As indicated in the subject line, I have a pension that is not subject to income tax. I'm looking for a way to enter this lifetime income which includes a benefit for my beneficiary upon my death, but exclude the pension from income tax calculations.
I already considered and rejected simply lowering my average tax rate because in the future, as inflation devalues the pension, more and more of my income will come from retirement/investment account distributions. This would require adjusting the average tax rate every few years, which Q's Lifetime Planner does not permit.
I also considered and rejected entering the pension as Other Income because that function does not easily allow us to set an end date for the income that matches my end of life. Nor does it allow me to set it up as a joint life annuity to provide an on going pension for a beneficiary. (I could manually enter those, but that would be a lot of work if/when I want to change my life expectancy in Planner to run different scenarios.)
I doubt there is an easy and practical way to exclude this pension from income tax calculations. But I'm hoping someone out there can suggest an alternative I've overlooked