How to update the chart?

[Cotswolds]

Hello!

Thanks for posting your Cash Flow spreadsheet, for the lot of work that you have put into this calculator, and then been so kind as to share it with us all for free.

A couple of observations

1. As an Illinois taxpayer, I noticed that the State Tax calculation needs to:
  a. include for standard deduction for those >65 ($1000)
  b. include the three retirement-related incomes (tIRA w/d, Pension and Taxable SS), (not just two) to determine state taxable income.


2. Even though I closely studied the spreadsheet in Google Drive, and xls and ods versions on my desktop, I failed to find a way to update the chart. I was very careful in downloading the xls version to preserve any macros in it. Only the macro to update the chart is available, nothing else. Ditto for the ods version.

The Google Sheets version shows zeroes in cells in columns Q & R. The xls version shows those cells calling a function, =MULTIPLE.OPERATIONS(Q$83,$B$31,$P84).

In either version, there is no button to trigger a refresh of the table unless it supposed to done automatically in the background.

Thus, while a wonderful tool, something is missing in the downloaded spreadsheets that does't allow use of the chart as intended.

Or perhaps I missed something somewhere...

Thanks and regards.

[lhamo]

Suggestion:  I think you want to post this comment on the thread that is dedicate to the cash flow spreadsheet.  Then MDM will be sure to see it.

Thread here:

https://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/

[secondcor521]

Agree that it is best to post in the other thread so @MDM can see it.

On item #1, if you have suggested Excel formulas, MDM will probably adopt them in the next version.  As a general rule, it's a free spreadsheet and so it mainly focuses on getting federal taxes right.  Keeping up and maintaining 100% fidelity to all the state tax calculations is too much for one person to reasonably maintain.  You should think about the state tax result as just an approximation.  That's my opinion, anyway.

On item #2, you have to use real Microsoft Excel, not Google Sheets, not LibreOffice, not any other knockoff spreadsheet programs.  If you use real Microsoft Excel, there is an obvious button on or near the graph that updates it.

[MDM]

Thanks lhamo & secondcor521 for those great answers.

Cotswolds, for 1a is it as simple as putting $1000 in cell 'State Tax'!G35?  For 1b, at first glance cells 'State Tax'!N35 and O35 do that already, but I'm not in Illinois so could you describe what is missing?

If you follow this procedure:

• Click File>Download>Microsoft Excel (xls)
• Then, either open in Excel immediately and later save from Excel to your computer, or save immediately to your computer and later open that file with Excel.

the graph should work as intended.

No need to repost in either the main thread or the State Income Tax calculations - Crowdsourcing request if we can handle it here.

[Cotswolds]

Thanks everyone for the quick responses, which helped me find my bearings. Regarding IL state tax, I put the $1000 deduction in G35 and it worked.

Regarding taxable income, IL does not tax IRA distributions, Pension and Taxable SS benefits. When I put a number in B12, the state tax changes. It should not as that income is not considered.

The point that this spreadsheet "mainly focuses on getting federal taxes right, and maintaining 100% fidelity to all the state tax calculations is too much for one person to reasonably maintain" is well taken. Thus, not need to make changes.

Thanks again. I am good.

[MDM]

Thanks everyone for the quick responses, which helped me find my bearings. Regarding IL state tax, I put the $1000 deduction in G35 and it worked.

Good! That's easy enough to include in the next release.

Regarding taxable income, IL does not tax IRA distributions, Pension and Taxable SS benefits. When I put a number in B12, the state tax changes. It should not as that income is not considered.

Oh - are you overriding the calculation in 'State Tax'!B12?  That's generally a no-no. ;)

For the most part, you shouldn't need to do anything on the State Tax tab, or for that matter any cell on any sheet without a green background. 

If instead you enter your gross SS benefits in cell Calculations!B38, you should see no change in your IL state tax.  Does that work for you?

[Cotswolds]

Yes, that's what I meant, changing 'State Tax'!B12 via Calculations!B38 for SS benefits.

[MDM]

Yes, that's what I meant, changing 'State Tax'!B12 via Calculations!B38 for SS benefits.

I entered the following:
B3: 40000
G9: 67
H38: IL
With that, cell G38 = 1801

Change cell B38 to 30000 and G38 remains 1801.

What inputs/outputs are you using/seeing?

[Cotswolds]

With a new copy of the spreadsheet, I get the same. I suspect I had a corrupted one from my earlier attempts. Thanks.

[MDM]

With a new copy of the spreadsheet, I get the same. I suspect I had a corrupted one from my earlier attempts. Thanks.

You're welcome!  Other questions also welcome.  Good luck!