PRC2022.2.11 Released May 30, 2022
- Corrected the state tax calculations to make pensions taxable in Montana
- Prevented child tax credits from taking Federal income tax into negative territory
PRC2022.2.10 Released May 13, 2022
- Corrected an error in computing the start date for the spouse’s annuities
- Included scheduled non-qualified withdrawals from an HSA account in the Scheduled Withdrawals from TD Accounts column on the AGI page
PRC2022.2.9 Released April 26, 2022
- Corrected an error in the Monte Carlo analysis algorithm that caused stocks and bonds to be correlated when asset allocation mode 2 was in use, regardless of the setting in the checkbox on the Run Analysis page
- Corrected a minor formatting issue with the default settings of narrow views for View #5
- In the Inputs PDF report, changed ROR for HSA and 529 plans from nominal to real
- Made a minor correction to the first-year appreciation of a home purchased during the modeling period
- Inserted the new GlobalSign digital signature
PRC2022.2.8 Released March 11, 2022
- Corrected an error in the deduction of prior-year unallowed losses when calculating income taxes in the year a rental property is sold
- Made another refinement of the workaround code to prevent a page from inadvertently going to the split view on Mac computers.
PRC2022.2.7 Released March 8, 2022
- Made a small correction to the Mode 2 asset allocation algorithm
- Corrected the historic stock return data for years 2020 and 2021.
PRC2022.2.6 Released February 26, 2022
- Further refinement of the Roth conversion algorithm to improve the handling of the interdependencies between the taxation of SS benefits and tax-optimized Roth conversions.
- Refinement of the workaround code to prevent the Home page from inadvertently going to the split view on Mac computers.
PRC2022.2.5 Released February 23, 2022
- Made a change to the Roth conversion algorithm to improve the handling of the interdependencies between the taxation of SS benefits and tax-optimized Roth conversions and thereby make more consistent annual conversions when Social Security benefits have started
- Corrected an error wherein Other Incomes streams being taxed as LTCG were included twice in AGI calculations but streams being taxed as qualified dividends weren’t being included in LTCG calculations
- Corrected the Tabular Projection > Itemized Deductions page to populate the column for QBI deduction for pass-through entities
PRC2022.2.4 Released February 16, 2022
- Made a small change to the calculation of success rate for the historical analysis method
- Changed the default setting (from 24% to 15%) on effective tax rate for converting absolute to effective dollars
- Made a small change to the implementation of the TD(D) withdrawal priority
PRC2022.2.3 Released February 10, 2022
- Corrected a Missouri and Delaware state tax calculation error which could occur with state taxable income of zero
PRC2022.2.2 Released February 8, 2022
- Added “taxed annually as LTCG” as a regular account taxation option
- Corrected an error in the calculation of RMD’s (distribution factor was slightly off due to an indexing error)
- Corrected an error in the calculation of the (for-your-information-only) effective tax rate
- Eliminated corruption of the Mode 2 asset allocation table during import of “simplified inputs”
PRC2022.2.1 Released February 3, 2022
- Corrected an error in the calculation of balloon payments on the Property Expenses page
PRC2022.2 Released February 2, 2022
- Eliminated the Pease Limitation on itemized deductions under TCJA of 2017
- Added a column for Pease-limited itemized deductions on the Itemized Deductions page
PRC2022.1.8.1 Released January 31, 2022
- Implemented a minor improvement in the calculation of RMD’s for inherited IRA’s
- On the Income page, added a link to scroll to inherited IRA’s
- The tabular projection display of HSA growth as zero has been corrected.
- Made military pensions fully deductible in the state of North Carolina
PRC2022.1.7 Released January 23, 2022
- Corrected an error related to the export and import of the report titles on the Reports page
- Corrected an error in the TCJA tax calculations: the $10,000 limit on itemized deductions for property taxes and state income taxes was being ignored.
- Made two changes on the Tabular Projections > AGI page: 1) The “Taxable pension rollovers to Roth IRA” column was actually referring to traditional IRA’s rather than Roth IRA’s and 2) the way “Previous year withdrawal from TD accounts” was being converted to today’s dollars resulted in inconsistency between the TP > AGI page and the TP > Taxes page. These issues only affected the breakdowns being presented on the AGI page, not the tool’s projections.
PRC2022.1.6.1 Released January 21, 2022
The elimination of the double subtraction of the management expenses in v1.6 was done incorrectly, and resulted in a zero ROR. This was fixed in v1.6.1.
PRC2022.1.6 Released January 21, 2022
- Corrected a formatting problem with the start date for employment income stream #2 for S2 and S3.
