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For the Retirement Planner - How do I record a onetime income loss?

DLS

There doesn't seem to be a way to lower an income source one just 1 year. If I do an expense adjustment it won't adjust taxes. Thanks Deb
Quicken Home, Biz, Rental Property yr 2020, Ver R27.42, Build 27.1.27.42 Windows

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Accepted answers

Scooterlam

For @DLS and others in the future that may have a similar question....I'll take a crack at a couple of income adjustment scenarios: Salary and Other Income.

Assuming the income adjustment is "salary". Try the salary adjustment feature shown in the image. Start by clicking on Lifetime Planner>Change Assumptions. I've not personally used this feature and have not validated the results in the plan results tables Getting to this salary adjustment feature is not so obvious.

Image: https://us.v-cdn.net/6031128/uploads/editor/rf/lsfhfd4xp8de.png

If your adjusting "Other income", then use the start date and duration fields to string together income adjustments. Image. Again, I've not used this feature, so be sure to inspect the plan results tables to see if the adjustments you make are represented correctly in the plan.

Image: https://us.v-cdn.net/6031128/uploads/editor/ka/j75nbpca8lyl.png

All comments

Boatnmaniac

Hi, @DLS - Lifetime Planner does allow for income adjustments but how those adjustments are entered varies depending on the type of income that needs to be adjusted. What kind of income adjustment is it? Job? Rental Property? Other type of income?

Scooterlam

Boatnmaniac

Thanks, @Scooterlam . Your examples are along the exact same lines of thinking as are mine.

There is one other income source that you didn't address: Reduction in Rental income. To make an adjustment in Rental income:

Select Current homes & assets and click on Edit.
Click on the appropriate rental asset and then click on the Income button.
Edit the income plan listed and put in a new end date (end of Dec 2019?).
Create a new income plan for 2020 showing the reduced income amount.
Create a new income plan for 2021+ showing the return to the normal income amount.