Version 2018.1 (Initial Release 2/1/2018)
Income Tax Calculation Enhancements
- Implements the Tax Cuts & Jobs Act of 2017 for federal income taxes
- Implements detailed state income tax calculations based on state-specific standard deduction and subtractions such as Social Security income, pensions and RMD’s
Account Modeling Enhancements
- Added a control to delay 401k distributions beyond age 70
- Implements generalized trust modeling
- Modified the control that enables the harvesting of long term capital gains on regular savings; now those gains can be delayed as long as possible
- Put portfolio management expenses on accounts rather than asset classes
Annuity Modeling Enhancements
- Implements generalized annuity modeling
- Greatly-improved export/import performance, including elimination of the need for a pre-formatted export data file
- Dynamic updates of analysis charts in response to user changes to upper and lower percentile settings
Property Modeling Enhancements
- Implements capital loss carryover and passive activity loss modeling for rental properties
Social Security modeling enhancements
- Implements improved controls over Social Security income specification
- Detailed calculation of state income tax
- Automatic calculation of Medicare Part B premiums
- RMD calculations enhanced to properly model after-tax contributions and to use the correct distribution period table when marriage partner ages differ by more than 10 years
Roth Conversion modeling enhancements
- Optimization to fill a target tax bracket
- Rollover of after-tax contributions
- Color scheme changed to basically white and muted colors
- Professional-quality PDF reports
- Eliminated 3-D effects from all graphs
- Income stream start and stop now age-based rather than year-based
Version 2018.1.1 (Released 2/4/2018)
- Corrected an error in the calculation of RMD's when spouses ages differed by more than 10 years
- Corrected an error associated with charitable trust deductions not being applied correctly in years in which the TCJA of 2017 is in effect.
- Corrected an error in the Net Worth graph in the PDF report (all accounts were included twice)
Version 2018.1.2 (Released 2/6/2018)
- Adjusted state income tax table for New Hampshire and Tennessee to include only interest and dividend income in state taxable income calculation.
- Replaced “PRC2017” with “PRC2018” in the title of the "submit a question" function on the Guidance page
- Corrected an error with the code that imports rental property expenses from PRC2017 scenario 3.
Version 2018.2 (Released 2/13/2018)
- Enhanced state income tax algorithm to differentiate private, military and government pensions, and then deduct them or not depending upon individual state tax codes.
- Corrected the 2-letter abbreviation for Connecticut (from CN to CT)
- Corrected an error that prevented the cash account from ever going beneath the cash floor, despite depletion of all other accounts. During scenario analysis, this resulted in PRC reporting a 100% success rate on scenarios that were clearly failures.
- Corrected an error on the Taxes Projection page: In the AGI breakdown section, annuity income was specified incorrectly (didn't affect any projections)
- Fixed the "Copy P1" button operation on the Financial Assets/Asset Allocation page (wasn’t copying scenarios 2 and 3)
- Made a basic change to the ROR used in Monte Carlo analysis, thus making it less conservative and more technically correct. PRC assumes the ROR specified for each asset class is the geometric return and it calculates the approximate arithmetic return based on the geometric return and standard deviation. This will tend to result in higher projected account balances in Monte Carlo simulations. For reference, all prior models of PRC have used the same mean ROR (on a per asset class basis) for both fixed rate and Monte Carlo analyses which produces more conservative Monte Carlo results.
Version 2018.2.1 (Released 2/17/2018)
- On the Home page, displayed the pathname to the most-recently imported file.
- Corrected an error in the printable report: it was including the analysis from the most recent MC and historical analysis rather than the one associated with the selected scenario..
Version 2018.2.2 (Released 2/21/2018)
- Corrected a circular dependency in the calculation of Lousiana state income taxes.
