Best Of
Re: QBP: Ability to delete ALL business categories (edited)
Here's what I was told: "Tip Income" is one of the business categories that cannot be deleted in Quicken as it's considered essential for business features. Other non-deletable categories include Business Income, Billable Expense Income, Discounts Given, Markup, Commission & Fees, Processing Fees, Office Expenses, Postage & Shipping, Other Expenses, and Bad Debt."
AAAAAAARRRRRRGGGGGHHHHH!
I don't have Tip Income, Discounts, Markup, Commissions, Processing Fees, or Bad Debt. I have my own chart of accounts. It is pretty long. These unwanted categories add clutter in what is supposed to be a simpler interface than QuickBooks Online, from which I transferred. Why are these categories non-deletable? Why?? Why?????
PegSy
IRA Distributions and Qualified Distributions to Save Income Tax
This is for the old codgers on here (like me). 😁
I have reached the age that I have to start taking the required distributions. I am not quite there yet, but getting there.
I did a couple of stupid things on some rollovers and ended up with three types of monies in my IRA. I had a very little that was already taxed and a larger chunk that the State had taxed. Most of it is subject to Federal Income Tax. It was going to be complicated to divide up and document. I was just going to eat the small already taxed part and pay taxes again, and the State of Alabama will let you take some $6K out per year and avoid state tax. But all of it would be taxed by the Feds. Unfortunately the Minimum Required Distribution was going to be more than $6K.
I stumbled onto Qualified Distributions, which allows you to directly send your distribution to a charity. Those distributions are tax-exempt. The main requirement is that you have to be at least 70.5 yo. Well, since my wife and I tithe and since we cannot deduct our tithe anyhow given the very high standard deduction we have, I decided starting in January to send my monthly tithe to the Church from my IRA. Fidelity makes this relatively easy to do.
In this way, I can save the tithe amount that is in my checking account putting it into savings that will already be taxed money and at the same time draw down on my IRA and not have to pay taxes on it. It will draw down slowly, of course, and so I will still have access to the money if I need it for other purposes later and also if I did first, my wife can continue to send her tithe the same way.
I have mentioned this to several of my friends and have found that about 50% of them did not know about QCDs. So I thought I would share.
SRC54
Re: IRA Distributions and Qualified Distributions to Save Income Tax
Here's a few more comments of interest to 65+ seniors.
The extra $6K exemption per person ($12K per couple) helps, but it in no way covers your social security. So we still end up paying taxes on that. Of course, many wanted to make SS exempt from taxes but Congress didn't have the votes, which is why we got the extra exemption, and it is only good through 2028 unless Congress extends it.
The Secretary of Treasury made a big deal about how this extra exemption would cover social security for most people. Well, that's only true if your sole income is Social Security (and there are some folks in that category unfortunately) AND you consider the full $46700 exemption to be for Social Security. But all taxpayers who file a joint return get $31500, so that is really not true. So you end up with only about $15K more exemption that doesn't even cover one year of one person's social security.
So I had to send in another big payment to the IRS. It's not hard to do since I have set up an account at IRS. Still I am considering having SSA withheld taxes from our checks starting in January. This is all complicated by the fact that IRS can charge you a penalty if you owe more than $1K when you file your return. They say they will waive it if you have had life changing events such as recent retirement. The problem is that we keep having them. I retired several years ago, my wife last year, and she started social security this year. Plus the changes in tax law.
I had to pay a penalty once many years ago when money was very tight, so I work always to avoid that. 😀
SRC54
Re: Net Worth Report: Add more granularity to the y-axis to better reflect small changes (edited)
@SRC54 thanks! I see now that if you change the filter in the section below the chart to weekly that the chart changes to weekly. that's not very intuitive from a UI standpoint, but at least it works. this was an important feature for me.
jc303
Re: Ability to close out and archive or delete completed Savings Goals (edited)
Deleting Savings Goals is possible now, but has a problematic side effect.
Deleting the Savings Goal removes all reference to the goal (and wipes out the contributions to that goal) in previous months Spending Plans. This corrupts the Spending Plan and artificially increases the "Left this month" amount, as discussed in the thread linked below:
We need an "archive" or "hide" feature that doesn't have that problem.
DryHeat
Re: "Bank Balance" leads to omission of pending transactions from Cash Flow (edited)
EXPECTED OUTCOME: Under displayed balance type of "Bank Balance," the displayed account balance should stay unchanged, but the $5000 pending A2A or expense should appear as a "dot" in the Cash Flow that causes the projected balance to drop by $5000.
Projected Cash Flow will not show past transactions, even pending ones, no matter what Balance Type you select. It starts with your current balance and then shows the effect of future transaction reminders only.
The Projected Cash Flow graph will only give the correct projection if the starting balance for the Cash Flow — which is the balance shown in Simplifi — accounts for all pending transactions. If your bank balance counts the pending transactions, that's good. Otherwise, you have to change the Balance Type to "Balance with Pending" so that Simplifi will do the work of applying those pending transactions to your bank balance.
(EDIT: In your right-hand image you have done that and it seems to be working correctly.)
DryHeat
Re: Issue: Wings Financial Credit Union repeatedly requesting MFA on every refresh
OK, thanks for the response. Maybe I can test out this bank against a Simplifi alternative, like Rocket Money or Monarch Money, and compare the refresh behavior. Maybe this is in fact the best that can be done, or maybe there is still room for improvement. I'll report back when I've played with this some more.
Regardless, I still think it's useful to have this thread for anyone else experiencing this behavior, until maybe documentation can be maintained that details bank support and maximum MFA cache time.
Thanks,
Joseph
jskup
Re: Projected Spending Logic in Watchlists (edited)
Yep, I have two watchlists, and I only pay attention to the "Spent So Far" this month and "Spent this Year". But yes, the projections they show are ridiculous.
Many others on here, much more knowledgeable about this feature than I, have commented, and will probably chime in soon!
SRC54
Re: Investments: Add additional decimal points for fractional shares (edited)
Yes, it's strange to have such small amounts of shares, but agree that we ought to be able to add any amount. I added my vote. Thanks for pointing this out.
SRC54
Re: Investments: Add additional decimal points for fractional shares (edited)
Hello @jwphillips,
Thanks for reaching out! I went ahead and converted your post into an idea post, as I believe other users may be interested in voting for an idea like this. If you have any other ideas that are not already created, feel free to create an idea post yourself!
-Coach Jon
