I have many clients who have a lifetime partner where all finances are shared but choose not to legally marry. I'm wondering if there is a good way to model clients who don't file jointly, or if perhaps that may be a feature in the future. I suspect not however, as I can only imagine it adds an exponential level of complexity to modeling and optimization. But, it would be nice if it's possible! 🙂
@stkeros You're correct that this adds a level of complexity far beyond what I'm willing to tackle in the Excel version. The only way to deal with this scenario is to use two separate PRC files, one for each partner. You can specify each partner's income in his/her own file and calculate the taxes as "single" while still dividing up the shared expenses between the two files. Then you can manually merge the results. Definitely cumbersome, but it's the only way for now.
We understand that this is a common scenario and have this on the list for future enhancement of Pralana's on-line calculator, due for initial release in March 2024.
Thanks for your post!
Stuart
I have some clients like this. Most are keeping their finances separate, so using Stuart's approach is the way to go. Just apportion their respective part of the various bills under each person's PRC file.