Version 2018.2.3 (Released 2/23/2018)
- Corrected a deficiency in the import function to import alternate state tax rates
- Corrected a Monte Carlo-based consumption smoothing convergence error inadvertently introduced in version 2018.2
- Tweaked the format of the withdrawals graph on the printable report
Version 2018.2.4 (Released 3/03/2018)
- Corrected an error which prevented the inclusion of pre-college expenses for the third and forth children
- Incorporated new user controls over the Monte Carlo analysis algorithm. These enable the user to specify whether the asset classes are correlated or not, and whether the simulated annual returns are to be based on the geometric or arithmetic mean. User manual includes detailed explanation.
- Corrected a Roth conversion graph error that's unique to single people.
Version 2018.2.5 (Released 3/09/2018)
- Corrected an error on the Sensitivities page wherein scheduled withdrawals from tax-deferred and Roth accounts were not using the "what-if" inflation rate
- Removed the constraints on the distribution period of inherited IRA's
Version 2018.2.6 (Released 3/20/2018)
- Added some code to work around an issue with some versions of Excel 2016 for Macs that could be preventing the proper formatting of the PDF reports
- Enhanced the calculation for child tax credits under the new TCJA of 2017 to exclude credits for non-dependent children
Version 2018.2.7 (Released 3/27/2018)
- Corrected a small error in the inflation indexing of the state tax tables
- Fixed a typo and adjusted the font size in a couple of places in the PDF report
- Added a column for cash account withdrawals to the Withdrawals Projection page
Version 2018.2.8 (Released 5/1/2018)
- Corrected an issue with the state tax tables which resulted in errors when computing Delaware state taxes with taxable income less than $2200
Version 2018.2.9 (Released 5/4/2018)
- Corrected an issue with SEPP calculations for single users.
Version 2018.2.10 (Released 5/19/2018)
- Corrected a typo that resulted in federal income tax calculation errors for users in the top tax bracket.
Version 2018.2.11 (Released 5/23/2018)
- Eliminated a potential error source that could result in type mismatch errors during scenario analysis
Version 2018.2.12 (Released 7/28/2018)
- Eliminated erroneous withdrawals from TD accounts with zero balances when attempting to make these withdrawals match tax deductions. This is only applicable when the withdrawal priority is set to TD(D), Regular, Roth, Your TD, Spouse TD.
Version 2018.2.13 (Released 8/26/2018)
- Corrected an error in the Annual Expense calculation on rental property. This was related to incorrect calculation of mortgage payments in the year of a balloon payment..
Initial Release of PRC2019
- Implemented a bear market analysis page
- implemented the modeling of Qualified Charitable Distributions
Significant Refinements over PRC2018
- Redundant years/ages have been eliminated on the time axis of all graphs (in prior versions, this was an occasional artifact of the interpolation process used to create the dynamic time axis).
- All tabular projections can now be customized, including the headers that span the selected data items. With this feature, you can define eight views into PRC output data and include the exact data you want included in each view and in what order it appears in each view.
- The customized tabular projections can be formatted two ways: with years as rows or with years as columns.
- PDF reports contain the same customized views into PRC data as do the customized interactive views (i.e., tabular projections), thus providing better user control over the content of those reports. Further, they can be printed with either portrait or landscape orientation.
- Social Security income algorithm now models full retirement ages between ages 65 and 67 with 2-month granularity and, similarly, models benefit start ages with the same granularity
- The Run Analysis page has been totally redesigned to focus on a single scenario, but with a much larger graph, improved visibility into the range of outcomes, integration of consumption smoothing controls as one of the optional spending strategies, and success rates over the final 10 years of the modeling period. The new graph clearly shows the impacts of different spending strategies on fixed rate results relative to an established baseline. The issue with occasional run-time errors on the Run Analysis page has been eliminated.
- PRC pages have been redesigned to avoid the known issues in Excel 2016 for Macs so that Mac users can run the latest version of Excel with minimal quirky behavior.
- A new graph has been added that illustrates all savings categories vs. income and expenses over time. The taxes graphs have been retained but all other graphs of fixed rate projections have been eliminated.
- Withdrawal rates are now calculated and can be included in any tabular projection.
