New Pralana user here and loving it so far! One issue I've run into though:
I set model start year=2024. Pralana shows "Previous Year Withdrawal from TD Account" for 2024 as zero, whereas for me it's actually $250K.
There appears to be no way to supply Pralana with this $250K figure for 2023, because it's prior to the model start date!
Based on this faulty/missing data, Pralana calculates my current year (2024) figures for Adjusted Gross Income and Federal and State income tax to be an order of magnitude lower than they actually are. Whereas for years other than the first year, Pralana calculates all these figures perfectly. For example see attached.
As far as I can tell, the same thing will always happen to the first year, e.g. when I update in January 2025 there will likewise be no way to supply Pralana with my Previous Year [2024] Withdrawal from TD Account.
Hey, I get it that Pralana isn't TurboTax -- the first year of the model being out of whack doesn't seriously impact the big picture of a 40 year analysis period. But it seems like it'd be pretty easy to fix this annoying behavior, by simply enabling a user to enter this previous-year Withdrawal from TD Account figure for the year prior to the model start.
See also a related comment from 2 years ago, Previous year withdrawal from your TD account.
@jonathan23 Hi Jonathan, I think that's a very good suggestion and I'm adding that capability to the next release of PRC2024. I expect to make that release sometime this coming week.
Thanks!
Stuart
Bravo! Thanks so much Stuart!!!
Stuart, That change would be most welcome. PRC has been less useful in estimating income and taxes for the current year because the cash flows that cause funds to be withdrawn are delayed until the following year.
@morlock103 I actually released that update a few days ago and finally released the corresponding user manual update today. I noticed that you purchased PRC2024 yesterday, so you should already have this version (the change is on the Financial Assets > Initialization page).
Stuart
Fantastic Thanks.
