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12-09-2018, 08:00 AM
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#1
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,330
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Tax Calculator -TAXSIM
I just saw a reference to an income tax calculator that seems pretty interesting It is TAXSIM from the National Bureau of Economic Research. They offer an online calculator that returns a whole series of data, not just a tax owed amount. It looks pretty interesting but I haven't done much other than a SWAG estimate so far. Has anyone used this calculator? Any reactions to it?
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Idleness is fatal only to the mediocre -- Albert Camus
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12-09-2018, 09:43 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,433
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 Quote:
Originally Posted by donheff
I just saw a reference to an income tax calculator that seems pretty interesting It is TAXSIM from the National Bureau of Economic Research. They offer an online calculator that returns a whole series of data, not just a tax owed amount. It looks pretty interesting but I haven't done much other than a SWAG estimate so far. Has anyone used this calculator? Any reactions to it? |
Thanks! First I've heard of it. I ran a few "What If" scenarios (like various Roth conversions for 2018) and it looks good. I like that it accounts for state taxes as well.
The only time I had an issue was when I tried entering something in the top box labeled "Optional Tax Plan" (I was trying to use it to label my scenarios) and it came back with no data. Upon removing my scenario label, it worked perfectly.
omni
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12-09-2018, 10:09 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,330
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Quote:
Originally Posted by omni550
Thanks! First I've heard of it. I ran a few "What If" scenarios (like various Roth conversions for 2018) and it looks good. I like that it accounts for state taxes as well.
The only time I had an issue was when I tried entering something in the top box labeled "Optional Tax Plan" (I was trying to use it to label my scenarios) and it came back with no data. Upon removing my scenario label, it worked perfectly.
omni
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I looked at the input a file method and setup a Notepad+ txt file with my test input: 27 entries separated by commas. Inputting that file with the "Show detailed intermediate calculations:" set to labeled returned the same results as the original. You could save your scenario in such a file. If other users like it they will undoubtedly setup a nice spreadsheet that allows us to enter the data in an informative sheet and output a comma delimited text file we can input to taxsim. 
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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12-09-2018, 10:23 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 3,706
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Interesting! I'm going to play with it. Anything that proudly proclaims it's written in FORTRAN and provides a batch mechanism via FTP makes me feel nostalgic.
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12-09-2018, 08:27 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,894
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Nostalgia!
-ERD50
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12-10-2018, 04:24 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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I hear you
(actually, not so well, my hearing is getting worse)
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12-10-2018, 04:28 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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I like the fact that it gives some intermediate numbers, not just the final.
I also was hoping it would do my state. But when I input "16" for my state ID (Iowa), it created an opaque error message.
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12-10-2018, 05:43 PM
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#8
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Recycles dryer sheets
Join Date: Dec 2008
Posts: 299
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Quote:
Originally Posted by donheff
I just saw a reference to an income tax calculator that seems pretty interesting It is TAXSIM from the National Bureau of Economic Research. They offer an online calculator that returns a whole series of data, not just a tax owed amount. It looks pretty interesting but I haven't done much other than a SWAG estimate so far. Has anyone used this calculator? Any reactions to it? |
It's missing a lot of items:
- college related deductions and credits (American Opportunity Credit etc.)
- ACA premium tax credit
- Saver's Credit
Most inputs are on the income side, with some deductions, but almost nothing on the credit side. Does nothing to show how income affects those credits.
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