- Year-by-year asset allocations across all accounts are now calculated and can be included in any tabular projection.
- Scenario descriptions are shown on all output pages.
- The property expense pages have been enhanced to provide Improved control over start/stop of excess mortgage payments
- Additional rows have been added to the Discretionary and Miscellaneous Expense pages
- 30% reduction in file size relative to PRC2018
- Made necessary mods to enable full support of HSA's
- Tax tables have been updated to 2019 brackets
Version 2019.1.2 (Released 1/17/2019)
- Corrected the imports from PRC2018 to include marital status.
- Corrected the source of a run-time error in the historical method of consumption smoothing
Version 2019.1.3 (Released 1/18/2019)
- Corrected an error wherein manual changes to non-specific discretionary spending were not being saved when an analysis was performed
- Implemented a change to the appearance of buttons on every page such that they would appear in Excel 2019 for Macs (working around another Excel for Macs deficiency)
Version 2019.1.4 (Released 1/19/2019)
- Changed title on "Send a Message" function from "PRC2018 Question" to "PRC2019 Question"
- Removed the write-protection on the correlated asset control on the Run Analysis page and corrected the import function to import it from an export data file
Version 2019.1.5 (Released 1/21/2019)
- Corrected a life insurance calculation issue in conjunction with January 1 birthdays; cleared life insurance table when marital status of "single" is selected
- On the View Mgmt page, corrected an issue with some late versions of Excel wherein non-checked cells are replaced with dashes upon loading one of the default views.
- Corrected a potential import issue introduced in PRC2019.1.4 relative to the import of the correlated asset control on the Run Analysis page (the checkmark was being corrupted during imports from PRC2019.1.3).
- Corrected calculations on the amortization of FA/Personal Loan #2 and the interest payments in the final year of loans 1 and 2
Version 2019.2.0 (Released 1/23/2019)
- Corrected an error in the calculation of tax deductions and mortgage expenses on the Property expenses page
- Corrected an error that potentially causes healthcare expenses to be moved forward by one year
- Corrected an export error related to the COLA checkmarks for Scenario 1 on the Miscellaneous Expenses page
- Corrected an error that was causing Monte Carlo analysis to always assume uncorrelated asset classes
Version 2019.2.1 and 2019.2.2 (Released 1/24-26/2019)
- Corrected an error which prevented auto-calculated Medicare premiums from being included in healthcare period 4.
- Improved Monte Carlo and historical analysis success rate calculations
- Corrected problem with the last row of the non-taxable windfalls on the Income page not being exported (this was a carry-over from PRC2018).
Version 2019.2.2.1 (Released 1/26/2019)
- Installed the new digital signature which expires 2/3/2021
Version 2019.2.3 (Released 1/29/2019)
- Corrected the code that copies scenario 1 to scenarios 2 and 3 on the Healthcare Expenses page
- Improved the conditional formatting on the tabular projection pages to prevent occasional inappropriate formatting of data as percentages
- Eliminated a case that would allow QCD's to occur prior to the start of RMD's at age 70
- Corrected the calculated floor and ceiling values of the fixed rate spending with floor and ceiling strategy
Version 2019.2.4 (Released 2/14/2019)
- Corrected a minor display issue on the Social Security optimization page
- Modified the macro that sets defaults asset classes and allocations to establish a default setting for ROR on the Cash account to -1%.
- Corrected the basis for unearned income medicare tax to include interest on the Cash account and interest on personal loans
- Adjusted calculation of state income taxes to account for the use of 2018 state tax tables
Version 2019.2.5 (Released 2/15/2019)
- Corrected an error in determining the tax filing status for a single person in the model's starting year
Version 2019.2.6 (Released 2/18/2019)
- Removed the "improved" version of conditional formatting of percentage fields on the tabular projections page (part of v2.3) which resulted in all percentage fields in PDF reports appearing as zeroes.
- Enhanced the readability of tabular projections in PDF reports by adding the alternating shaded rows
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