Tax Planner: Granularity for Retirees

MR WM ROSEN JR

Current: Other Income has a single line item labeled "Taxable IRA/Pension Income"

Proposed: Break-out the following line items within the current category: Taxable IRA Income; Roth Conversions; Taxable Annuity Income; Taxable Pension Income

Rationale: For most retirees these income sources constitute virtually all income sources (except Social Security). Having them combined into a single line item, makes tax planning cumbersome since I need to use a separate excel spreadsheet to keep track of and sum the individual items. This is especially true since IRA withdrawals and Roth Conversions are discretionary income and can drive multiple tax scenarios during the year.

Jim_Harman

The basic structure of the Tax Planner has not been changed in many years, but I think this would work best if there were a separate Retirement Income page in the Tax Planner. It would also require additional Tax line items for some of your proposed details. This would probably be a major project for Quicken.

I would also propose a detail line and Tax Line item for Qualified Charitable Distributions (QCDs) from IRAs. These count towards your Required Minimum Distribution (RMD) but not your taxable income. They are currently tricky to record in Quicken to ensure the proper tax treatment.

Please see, comment, and vote on these related Ideas. The first of these is already in the Planned state, so you can no longer vote on it.

https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-including-qcds-and-roth-conversions

https://community.quicken.com/discussion/7854216/tax-planner-compute-taxable-social-security-income