of time is quite complex and thus well suited for spreadsheet modeling.

I use the dinkytown and turbotax tools just to validate my spreadsheet calculations for the current year. These tools are great for that, but they're still too detailed for efficient multi-year planning. I don't need lines for intangible drilling costs, alimony received, and child tax credits. So beyond the highly-customized tax calculation, you just have to index brackets and the standard deduction for inflation, but that's fairly straightforward.

Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.7% SI: 2 pensions, some rental income, SS later
Cobra9777 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
confused about ACA's effect on TurboTax's Medical Expenses Worksheet & Schedule A anethum FIRE and Money 4 02-24-2016 04:58 PM
Asset allocaltion worksheet? bizlady FIRE and Money 6 12-29-2014 04:24 PM
Turbo Tax Q - what is my IRA Information Worksheet telling me? Life_is_Good FIRE and Money 1 03-07-2012 06:33 PM
TaxCut W-4 Worksheet - Oops Da Nag FIRE and Money 2 04-02-2007 12:25 AM
College financial aid. PROFILE Pre-Application worksheet. Sam FIRE and Money 52 02-01-2007 10:13 PM

» Quick Links

All times are GMT -6. The time now is 09:58 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.