by Carolyn Rothwell on May 13, 2018

TOTAL - New Version: QBI Deduction, Increase Rates on Tax Data Items, Joint Misc. Insurance Ownership


The latest release of TOTAL, Money Tree's in-depth financial planning software, features three new options available within the plan data section. 

  1. QBI Deduction - Reflect the Qualified Business Income Deduction available to your client with a new option under Tax Details.
  2. Increase Rate of Tax Detail Items - Set Tax Detail items like Schedule D Capital Gains (Losses) to increase (or decrease) with a new Increase Rate option available for each tax detail item and future change. 
  3. Joint Miscellaneous Insurance - Capture jointly held Miscellaneous Insurance policies with a new joint insured option.

Tax Details - QBI Deduction

TOTAL now offers a Qualified Business Income Deduction, under the Tax Details tab within the Taxes section, to capture the amount of deduction available to clients.  Details are available on a dedicated blog post: Tax Reform in TOTAL - Qualified Business Income Deduction.

QBI_TOTAL_DataEntrySmall


Tax Details - Increase Rate

Tax details data items, including Schedule D Capital Gains (Losses), Schedule E Passive Gains (Losses), Adjustments to Federal Income (+/-), etc. now includes an "Increase Rate" option.  The increase (or decrease) rate will be applied to the amount to grow (or reduce) the amount each year.  The increase rate option is available in the future change section, allowing the rate to be started, stopped or changed at any age.    

Learn more the relationship between the client's age, dollar amount, and the increase rate for the future change table entries on this blog post: Future Change Table Amounts & Increase Rates

TaxDataIncreaseRate 


Miscellaneous Insurance Policies - Joint Option

For Miscellaneous Insurance items, like Homeowners, Property and Casualty, Auto and more include a new joint option under the "Insured" drop-down selection.  The joint option allows insurance policies to continue throughout the plan, rather than stop when the assigned owner reaches life expectancy. 

New Insured Option - Joint


Get the Latest Version Now: 

TOTAL Desktop Edition: 
Get the latest desktop edition to update to the 2018 tax rules with the new QBI deduction.  

TOTAL Online Edition:
The online edition is updated to the 2018 rule with the new QBI deduction.  Simply log in and start planning.  


Do you have a question for our support team?  

Send a support request and we'll contact you or call toll-free 877.421.9815 ext 0 for assistance. 

Learn more and see TOTAL's in-depth financial planning software in action by joining a weekly online demo. 

Register for a TOTAL demo to see the software in action.

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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.