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What is simplist way to project... taxes... etc
Old 01-29-2014, 12:12 PM   #1
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What is simplist way to project... taxes... etc

I've seen alot of references to different softwares or products for projections and/or calculations and alot of it is confusing for this "non-numbers" person.

Can I get recommendations on some resources to:

1) calculate what taxes are likely to be in retirement (I know rates change yearly) I will be drawing from taxed and non taxed accounts. Is Turbo Tax good for something OTHER than actually doing my taxes (I have someone who does them for me)- Can I do different scenarios and can it help me to determine best route to take in any given circumstance or is it just plug #'s in and this is what you get back?

2) since we won't get get social security (at age 62) for another six and twelve years - best way/places to withdraw from taxable and tax deferred accounts - and/or conversions to Roth.

3) Good budget worksheet? Although very computer literate, I've never been an excel person - is there a spreadsheet that I can purchase to easily track expenses, etc.

I'm using Mint right now and although it has some nice features - it isn't accurate (still showing accounts that were closed and are 0 balance two months ago - even though it is updating regularly)

I want something where I can either plug in the numbers or easily download from online credit card statements, etc.

Thanks, everyone....

If the sale of business goes through, will be retiring in two months or so - if not, have to slog it out for another three years at least to get to our number. Hoping to be Class of 2014!

Deb
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Old 01-29-2014, 12:19 PM   #2
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I use Turbo Tax to model various scenarios, I just save each one as a separate file. Of course, I realize that tax rates and rules may vary in the future, but it gives me something to at least look at. In doing this be sure to change dependent information for future years (i.e. make people older, remove kids who wouldn't be dependents, etc.).

For budgeting, the absolute best budgeting program that I've used is YNAB which is at youneedabudget.com I think you can get a trial of it there. I also use Quicken but its budgeting is not as good as YNAB.
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Old 01-29-2014, 12:41 PM   #3
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Quote:
Originally Posted by Katsmeow View Post
I use Turbo Tax to model various scenarios, I just save each one as a separate file.
+1. Any of the tax programs will work. Just put the data in as if you were at the future age/financial situation and save the various new files under descriptive names.
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Old 01-29-2014, 02:11 PM   #4
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1) Use turbotax to model your taxes
2) Search here for ROTH Conversion, Withdrawal strategies & you'll find a lot of good information
3) Have you tried quicken? There are strong opinions on it, but I've used it since the early 90s and it works for me.
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Old 01-30-2014, 08:14 AM   #5
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Thanks for the input!
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Old 01-30-2014, 08:50 AM   #6
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Originally Posted by Debinnov a View Post
1) calculate what taxes are likely to be in retirement (I know rates change yearly) I will be drawing from taxed and non taxed accounts.
Here's my plan:
  1. Use i-orp results if I need to actually make a decision on something (just for now, until I get motiviated to do more analysis).
  2. Put various scenarios in to tax software, pretending it's some future year and I'm some future age (like most of this thread discusses, but this is a pita and I haven't gotten around to it yet).
  3. Use what I learned in the above bullet to build a monster spreadsheet that models the whole thing.
Rinse repeat, steps 2 and 3 every so often, as tax code changes.
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Old 01-30-2014, 11:19 AM   #7
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It may be too simplistic for others, but I like something that makes all the reasonable assumptions and gives me a result. That's why I like the FIDO RIP calculator. It generates a prediction that includes state and federal taxes; you can look at the detail year by year projection and see what they're predicting. Basically they take your after tax needs and model it to your entered incomes/assets. Works for me.
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