by Alexander Long on January 24, 2019

2019 Tax Updates in Effect for Silver and TOTAL


With the new year, the IRS has released its adjustments to taxes in 2019. No major laws were passed affecting 2019 earnings or deductions; the IRS only made standard adjustments to index for inflation. Since the changes were much simpler, updating to reflect the changes has proven to be quicker this year. Both Silver and TOTAL are now updated to reflect these adjustments.

Silver


Since income taxes in Silver are based on a user defined effective tax rate, only changes for the Estate section and Social Security benefit estimates had to be updated. For 2019, both the Estate Tax Exclusion and Credit maximums have been increased for inflation:

  • Maximum Estate Tax Exclusion increased to $11,400,000
  • Applicable Maximum Estate Credit amount increased to $4,505,800
  • Updated Social Security benefit estimates

To download the most recent version of Silver Financial Planner, click here.

TOTAL


In TOTAL updates were made to number of areas, such as increases to standard deductions and the income tax brackets, along with the same estate changes made for Silver. Changes were made to properly reflect the 3 filing statuses that TOTAL can model: Single, Head of Household, and Joint. The following are some of the more notable changes implemented:

  • Standard Deductions increased
  • Federal Income tax brackets increased
  • Capital Gains tax brackets increased
  • Maximum Estate Tax Exclusion increased to $11,400,000
  • Maximum Applicable Estate Credit amount increased to $4,505,800

An article written by Tax Foundation goes into more detail about the various changes going into effect for the 2019 tax brackets that are now reflected in the most recent version of TOTAL.

For TOTAL Online users, these changes have gone into effect automatically. For users that still want to generate reports utilizing the 2018 tax calculations, a box has been added to the report generation titled "Use 2018 Tax Calculations" to serve that function.

For desktop users of TOTAL, if you have not been prompted to update, you can reach the download page for the most recent version by clicking here. Do not update if you still wish to generate reports with the 2018 tax calculations. And if you ever need to return to the 2018 tax calculations after updating, you can rollback to the 2018 tax calculations by clicking here.

If you have any questions, please feel free to reach out to Technical Support by sending a Support Request, or by calling 1-877-421-9815 ext. 0.

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Alexander Long

Alex is a Technical Support Specialist at Money Tree Software. He works with advisors on a daily basis, helping them navigate the software and providing tips and recommendations for a wide array of scenarios and models within the software.