Personal Finance Project

Anonymous

Question Description

i need help to make this project . i need some export in excel and he can make this fast and correct. i have only three days to make it . thank you

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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 Miscellaneous itemized deductions that are subject to 2% floor are repealed Unreimbursed employee expenses - job travel, union dues, job education, etc.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 – 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 – Next determine if you have a “qualifying child” 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 “1040” 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: • • • • • 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 child’s dependent exemption was also the one eligible to claim the CTC. In turn, the taxpayer and child had to meet several “tests” 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 taxpayer’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 % 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) Personal Finance Project You will develop an individual ‘life’ 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 attachment

Tutor Answer

TeacherSethGreg
School: Boston College

Attached.

%
Annual raise rate:
Inflation (non-negligable):
Company match % limit:
Savings interest:
Traditional IRA interest:
401k interest:
Roth IRA interest:

2%
3%
3%
5%
4%
6%
5%

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

Year

5/22/2018

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Age

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

Personal Income Statement
Income
Salary

$

37,433.59

$

374.34

$62,914

$

64,171.87

$

65,455.31

$

66,764.42

$

68,099.70

$

69,461.70

$

70,850.93

$

72,267.95

$

73,713.31

$

75,187.58

$

76,691.33

$

78,225.15

$

79,789.66

$

81,385.45

$

83,013.16

$

84,673.42

$

86,366.89

629.14

$

641.72

$

654.55

$

667.64

$

681.00

$

694.62

$

708.51

$

722.68

$

737.13

$

751.88

$

766.91

$

782.25

$

797.90

$

813.85

$

830.13

$

846.73

$

863.67

$

37,807.93

$63,543

$64,814

$66,110

$67,432

$68,781

$70,156

$71,559

$72,991

$74,450

$75,939

$77,458

$79,007

$80,588

$82,199

$83,843

$85,520

$87,231

$12,000

$12,150

$12,302

$12,456

$12,611

$12,769

$12,929

$13,090

$13,254

$13,420

$13,587

$13,757

$13,929

$14,103

$14,279

$14,458

$14,639

$14,822

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

$3,774.82

Traditional IRA Contributions
12000

Taxable Net Income

$3,850.31

$3,145.68

Total Deductions
$

$3,927.32

$3,208.59

19070.496

$4,005.86

$3,272.77

19360.78092

$4,085.98

$3,338.22

19655.73248

$4,167.70

$3,404.99

19955.42976

$4,251.06

$3,473.08

20259.95328

$4,336.08

$3,542.55

20569.38495

$4,422.80

$3,613.40

20883.80816

$4,511.25

$3,685.67

21203.30778

$4,601.48

$3,759.38

21527.97019

$4,693.51

$3,834.57

21857.8833

$4,787.38

$3,911.26

22193.13659

$4,883.13

$3,989.48

22533.82114

$4,980.79

$4,069.27

22880.02966

$5,080.41

$4,150.66

23231.85649

$5,182.01

$4,233.67

23589.3977

$4,318.34

23952.75102

24322.01599

25,807.93

$44,472

$45,453

$46,454

$47,477

$48,521

$49,587

$50,676

$51,787

$52,922

$54,082

$55,265

$56,474

$57,708

$58,967

$60,254

$61,567

$62,909

$3,097

$9,784

$10,000

$10,220

$10,445

$10,675

$10,909

$11,149

$11,393

$11,643

$11,898

$12,158

$12,424

$12,696

$12,973

$13,256

$13,545

$13,840

$

22,710.98

$34,688

$35,453

$36,234

$37,032

$37,846

$38,678

$39,527

$40,394