- Eliminated a double subtraction of the management expenses for the spouse’s TD account in scenario 1
PRC2022.1.4 and 1.5 Released January 20, 2022
- Inserted the (missing) initial balance of TD accounts on the tabular projections pages when looking at effective balances rather than absolute balances
- Corrected an error in the calculation of the cash account balance when driven below the specified cash floor after an extended period of negative cash flows has depleted the balance of all other accounts
- Corrected the 2021 import of the start date of the spouse’s windfall income for scenarios 2 and 3
- Excluded scheduled withdrawals from TD accounts from state taxable income for states that don’t tax RMD’s
PRC2022.1.3 Released January 19, 2022
- Changed the initial setting of the effective/absolute dollars indicator to a default setting of “absolute dollars”.
PRC2022.1.2 Released January 19, 2022
- Corrected a minor issue with the placement of the column headers in the Operating Costs table on the Expenses > Property > Annual page following an import from the 2021 model
PRC2022.1.1 Released January 15, 2022
- Initial release of new functionality
PRC2021.4.2 Released October 23, 2021
- Tweaked the Roth conversion algorithm for tax-bracket-limited conversions to use all of the headroom available in the targeted tax bracket (it was leaving some space at the top in cases where the taxable income was low prior to considering the Roth conversions).
- Made a correction to the reporting mechanism on how much headroom remains in the current marginal tax bracket. This was a combination of rounding errors and some LTCG were being considered but should not have been (the latter was a regression error introduced in v3.8).
- Corrected an error with the calculation of start and stop times for the spouse’s second annuity (Income page).
PRC2021.4.1 Released September 27, 2021
- Corrected an error in the Net Investment Income Tax caused by a change introduced in v3.5.
PRC2021.4 Released September 19, 2021
- Made another correction to AMT calculations
PRC2021.3.9 Released September 17, 2021
- Corrected an error in the MAGI for Medicare Premiums column on the Tabular Projections > View Mgmt page
- Increased the upper limit for Healthcare Inflation on the Analysis > Sensitivities page
- Made a minor correction in the Withdrawal Order Optimization algorithm
- Made a few minor corrections in AMT calculations
- Corrected a case where HSA withdrawal errors were being reported after the end of the modeling period
PRC2021.3.8 Released August 9, 2021
- Corrected a small error introduced in the revised capital gains calculations for qualified dividends in v3.5
- Made an enhancement to the calculation of Capital Loss Carryover amounts to avoid reductions when taxable income is sufficiently low as to not need the carryover losses.
- Made an implementation change to interpret “Other Income streams being taxed as capital gains” (as specified on the Income page) as qualified dividends rather than actual long-term capital gains.
- Made an implementation change to prevent run-time errors in late models of Excel for Macs during imports with non-PRC Excel files open.
- Tightened up the success criteria by 1% for the Monte Carlo consumption smoothing algorithm
- Corrected the implementation of scheduled withdrawals from inherited traditional and Roth IRA accounts to only make the withdrawal if sufficient funds are present.
PRC2021.3.7 Released August 3, 2021
- Made a minor correction in the Monte Carlo success rate calculation for scenario 3
PRC2021.3.6 Released August 1, 2021
- Corrected a 1-year error in the application of scheduled withdrawals from “your” inherited IRA account (the withdrawal was occurring one year too early)
- Corrected an import error: The maximum IRMAA value on the Roth conversion page was always being set to “No Limit” during imports from a 2021 export file
PRC2021.3.5 Released July 31, 2021
- Changed Tennessee state tax rate to zero, thus making it a no-tax state.
- Corrected an error in the annual adjustment of Capital Loss Carryover for the regular investment account
- Corrected an error in the calculation of capital gains taxes on qualified dividends in the case where there is a positive Capital Loss Carryover amount
PRC2021.3.4 Released June 24, 2021
- Removed the code added in v3.3 which attempted to correct for the occasional loss of PRC’s nav menu in some versions of Excel for Macs; that code had a negative effect on PRC page scrolling. The ultimate workaround for the loss of the nav menus is unknown at this point.
PRC2021.3.3 Released June 15, 2021
- Made a correction to the implementation of the American Rescue Plan Act of 2021 in regard to Roth conversions in 2021 and 2022 with no ACA insurance
- Added some code in an attempt to correct for an Excel for Macs issue related to occasional loss of PRC’s navigation menu when changing pages
PRC2021.3.2 Released June 9, 2021
- Made a minor correction to the “dollar difference” display on the optimized withdrawal priorities section of the Analysis > Optimization page.
PRC2021.3.1 Released June 9, 2021
- Corrected an error in the calculation of first-year expenses on new property loans on the Expenses > Property page.
- Added a new state tax bracket for top-earners in Arizona
- Implemented the ACA-related changes associated with the American Rescue Plan Act of 2021 for Monte Carlo and historical analyses (inadvertently omitted from v3.0)
PRC2021.3.0 Released May 31, 2021
- Implemented the ACA-related changes associated with the American Rescue Plan Act of 2021
- Corrected the formatting of the pay-out start field for Annuity #2 for scenarios 2 and 3 on the Income page.
- Made a change to allow entry of negative values on Unrealized Capital Gains for Regular Investment Accounts on the Financial Assets > Initial Balances page.
