Lifetime Planner RMD tables in Quicken 2017
The RMD calculations in the Quicken 2015 Lifetime Planner are wrong. The program requires you to take too much money from your 401K.
Can anyone using Quicken 2017 tell me if this problem has been corrected.
Thanks
(Please Preserve-Part of an active Idea)
Can anyone using Quicken 2017 tell me if this problem has been corrected.
Thanks
(Please Preserve-Part of an active Idea)
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Mshiggins: Any data you have can be used, assuming you have some 401K savings. Just temporarily set your spending to $100, and the tax rate to 0. Take the total amt of your 401K savings when you are 71 (or any year past 70), and divide by the amount the planner tells you to take in the next year (eg., when you are 72). That should be the value that the IRS publishes. As Fanfare said, it is 27.4 for when you are 70-1/2. If the number you get from Quicken is less than the IRS table, it is taking too much; if greater than the table, it is taking too little. In Quicken 2015, I get a value of 23.10, which means Quicken is taking way too much money.
Based on looking at the community entries, it appears that Quicken has dropped supporting the Lifetime Planner. That is a shame in my opinion.
What posts make you think Quicken does not support the Lifetime Planner?
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As to support, you are correct in that the Planner is supported. On the other hand, I guess I don't see any activity to keep up with Social Security changes. I'm not asking the development team to enhance the tool, although I would love it. But it doesn't seem unreasonable to expect them to keep current with the Social Security rules. Note that I saw entries in the forums that the Lifetime Planner also had not been updated to reflect Social Security estimated income changes (I have not tested this).
I understand that development is focused on adding features that will get more customers. That is great because I don't want the product to disappear. But some attention should be paid to fixing long standing issues. I would also like to see a forum entry from development listing all the bug fixes included. While it will not get more customers, it might get a number of users to upgrade more often than every 3 years.
I believe that when Quicken, Inc. was part of Intuit, all the tax and social security data came from the Turbo Tax unit at Intuit. As in any large company (and especially toward the end of the year), the Turbo Tax unit was not always responsive in giving Quicken the proper figures.
Now that Quicken is no longer part of Intuit, I hope that Quicken will designate someone within their organization to take care of these figures and that the Lifetime Planner and Tax Planner will get more timely updates.
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Questions? Check out the Quicken Windows FAQ list
Questions? Check out the Quicken Windows FAQ list
I upgrade to keep bank connectivity, but there have been no other benefits to upgrades for the past 2-3 versions. I have not seen any changes in Q2017 that would be useful to me, so far.
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Questions? Check out the Quicken Windows FAQ list
I realize that downloads & online connectivity is critical, but ... retaining features that seem useful but are just incorrect is pretty serious in financial software. Surely accurate computations are a pretty basic aspect?
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In 2001 the table for IRA owners was
70 26.2
71 25.3
72 24.4 etc.
The Single Life Expectancy table for beneficiaries was
70 16.0
71 15.3
72 14.6 etc.
In 2002 Single Life Table was updated
70 17.0
71 16.3
72 15.5 etc.
According to my calculations, Quicken appears to be using the Single Life Table to calculate RMDs.
70 17.0
71 16.3
72 15.5 etc.
But it's supposed to be used only for inherited retirement accounts.
The Uniform Lifetime Table is supposed to be used by IRA owners regardless of the age of the beneficiary or even no beneficiary.
70 27.4
71 26.5
72 25.6 etc.
This is a little disconcerting. I've been a longtime fan of the Lifetime Planner.
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