Personal financial project.

I need an expert that can help be doing this financial project in three days. this project is about making an excel sheet for personal financing. the attached excel sheet is is the tatorial.
personal.finance.tutorial_summer18.xlsx

_tax_updates.xlsx

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child_tax_credit.docx

personal_finance_project_individual_updated_summer2018.pdf

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%
Annual raise rate:
Inflation (non-negligable):
Company match % limit:
Savings interest:
Traditional IRA interest:
401k interest:
Roth IRA interest:
Persona:
Start life after graduation. Do not create a life for simplicity, but create one that is realistic for yourself. Need to show you
can retire at 55 (you don’t have to, but you need to have enough put away in other investments for retirement to show
you could make it to 59.5 without withdrawing from 401k or traditional IRA) Carry analysis through retirement and out to
95. What is your profession? What big life events? Marriage? Kids? Large purchases or charitable donations? Site the
soures for necessary assumptions.
self. Need to show you
r retirement to show
retirement and out to
donations? Site the
Name
Year
Year
Year
Year
Year
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Income
Salary
Spouse Salary
Company Bonus
401K Distribution
Traditional IRA Distribution
Retirement funds from other investments
Social Security
Medicare
Gross Income
Exemptions ( 1 per dependent, enter $)
Standard Deduction (Single taxpayer)
Standard Deduction (Married filing jointly)
Itemized Deductions
401K Contributions
Traditional IRA Contributions
Total Deductions
Taxable Net Income
Tax Expense
Child Tax Credit
After Tax Income
Roth IRA Distributions
Total After Tax Net Income
Expenses
Rent
Utilities
Food
$2,000
$2,000
Health Care
Travel
Vehicle
Miscellaneous
Mortgage
Student Loan Payments
Other
Total Expenses
Residual Income
Funds to savings & checking account
Other Investments for Retirement
Funds to IRA
Funds to 401K
Funds to Roth IRA
Company Match; not included in residual income
Personal Finance Sheet
Assets
Current Assets
Savings & Checking account
$0
$0
$0
$0
Other Investments for Retirement
IRA
401K
Roth IRA
Total Current Assets
Fixed Assets
Auto
House
Personal Property
Total Fixed Assets
Total Assets
Liabilities
Current Liabilities (can be zero for this project)
Total Current Liabilities
Long Term Liabilities
Student Loan Debt
Auto Debt
Mortgage
Total Long Term Liabilities
Net Worth
Year
2018
Age
Personal Income Statement
Total Liabilities
Year
5/19/2018
Year
Year
Year
Year
Year
Year
2040
Year
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
46
47
48
Year
49
50
51
Year
52
53
54
Year
55
56
57
Year
58
59
60
Year
61
62
63
64
65
66
67
68
69
70
71
72
73
74
Year
Year
Year
Year
Year
Year
Year
Year
2069
2070
2071
2072
2073
2074
2075
2076
2077
2078
2079
2080
2081
2082
2083
2084
2085
2086
2087
2088
2089
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
Year
92
93
94
Year
95
Mortgage Amortization
Inputs
Loan principal amount
Annual interest rate
Loan period in years
Base year of loan
Base month of loan
Key Figures
Annual loan payments
Monthly payments
Interest in first calendar year
Interest over term of loan
Sum of all payments
Payments in First 12 Months
Year
Month
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Beginning
Balance
Payment
Cumulative Cumulative
Ending Balance
Principal
Interest
Principal
Interest
Interest
Cumulative Cumulative Ending
Principal
Interest
Balance
Yearly Schedule of Balances and Payments
Year
Beginning
Balance
Payment
Principal
Transposed End of Year Balance (use this to link to long term debt)
Car Amortization
Inputs
Loan principal amount
Annual interest rate
Loan period in years
Base year of loan
Base month of loan
Key Figures
Annual loan payments
Monthly payments
Interest in first calendar year
Interest over term of loan
Sum of all payments
6
Payments in First 12 Months
Year
Month
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Beginning
Balance
Payment
Cumulative Cumulative
Ending Balance
Principal
Interest
Principal
Interest
Interest
Cumulative Cumulative Ending
Principal
Interest
Balance
Yearly Schedule of Balances and Payments
Year
Beginning
Balance
Payment
Principal
Transposed End of Year Balance (use this to link to long term debt)
Student Loan Amortization
Inputs
Loan principal amount
Annual interest rate
Loan period in years
Base year of loan
Base month of loan
Key Figures
Annual loan payments
Monthly payments
Interest in first calendar year
Interest over term of loan
Sum of all payments
10
Payments in First 12 Months
Year
Month
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Beginning
Balance
Payment
Cumulative Cumulative
Ending Balance
Principal
Interest
Principal
Interest
Interest
Cumulative Cumulative Ending
Principal
Interest
Balance
Yearly Schedule of Balances and Payments
Year
Beginning
Balance
Payment
Principal
Transposed End of Year Balance (use this to link to long term debt)
2018 Tax Updates
Money and Life TV Recap
Tax Cuts and Jobs Act
***Many of these tax revisions are set to expire for individuals after of 12/31/2025
This information in this spreadsheet is compiled from
several sources as shown on the bottom of this spreadsheet.
