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  • Question

  • Money Sunset is not allowing me to change the tax brackets or standard deduction/exemptions amounts in Tools, Settings, Tax Settings, Set your filing status and see tax rates.  So, what am I missing?

    Sunday, January 29, 2012 8:37 PM

Answers

  • Money Sunset is not allowing me to change the tax brackets or standard deduction/exemptions amounts in Tools, Settings, Tax Settings, Set your filing status and see tax rates.  So, what am I missing?


    Key item is to set the status to CUSTOM, not single, married, etc. Then you need to enter the year specific rates, %, etc. You can get this from the IRS site if you dig in. I assume you are setting 2012. If you are setting 2011 you need to be very specific too. This information USED to be downloaded automatically each year from the Microsoft site. From now on you MUST do it yourself if you utilize the Money sunset tax projection module. Good luck. Steve
    Sunday, January 29, 2012 11:35 PM

All replies

  • hleofxquotes sunriise package is probably the only way to make those changes now, but I don't know if he's gotten to that specific area yet,  You might want to try it out - I found it when I was playing around but didn't feel like inputting all the data.
    Sunday, January 29, 2012 9:18 PM
  • Money Sunset is not allowing me to change the tax brackets or standard deduction/exemptions amounts in Tools, Settings, Tax Settings, Set your filing status and see tax rates.  So, what am I missing?


    Key item is to set the status to CUSTOM, not single, married, etc. Then you need to enter the year specific rates, %, etc. You can get this from the IRS site if you dig in. I assume you are setting 2012. If you are setting 2011 you need to be very specific too. This information USED to be downloaded automatically each year from the Microsoft site. From now on you MUST do it yourself if you utilize the Money sunset tax projection module. Good luck. Steve
    Sunday, January 29, 2012 11:35 PM
  • Oh!  It's always something simple with me - thank you thank you thank you!
    Monday, January 30, 2012 2:24 AM
  • I realize that "custom" is probably the best way to go. But yes, it is possible to update the tax rates via sunriise. I have some working codes that will read a "script" and update the table/columns as appropriate. If there is enough interest, I will do a build. Sample output for single taxpayer (I pulled off the info from http://www.irs.gov/newsroom/article/0,,id=248485,00.html)

    One aside: anyone know what Money means by "Exemption Cutoff" and "Deduction Cutoff"?


    • Edited by hleOfxQuotes Tuesday, January 31, 2012 9:58 PM Insert image instead cut-and-paste
    Tuesday, January 31, 2012 9:46 PM
  • Hung,

    Regarding the cutoffs, the exemptions simply won't apply if your income is over the cutoff amount.  Apparently, they should be empty for 2011 Tax Year...

    Temporarily repeal the personal exemption phase out (cutoff): The personal exemption phases out for people earning more than a certain amount. This is repealed temporarily until 2012.

    Temporarily repeal the itemized deduction limitation (cutoff):  The amount of itemized deductions that a taxpayer may claim was reduced, to the extent the taxpayer’s AGI is above a certain amount. This limitation is also repealed until 2012.

    Dan



    • Edited by ameridan Wednesday, February 1, 2012 4:37 PM
    Tuesday, January 31, 2012 10:39 PM
  • I'm interested in the script to update the tax rate info.  How can I get a sample?

    I am using the "custom" approach now, but crossing brackets is causing a pain with updates.

    I'm thinking that the "cutoff" values are associated with non-US tax rates.

    Tuesday, March 27, 2012 11:55 AM
  • Tom,

              In order to KNOW you have an accurate tax projection in Money in the future, I believe you need to do all the research yourself. You need to go into the detail from the IRS site and pick out the OFFICIAL rates and exceptions and then manually input the data into the program. Letting a third party interprate the data for you will only cause you to not be sure of this very important tool. The Money module is great for our current tax code. It will die if we get a completely different method after 2012, but if you are not accounting and numbers oriented, you may not get the results correct. JMHO. Steve

    Tuesday, March 27, 2012 2:26 PM
  • Steve,

    I'm only using Money to predict my quaterly deposts.  I actually use TurboTax to file my annual tax return.  My income is quite variable since it includes a pension, Social Security, which are predicable.  I also use H&B to do my LLC consulting income.  That is quite unpredicable.  The quick calcuation in Money helps me forcast my I.R.S. deposit.  It really only needs to be within 10% of the actual tax amount.

    Tom

    Tuesday, March 27, 2012 4:04 PM
  • I understand Tom. Good luck. Steve
    Tuesday, March 27, 2012 8:59 PM