New user here, and just in the process of inputting my account data into PRC2023.4.4. At the bottom right of the "Financial Assets > Initialization" screen there is a total of all accounts on that page labeled "Grand Total of All Accounts". I have a single Inherited IRA account with the following parameters specified:
Inherited Amount: 22956
Year of Inheritance: 2015
Distribution Period: Lifetime
RMD Start Year: 2016
The model starting year for my file is 2024 (Not sure if that matters or not).
But the value given for "Grand Total of All Accounts" does not include the value of the Inherited IRA ($22956 in my case).
I know the little red triangle note says: "This excludes future inheritances." But unless I'm misinterpreting that message, the inheritance defined by the above data is NOT a future inheritance, but one I've already received, and have been taking RMD's from since 2016, and so it's value should be included in the "Grand Total".
Is this a bug, or am I misinterpreting things? I only noticed it because I was using the "Grand Total" field as a check that I correctly entered all my accounts on this page. I realize it probably doesn't affect any subsequent analysis/results, but I'm surprised I'd be the first one to notice this bug?
@d-ruthsbcglobal-net I just investigated this issue and it is indeed a bug not previously reported; the formula for the Grand Total fails to include previous inheritances. This field is just an FYI, so it has no downstream effects. The fix will be included if there are any future updates to PRC2023 and it will definitely be included in the initial release of PRC2024.
Stuart