None of this is to be taken as legal or tax advice.
Please take time to read and do your own research.
This information is provided only for educational purposes
Revised Brackets
Rates
Income levels and Filing Status
There are revised rates for other filing statuses as well
Single
Married Filing Joint
10%
12%
22%
24%
32%
35%
37%
0 – $9,525
9525 – 38,700
38,700 – 82,500
82-500 -157,500
157,500 – 200,000
200,000 – 500,000
Over $500,000
0 – $19,050
19,050 – 77,400
77,400 – 165,000
165,000 – 315,000
315,000 – 400,000
400,000 – 600,000
Over $600,000
Standard Deduction
Year
Single
Married Filing Joint
2017
6,350
12,700
2018
12,000
24,000
Personal Exemptions
Amount
Year
2017
2018
4,050 Per Child
Child Tax Credit
Credit Amount Up To
Year
Details
N/A
Refundable Amount
2017
1,000
1,000
2018
2,000
1,400
State and Local Taxes
Amount
Year
2017
All amounts deductible
2018
Limited to $10,000
Details
Includes state income
taxes, property taxes, etc
Mortgage Interest Deductions
Year
Amount
Details
Interest deductible for
mortgage acquisition debt up Mortgage existing before 2018
$1,000,000
will not be effected.
2017
2017 Home Equity Loan Interest
Deductible
For mortgage acquired starting
in 2018. May be exceptions if
Interest deductible for
you are already in a binding
mortgage acquisition debt up contract before December 15th,
$750,000
2017.
2018
2018 Home Equity Loan Interest
No longer Deductible. May be
exceptions if you are already in a
binding contract before
December 15th, 2017.
Miscellaneous itemized deductions that are subject to 2% floor are repealed
Unreimbursed employee expenses – job travel, union dues, job education, etc.
Legal fees
Tax Preparation fees
Investment fees, safe deposit box, etc.
Education
Education credits will remain unchanged.
There will be some modifications to 529 and ABLE plans, but I am not aware
of the details of those changes at this time.
401(K)
Contribution rules and limits remain unchanged.
Alimony – Rules take effect in 2019
The spouse who pays alimony is no longer allowed an income adjustment.
the recipient who receives alimony no longer has to claim it as income.
Money and Life TV Recap
Federal Estate Tax
Exemption Amount – Single
Exemption Amount – Married
2017
5,490,000
10,980,000
2018
11,000,000
22,000,000
Money and Life TV Recap
Alternative Minimum Tax
Exemption Amount – Single
Exemption Amount – Married
2018
70,300
109,400
Alternative Minimum Tax – Phase Out Amount
Exemption Amount – Single
Exemption Amount – Married
2018
500,000
1,000,000
Affordable Care Act
Repeals shared responsibility requirement for full-coverage health insurance.
Penalties will no longer be assessed starting after 2018.
Penalties are still in effect to my knowledge for 2017 and 2018
Other things to mention
Capital Gains Rates – Essentially remain the same, and indexed for inflation
Casualty theft losses – No longer applies unless federally declared disaster
Moving reimbursement and moving deduction – suspended for most people except armed forces
Charitable deductions – Still in play. New higher AGI threshold of 60% instead of 50%
Want more detail?: Here are some awesome articles to help you learn more about the Tax Cut and Jobs Act
Here is an awesome summary by HR&Block
https://www.hrblock.com/tax-center/irs/tax-reform/tax-cuts-and-jobs-act/
The Official Bill
https://www.congress.gov/115/bills/hr1/BILLS-115hr1enr.pdf
Great recap by Tony Nitti of Forbes
https://www.forbes.com/sites/anthonynitti/2017/12/16/the-tax-bill-is-finalized-whos-happy-and-whos-not/#2f2635402288
Child Tax Credit Rules: Basic Overview
(All Links Instructions and Forms are located on the last page of this document)
Why is the Child Tax Credit worth Looking at?
If you qualify you may be able to reduce your tax liability dollar for dollar anywhere from $50 to $3,000
or even more in some circumstances.
The maximum amount you can claim for the credit for tax year 2017 is $1,000 for each qualifying child.
Is the credit refundable?
