VeriPlan Personal Financial Planning

DIY financial and retirement planning Excel calculator software

VeriPlan Overview 5: Federal, State, and Local Tax Projections

VeriPlan Tax Calculator Overview: Part 5 of 7

The VeriPlan retirement planning calculator automatically projects your lifetime U.S. federal, state, and local taxes

With its fully integrated lifetime retirement tax calculator and income tax estimator features, the VeriPlan personal finance software automatically projects your lifetime tax obligations in eight different tax categories. VeriPlan automatically projects your financial plan using the particular federal taxes, state taxes, and local income tax rates and limitations that currently apply to you. It also projects your income tax exemptions, tax adjustments, and tax deductions plus your property taxes and other taxes. To prevent obsolescence, the VeriPlan home retirement planning software allows you to change the tax rates and limits that its tax calculator uses, in case tax laws change in the future.

Federal Income Tax Rates and Limits:

VeriPlan’s retirement planning software automatically applies current variable U.S. federal ordinary income tax rates and limits.

State Income Tax Rates and Limits:

VeriPlan retirement tax calculator functionality automatically applies your state’s current variable or flat ordinary income tax rates and limits. VeriPlan provides income tax rates for the 50 U.S. states and Washington, D.C., and you can select any one of them.

Local Income Tax Rates and Limits:

The VeriPlan tax calculator functionality automatically applies any local ordinary income tax rates and limits that you supply. It can project a) no taxes, b) flat tax rates, c) variable tax rates, or d) New York City income tax rates, which are provided.

Taxable Income Differences:

States and localities may adjust your federal taxable income. VeriPlan can automatically develop projections that use different levels of taxable income at the federal, state, and local levels.

Income Tax Filing Status:

The VeriPlan retirement planning tool supports the ‘Single’ federal income filing status and the “Married, Filing Jointly’ filing status, and it automatically applies the tax rates and limits that are associated with these filing statuses.

Income Tax Adjustments:

VeriPlan automatically projects annual tax exemptions for up to six different adjustments to your taxable federal income. It also manages differential growth rates and phase-outs.

Income Tax Deductions:

The VeriPlan retirement tax calculator automatically projects your multi-year federal income tax deductions. In each projection year, VeriPlan automatically applies the more favorable of either the standard deduction or your itemized deductions.

Social Security and Medicare Taxes:

The VeriPlan Social Security retirement calculator automatically applies Social Security (FICA) and Medicare taxes. It automatically projects either employee or self-employment tax rates, as appropriate. Regarding benefit payments, VeriPlan automatically projects federal and state income taxes on Social Security retirement, survivors, and disability benefits payments, while also projecting the effects of IRMAA on higher income retirees. VeriPlan automatically differentiates between the various tax policies of the 50 states and the District of Columbia regarding Social Security benefits.

Investment Taxes:

The VeriPlan retirement investment calculator automatically applies long-term qualified dividend and capital gains taxes on your capital distributions and asset withdrawals net of your accumulated asset tax basis. For each of your asset holdings, you can provide your current asset tax basis. Across your lifetime projections, The VeriPlan retirement tax calculator will automatically increase and/or reduce your aggregate tax basis for your cash, bond, and stock asset classes.

Property and Real Estate Taxes:

VeriPlan automatically projects your total property, real estate, and other assessment taxes. You can also project that your property taxes will grow at a rate different from inflation.

Your Tax-advantaged Retirement Plans:

To the extent possible, the VeriPlan IRA retirement calculator and 401k retirement calculator has automated your lifetime projections regarding the various employer retirement plans and personal retirement accounts that allow you to defer taxation or to avoid future taxation altogether. The VeriPlan retirement tax calculator automatically projects separate values for your taxable accounts, traditional ‘tax-deferred’ accounts, and Roth retirement accounts. VeriPlan has fully automated the projection of your IRA contributions, deductions, asset growth, withdrawals, and taxation for both traditional tax-deferred IRA accounts and Roth IRA accounts. When necessary, the VeriPlan retirement tax calculators automatically assess federal early withdrawal penalties, which are supplied by VeriPlan, and any state early withdrawal penalty that you enter.

An example of VeriPlan’s lifetime tax payments projection graphic:

This is an example of the projected lifetime annual tax payments graphic that is automatically developed for you by the highly sophisticated VeriPlan financial planning retirement software:

Lifetime Tax Projections
<– Go to part 4 of the VeriPlan Overview – Retirement Investment Calculator Projections
Automated Financial Planning Tools – Go to part 6 of the VeriPlan Overview–>
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VeriPlan Is The Best Early Retirement Calculator Available!
VeriPlan Overview 5: Federal, State, and Local Tax Projections
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