- Corrected a couple of errors related to cash-out refinancing on rental properties
- On the Analysis > Optimization page, displayed the dollar difference between the optimized withdrawal priorities and the user-specified withdrawal prioritues
PRC2021.2.4 Released Mar 22, 2021
- Added columns for cash value life insurance and ROR for Spouse’s Tax-Deferred Account on the Tabular Projections > View Mgmt page
- Made a small correction in the Social Security start age optimization algorithm
- Corrected a potential circular reference error in the HELOC model
- During Roth optimizations for single individuals, ensured that the mode for the spouse’s conversion was set to “No Conversions”
- Made a minor correction to the consumption smoothing algorithm relative to pre-retirement years
- Made a correction to exclude miscellaneous expenses and non-QCD charitable donations when a spending strategy other than “As Specified” or “As Specified with Smoothing” is selected
- Corrected an error in the Monte Carlo and Historical analyses (Qualified Charitable Distributions were being computed incorrectly)
PRC2021.2.3 Released Mar 1, 2021
- Replaced the “Dd” with a blank in the age column of tabular outputs and the time axis of graphs
- Added “Spouse Tax-Deferred Account” rate of return values to the PDF Inputs Report
- Corrected the withdrawal order description in the PDF Input Report
- Corrected a regression error on the Analysis > Optimization page (period 2 and 3 withdrawal order results not being displayed; this error was introduced in v1.6)
PRC2021.2.2 Released Feb 22, 2021
- Made some conditional formatting changes to the Input Report (printable PDF)
- Corrected an error in the state income tax table for Pennsylvania
- Corrected a regression error on the Tabular Projection > View Mgmt page (the column headers were accidentally hidden in v2.1)
PRC2021.2.1 Released Feb 19, 2021
- Corrected an error in the conditional formatting on the Financial Assets > Taxation page
- Corrected an error in the constant spending algorithm in the case where retirement began prior to the start of the modeling period
- Corrected an error that causes a run-time error when attempting to change the position of the column headers on any of the tabular projection pages
- Made an adjustment to the formatting of the secondary navigation links on the Tabular Projection pages to make them fully visible on Excel 2007
PRC2021.2 Released Feb 8, 2021
- Corrected an error in the calculation of the tax-exempt interest contribution to MAGI for healthcare which, in turn, affects ACA subsidy calculations
- Enhanced the ACA healthcare calculations to automatically adjust the Second Lowest Cost Silver Plan cost for married couples when the first partner goes on
- Medicare which, in turn, affects ACA subsidy calculations
- Corrected a case where the 10% penalty was not applied on early withdrawals from tax-deferred accounts
PRC2021.1.9 Released Feb 1, 2021
- Corrected a potential source of error with historical analyses that use only asset classes with historical sequences dating back to 1871
PRC2021.1.8 Released Jan 30, 2021
- Corrected an error in the calculation of overall asset allocation
PRC2021.1.7 Released Jan 26, 2021
- Corrected a typo in a formula related to paying college expenses with a 529 plan for Child #4
PRC2021.1.6 Released Jan 26, 2021
- Made an enhancement on the Analysis > Roth Conversions page to highlight the Prioritization field if it’s left blank and to automatically fill it in with “You” if it’s left blank when optimization is done.
- Added an “Adopt” button on the Analysis > Optimization page to enable the user to adopt the results of the optimized withdrawal order algorithm
- Corrected a non-convergence issue with the earliest retirement date optimization algorithm when using different life expectancies across the three scenarios
PRC2021.1.5 Released Jan 24, 2021
- Corrected a Monte Carlo analysis error that results in use of a zero standard deviation for assets 4 through 10.
- Corrected the operation of the dollar units button on the Analysis > Compare Fixed Rate Analysis Results page
PRC2021.1.4 Released Jan 24, 2021
- Corrected a run-time error associated with use of the today’s-to-future$ converter on the Income page
- Corrected the pull-down menu on the Source Account field for purchasing annuities for the spouse (on the Income page)
- Added code to adjust the vertical axis on the Roth conversion page after each automated optimization event
PRC2021.1.3 Released Jan 21, 2021
- Corrected the code that shows and hides the expense graphs on the Run Analysis page; this was causing run-time errors on Excel 2007 and 2010 configurations.
PRC2021.1.2 Released Jan 20, 2021
- Corrected errors in the state income tax calculations for the states of MS and NM
PRC2021.1.1 Released Jan 19, 2021
- Corrected an error that had the potential to cause Historical analysis to report an invalid scenario
- Eliminated the source of a potential error in the calculation of Social Security spousal benefits for a single person (obviously there are none)
- Corrected an error related to importing from the latest PRC2020.3.10 (PRC2021 thinks it’s a 2021 export file)
- Corrected a formula in one cell of the Total Expenses in the table at the bottom of the Property Expenses page
PRC2021.0 Initial Release Jan 18, 2021