Generally no, however, there may be exceptions to this if you qualify for the Additional Child Tax Credit.
The child tax credit may reduce your tax liability to zero. Some tax payers will be able to get a portion of
this refunded to them. (See form 8812 instructions and Pub 972 in hyperlinks shown at the end of this
document).
Where do I start to figure out if I can Claim this credit?
1. Adjusted Gross Income Test â?? First determine if your income is too high to qualify for the credit
in the first place.
The first place I would recommend starting is the adjusted gross income test.
This table shown here is based on 2017 tax (2018 updates are covered near end of this document)
Modified Adjusted Gross Income ( Beginning Phase out)
Filing Status
Married Filing Joint
$110,000
Single, Head of Household, Qualifying Widow
$75,000
Married Filing Separate
$55,000
You can see an example of how the phase-out calculation works towards the end of this document
2. Qualifying Child Tests â?? Next determine if you have a â??qualifying childâ? based on the criteria
below:
Qualifying Child A qualifying child for purposes of the CTC is a child who:
1. Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half
brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or
nephew),
2. Was under age 17 at the end of 2017,
3. Did not provide over half of his or her own support for 2017,
1
Qualifying Child Criteria (Continued)
4. Lived with you for more than half of 2017 (see Exceptions to time lived with you, later),
5. Is claimed as a dependent on your return,
6. Does not file a joint return for the year (or files it only to claim a refund of withheld income
tax or estimated tax paid), and
7. Was a U.S. citizen, a U.S. national, or a U.S. resident alien. For more information, see Pub.
519, U.S. Tax Guide for Aliens. If the child was adopted, see Adopted child, later. For each
qualifying child, you must either check the box on Form 1040 or Form 1040A, line 6c, column
(4); or Form 1040NR, line 7c, column (4).
3. Determine which worksheet to use to calculate the Child Tax Credit
Assuming your income is under the threshold amount and you have qualifying children the third
step is to determine which worksheet to use to calculate the child tax credit.
There are two primary child tax credit worksheets:

The first one is located in the 2017 1040 Instructions (Or in the instructions for Form
1040A or 1040NR depending on the type of 1040 you are filing)
The 2nd worksheet is located in IRS Pub 972
You must use the worksheet in IRS Pub 972 if:
A. You are claiming the adoption credit, mortgage interest credit, District of Columbia first-time
homebuyer credit, or residential energy efficient property credit;
B. You are excluding income from Puerto Rico; or
C. You are filing Form 2555, 2555-EZ, or 4563.
If A, B, or C do not apply use the child tax care credit worksheet located in the instructions for the type
of â??1040â? form you are filing.
4. Follow the instructions on the child tax credit worksheet. Carefully read line by line and fill out the
worksheet until complete.
If you qualify for the Additional Child Tax Care Credit you will need to review and fill out form 8812 and
attach it.
2
2018 Child Tax Care Credit Changes and Updates (Per HR&Block)
Under the new Tax Cuts and Jobs Act (TCJA) the following child tax credit changes
will take place in 2018:
â?¢
â?¢
â?¢
â?¢
â?¢
The Child Tax Credit under 2018 tax reform is worth up to $2,000 per qualifying
child. The age cut-off remains at 17 (the child must be under 17 at the end of the
year for taxpayers to claim the credit).
The refundable portion of the credit is limited to $1,400. This amount will be
adjusted for inflation after 2018.
The earned income threshold for the refundable credit is lowered to $2,500.
The beginning credit phase out for the CTC increases to $200,000 ($400,000 for
joint filers). The phase out also applies to the new family tax credit.
The child must have a valid SSN to claim the nonrefundable and refundable
credit.
Prior to the TCJA, the taxpayer who was eligible to claim the childâ??s dependent
exemption was also the one eligible to claim the CTC. In turn, the taxpayer and child
had to meet several â??testsâ? for the one to be considered the dependent of the other.
The TCJA eliminates the dependent exemption itself, but retains the definition of
dependent to claim the CTC and other child- or dependent-related tax benefits. For
Child Tax Credit reform purposes, this will usually mean that the child must be related to
the taxpayer in one of several ways (son, daughter, grandchild, etc.), must live in the
taxpayerâ??s home more than half the year, and must not provide more than half of his or
her own support. Special rules apply if the parents are divorced or legally separated.
As under previous law, strict due diligence requirements apply for tax professionals who
prepare returns with the refundable Child Tax Credit during the 2018 tax year.
All changes to the new Child Tax Credit expire after December 31, 2025.
3
Other Things to Mention
Reminders Delayed refund for returns claiming the EIC or ACTC. The IRS can’t issue refunds before midFebruary 2018 for returns that properly claimed the earned income credit (EIC) or the additional child
tax credit (ACTC). This applies to the entire refund, not just the portion associated with these credits.
