The January update to TOTAL Planning Suite is now available! This new version includes tax updates for 2012, and a new feature to support inherited IRAs.
New Features:
Inherited IRAs
- Inherited IRAs have been added to the asset input section, allowing the program to model the distribution or rollover options based on factors such as the inheritors relationship to the original IRA owner, inheritors age at death of the owner, if death of the original IRA owner occurred prior to required minimum distributions began, etc. The inherited IRA assets flow through to the reports, allowing projection of the asset balance overtime, displays for distributions on the cash flow, and the tax impact of distributions. Currently limited to one inherited IRA per individual. Learn more after installing the latest version by going to the Help menu and reading the What’s New document.
Tax Updates:
Income Taxes
- Tax-bracket threshold increases for 2012. For example, the 25% tax bracket will kick in at $70,700 for married filing jointly for 2012, up from $69,00 for 2011.
- Personal & dependent exemptions increase by $100, to $3,800 for 2012.
- Standard deductions increased by $300 for married filing jointly, to $11,900 for 2012. Standard deductions increase by $150 for single filing increased to $5,950, and head of household filing increased by $200 to $8,700 for 2012.
Payroll Taxes
- Maximum Social Security wage base increased by $3,300, to $110,100 for 2012.
Retirement Plan Contributions Limits
- Tax-deductible contributions to profit sharing plans and SEPS increased by $1,000 to $50,000 for 2012.
- Maximum contribution to 401(k), 403(b), 457 plans, and Thrift Savings Plan increase by $500 to $17,000.
- Catch-up contribution limit remains the same at $5,500.
- Income phase-out for IRA contributions increased by $2,000 for married filing jointly, the phase-out range is $92,000 to $112,000 for 2012 (when covered by workplace retirement plan). Income phase-out from Roth IRA contributions increased by $2,000 for single or head of household filing, the phase-out range is $58,000 to $68,000 for 2012 (when covered by workplace retirement plan).
- Income phase-out for Roth IRA contributions increased by $4,000 for married filing jointly, the phase-out range is $173,000 to $183,000 for 2012. Income phase-out for Roth IRA contributions increased by $3,000 for single filing, the phase-out range is $110,000 to $125,000 for 2012.
Estate Taxes
- The estate tax exclusion increased by $120,000 to $5,120,000 for 2012.
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Automatic update notifications have started to be turned on. If you would like to get the latest version now, rather than waiting for your automatic notification through the program, follow the instructions below to download and install.
Click the “Start Download Now!” link and choose to run the file. Optionally, you can save the file to your Desktop and run it after the download finishes.
TOTAL Planning Suite (Version 5.0.137)
