by Carolyn Rothwell on June 7, 2012

Entering State Tax Breakpoints into TOTAL Planning Suite


TOTAL Planning Suite users can include state tax in their financial planning projections by entering the state tax information in the program settings.  

For states that use tax breakpoints (rather than a flat tax), we commonly see the tax rate information presented in two styles.  Here is information on how to enter each of both table styles into TOTAL Planning Suite’s state tax settings.

Style #1 Example - Georgia 2011 Tax Rate Schedule:

Tax Amount Up to Breakpoint + Percent of Taxable Income Over Breakpoint = State Tax

Georgia State Tax Rates 2011(https://etax.dor.ga.gov/inctax/2011_forms/TSD_Form_IT511_Instructions_TY2011.pdf)

If the state tax information you need to enter looks similar to the table above, the example below displays how the information should look when entered into TOTAL Planning Suite under the State Tax section.  

GeorgiaTaxRateSchedule2011 TOTAL
Style #2 Example – New Jersey 2011 Tax Rate Schedule:

Percent of Taxable Income – Adjustment for Lower Tax Breakpoint Amounts = State Tax

NewJerseyTaxRateSchedule2011http://www.state.nj.us/treasury/taxation/pdf/current/njtaxratesch.pdf

If the state tax information you need to enter looks similar to the table above, the example below displays how the information should look when entered into TOTAL Planning Suite under the State Tax section.  

New Jersey State Tax Rates 2011

Money Tree Software has a Tech Note listing each state department website to help facilitate your ability to find state tax rates.  Typically, searching the state tax website for terms of “tax table” “tax rate” or “tax schedule” is the most efficient way of finding the state tax tables from the state tax department website. 

Additionally, there are several websites dedicated to providing state tax information.  These sites provide for quick access to state tax rates, but the information should be verified for accuracy.

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Carolyn Rothwell

Carolyn enjoys spending her time building Money Tree Software's brand and products. Her experience creating and delivering financial plans for a full-service financial planning firm and supporting advisors working to provide the best planning to their clients as a Money Tree support member has provided an excellent understanding of the importance of financial planning.