The IRS expects the earliest that earned income credit and/or additional child tax credit related refunds
will be available in taxpayer bank accounts or on debit cards is February 27, 2018, if they chose direct
deposit and there are no other issues with the tax return.
Child tax credit and additional child tax credit may be disallowed:
If you claim the CTC or ACTC, but you are not eligible for the credit and it is later determined that your
error was due to reckless or intentional disregard of the CTC or ACTC rules, you will not be allowed to
claim either credit for 2 years. If it is determined that your error was due to fraud, you will not be
allowed to claim either credit for 10 years.
You may also have to pay penalties. Form 8862 required. If your 2016 CTC or ACTC was denied or
reduced for any reason other than a math or clerical error, you must attach a completed Form 8862 to
your 2017 tax return to claim the credit in 2017. See Form 8862 and its instructions for details
Filers who have certain child dependents with an IRS Individual Taxpayer Identification Number (ITIN).
If you are claiming a CTC or ACTC for a child identified on your tax return with an ITIN, you must
complete Part I of Schedule 8812 (Form 1040A or 1040). An ITIN is for tax use only and may expire under
certain conditions. See the Instructions for Form W-7 for details.
Although a child may be your dependent, you may claim a CTC or ACTC only for a dependent who is a
citizen, national, or resident of the United States. To be treated as a resident of the United States, a child
generally will need to meet the requirements of the substantial presence test. For more information
about the substantial presence test, see Pub. 519.
How the income limit works
Herb and Susan have two children under age 17. The couple files a joint return and reports income of
$50,000. Their AGI is well below the $110,000 phase-out threshold for married couples filing jointly.
They can claim the full $2,000 child credit since the credit does not exceed their tax liability.
Sam and Judy also have two children under age 17, but their joint income is $130,000, meaning they will
lose some of their child tax credit. Since their combined income exceeds the $110,000 phase-out
threshold for married couples by $20,000, they must reduce their credit by $50 for every $1,000 they
are over the limit. So they would lose $1,000 of their credit ($50 x 20) and could claim only a $1,000
child tax credit.
Note that the credit is reduced by a total of $50 for each $1,000 your income exceeds the threshold, not
by $50 for each child for whom you claim the credit.
4
Effect of Credit on Welfare Benefits
Any refund you receive as a result of taking the additional child tax credit cannot be counted as income
when determining if you or anyone else is eligible for benefits or assistance, or how much you or anyone
else can receive, under any federal program or under any state or local program financed in whole or in
part with federal funds. These programs include Temporary Assistance for Needy Families (TANF),
Medicaid, Supple-mental Security Income (SSI), and Supple-mental Nutrition Assistance Program (food
stamps). In addition, when determining eligibility, the refund cannot be counted as a resource for at
least 12 months after you receive it. Check with your local benefits coordinator to find out if your refund
will affect your benefits.
How the income limit works
Herb and Susan have two children under age 17. The couple files a joint return and reports income of
$50,000. Their AGI is well below the $110,000 phase-out threshold for married couples filing jointly.
They can claim the full $2,000 child credit since the credit does not exceed their tax liability.
Sam and Judy also have two children under age 17, but their joint income is $130,000, meaning they will
lose some of their child tax credit. Since their combined income exceeds the $110,000 phase-out
threshold for married couples by $20,000, they must reduce their credit by $50 for every $1,000 they
are over the limit. So they would lose $1,000 of their credit ($50 x 20) and could claim only a $1,000
child tax credit.
Note that the credit is reduced by a total of $50 for each $1,000 your income exceeds the threshold, not
by $50 for each child for whom you claim the credit.
5
Important Links
Form 8812: https://www.irs.gov/pub/irs-pdf/f1040s8.pdf
Form 8812 Instructions: https://www.irs.gov/pub/irs-pdf/i1040s8.pdf
1040 Instructions: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
1040A Instructions: https://www.irs.gov/pub/irs-pdf/i1040a.pdf
104NR Instructions: https://www.irs.gov/pub/irs-pdf/i1040nr.pdf
IRS Publication 972: https://www.irs.gov/pub/irs-pdf/p972.pdf
Form 8862: https://www.irs.gov/pub/irs-pdf/f8862.pdf
Other helpful articles
https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz
https://www.hrblock.com/tax-center/irs/tax-reform/new-child-tax-credit/
6
Personal Finance Project
You will develop an individual â??lifeâ?? financial plan using the excel spreadsheet template provided in the
Project D2L folder. You are to fill in (and add rows and columns as needed) the information for both
your personal income statemen …
Purchase answer to see full
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