Brentmark roth ira software

IRA Discussion Forum. Try this Hi, I have been a daily reader of this forum for over a year. I greatly appreciate the wealth of knowledge provided by the regular contributors. I viewed this thread last December with great interest, since I faced Roth conversion decisions in Subsequently, I have run many cases with this software, examining numerous variations of the facts pertinent to my own situation.

While the software provides great flexibility and ease of use with the ability to provide customized reports that would easily impress clients, I have found what appears to be a significant underestimation of income taxes. In particular, in the case wherein a second-level non-spousal beneficiary inherits a Traditional IRA, the software appears to calculate the income tax on each income stream, e. Consequently, it applies a lower income tax rate to each income stream than does IRS.

Although I have repeatedly brought this apparent substantive calculation error to the attention of Brentmark by e-mail and letter, Brentmark has chosen to ignore my communications. Based upon my experiences, I second Mr. If calculation correctness is important to you, create your own Excel sheet that matches your case. Question - does it treat the RMD as the only income in determining beneficiary taxation?

Alan, The software initially has the IRAs owned by the owner. The default case is that upon the death of the owner, the IRAs pass to a spouse. At each stage, the software user is able to specify additional income, and annual expenses. As a result, during this period, the calculated income tax is substantially too small. This problem does not appear to exist during the period when the IRA owner or the spousal beneficiary is alive.

You may also choose to receive a refund for the difference in the correct price, and the erroneous price you were charged, or alternately have your order canceled and charged the correct price.

Should you have additional questions please Submit a Support Ticket. Webinars Consulting Speaking. FAQs Video Tutorials. Retirement Distributions Planner. Retirement Distributions Planner Desktop App. Distribution streams that can be used to pay for expenses incurred from the plan. In the years an RMD would be calculated, the program determines if the distribution entered satisfies the required amount.

Ability to illustrate inherited plans, including spousal rollover and non-spousal beneficiaries. Ability to select between the beginning or end of the year for distributions.

Add to cart. Category: Retirement Planning. A current desktop version of Windows is required. We guarantee your satisfaction with a day money back guarantee. For multiple licenses or enterprise licensing, please call Version History Version Updated the maximum contribution amounts for IRA and k s for limits.

The option to choose between Lump Sum and Amortization for the 10 year rule is located on the 'Beneficiary Information' window. Whenever the nonspousal beneficiary panel with the name, percentage, birth date, disabled, etc inputs was not visible, the option did not show. The option has been removed from that panel and now will show all the time.

Added a message when an input changes, to let the user know the results are not current until the press enter or click the button which will recalculate. The fund was fully distributed, as expected in year 10, but the schedule was not correctly distributing equal payments with growth.

An input was added to the Assumptions to skip the RMD for or to calculate it. Modified user input to allow for full birthdates of Nonspouse Heirs. This was necessary because SECURE Act stipulates that a beneficiary can be exempt if they are 10 years or younger than the plan owner Optimized the retrieval of the AFR file from the Brentmark server Changes were made to the installation software packaging to help with uninstall issues. Fixed bug where plan owner dies before Required Beginning Date, and Spouse is beneficiary, but does not rollover, and dies after the plan owner's Required Beginning Date.

Added Brentmark News Channel Modified the feature that searches files for clients that are about to turn