Quicken and VeriPlan Comparison Tax Filing Status, Dependents, Adjustments, and Deductions

In this series of short articles, The Skilled Investor compares the functionality of the Quicken and VeriPlan financial lifecycle planners. At the bottom of this article you will find links to the previous topic and the next topic. A link is also provided that returns you to the main topic listing of this comparison.*

VeriPlan Income Tax Deduction Planner

VeriPlan supports the 'Single' and "Married, Filing Jointly' federal income filing statuses and automatically applies federal, state, and local personal income tax rates and limits associated with these filing statuses.  (See:  VeriPlan projects your US federal state and local lifecycle taxes)

VeriPlan automatically projects annual tax exemptions and their phase-outs for up to 10 dependents. 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. (Note that federal exemptions were suspended due to the 2017 tax act, but could return in 2025, when the law expires. Therefore, this functionality has been retained in VeriPlan, but is currently suspended.)

VeriPlan automatically projects your federal income tax deductions and applies the more favorable of either the standard deduction or your itemized deductions.  

Quicken Retirement Planner

Because you supply an average total tax rate for the Quicken Retirement Planner, you must decide on an average rate to use whether single or married.

The Quicken Retirement Planner does not take into account differences over time in dependents and adjustments.

The Quicken Retirement Planner does not take into account differences over time in standard and itemized deductions.

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* Lawrence Russell and Company is the publisher of The Skilled Investor and the developer of VeriPlan. The Skilled Investor has made an attempt to characterize factually the functionality of both the Quicken Retirement Planner and VeriPlan.

VeriPlan Income Tax Planning Spreadsheet Software