TOTAL Online includes a feature allowing Money Tree to populate the tax information for all states and territories available in the program’s settings. We have the most recent state tax information for 2016 ready to send to our participating TOTAL Online customers. Please see a related blog post, 2016 State Tax Rates – Update TOTAL’s State Tax Settings, for more information about the 2016 state tax changes.
Please note, the state tax update will occur Friday, May 20th.
Make sure you have selected to opt in or out by following the directions below before Friday, May 20th.
How can I ensure I will receive the updated state tax information?
To receive the updated state tax information for all states, go to Settings, State Tax and make sure the box “Allow Money Tree to Update State Tax” is checked.
How do I choose NOT participate in the state tax update?
To keep your personally entered state tax rates and not have any data populated from Money Tree, simply go to Settings, State Tax. Un-check “Allow Money Tree to Update State Tax” as shown below. This would be our recommended choice for any planners including local taxes in the state tax settings. You may still choose to participate, as long as you are aware you need to modify the state tax information after the update.
To populate the state tax rates, we use the Tax Foundation’s “State Individual Income Tax Rates and Brackets for 2016”. This resource was updated in February to provide the 2016 state tax information. This is a great resource for planners looking to verify state tax updated who are participating in the general state update or for TOTAL Planning Suite desktop edition customers needing to update or enter state tax rates. Please see a related blog post, 2016 State Tax Rates – Update TOTAL’s State Tax Settings, for more information about the 2016 state tax changes.