$41,280

$42,184

$43,107

$44,049

$45,012

$45,995

$46,998

$48,023

$

22,710.98

Tax Expense
Child Tax Credit

After Tax Income
Roth IRA Distributions
Total After Tax Net Income

$49,069

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

29,188.35

$

29,953.19

$

30,734.22

$

31,531.77

$

32,346.18

$

33,177.81

$

34,026.99

$

34,894.11

$

35,779.53

$

36,683.62

$

37,606.78

$

38,549.40

$

39,511.87

$

40,494.61

$

41,498.04

$

42,522.58

$

43,568.66

Expenses
Rent

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

$6,000

Utilities

$1,680

$1,730

$1,782

$1,836

$1,891

$1,948

$2,006

$2,066

$2,128

$2,192

$2,258

$2,326

$2,395

$2,467

$2,541

$2,617

$2,696

$2,777

Food

$2,000

$2,060

$2,122

$2,185

$2,251

$2,319

$2,388

$2,460

$2,534

$2,610

$2,688

$2,768

$2,852

$2,937

$3,025

$3,116

$3,209

$3,306

Health Care

$2,400

$2,472

$2,546

$2,623

$2,701

$2,782

$2,866

$2,952

$3,040

$3,131

$3,225

$3,322

$3,422

$3,524

$3,630

$3,739

$3,851

$3,967

Travel

$1,560

$1,607

$1,655

$1,705

$1,756

$1,808

$1,863

$1,919

$1,976

$2,035

$2,097

$2,159

$2,224

$2,291

$2,360

$2,430

$2,503

$2,578

$6,441

$6,461

$6,461

$6,441

$6,441

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$1,000

$8,699

$56

$58

$60

$61

$63

$65

$67

$69

$71

$73

$76

$78

$80

$83

$85

$88

$4,745

$4,745

$4,745

$4,745

$4,745

$4,745

$4,745

$4,745

$4,745

$4,745

$4,745

$222

$222

$222

$222

$222

Vehicle
Miscellaneous

$53

$55

Mortgage
Student Loan Payments

$222

Other
Total Expenses

$222

$222

$222

$200

$206

$212

$219

$225

$232

$239

$246

$253

$261

$269

$277

$285

$294

$303

$312

$321

$331

$13,893

$14,130

$21,037

$21,308

$21,567

$21,813

$22,088

$15,674

$15,966

$16,266

$16,575

$16,893

$16,999

$17,336

$17,684

$18,042

$18,411

$26,490

Residual Income

$

8,817.98

$

15,058.56

$

Funds to savings & checking account

$

7,054.38

$

3,238.94

$

Other Investments for Retirement

$222

8,916.42

$

(1,850.93) $

9,425.97

$

(1,622.97) $

9,964.77

$

(1,375.20) $

10,533.03

$

(1,107.53) $

11,090.15

$

18,352.80

$

18,928.50

$

(852.52) $

3,763.11

$

4,025.28

$

19,513.95

$

(208.70) $

20,109.09

$

20,714.02

$

21,550.87

$

22,175.73

$

22,810.74

$

23,456.00

$

24,111.63

$

17,078.74

61.01

$

334.43

$

789.17

$

1,070.03

$

1,354.63

$

1,642.96

$

1,935.02

$

571.63

$1,764

$3,012

$1,783

$1,885

$1,993

$2,107

$2,218

$3,671

$3,786

$3,903

$4,022

$4,143

$4,310

$4,435

$4,562

$4,691

$4,822

$0

$3,146

$3,209

$3,273

$3,338

$3,405

$3,473

$3,543

$3,613

$3,686

$3,759

$3,835

$3,911

$3,989

$4,069

$4,151

$4,234

$3,775

$3,850

$3,927

$4,006

$4,086

$4,168

$4,251

$4,336

$4,423

$4,511

$4,601

$4,694

$4,787

$4,883

$4,981

$5,080

Funds to IRA
Funds to 401K

$

-

Funds to Roth IRA

$

-

Company Match; not included in residual income

$
$0

-

$

$1,887

-

$

$1,925

-

$

$1,964

-

$

$2,003

-

$

$2,043

-

$

$2,084

1,000.00

$

$2,126

1,000.00

$

$2,168

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$

5,500.00

$3,416
$4,318
$5,182
$

1,000.00

$2,211

$2,256

$2,301

$2,347

$2,394

$2,442

$2,490

$2,540

$2,591

$18,823

Personal Finance Sheet
Assets
Current Assets
Savings & Checking account

$7,054

Other Investments for Retirement

$10,293

$8,442

$6,819

$5,444

$4,337

$3,484

$7,247

$11,273

$11,064

$11,125

$11,459

$12,248

$13,319

$14,673

$16,316

$18,251

$1,764

$4,775

$6,559

$8,444

$10,437

$12,543

$14,761

$18,432

$22,218

$26,120

$30,142

$34,285

$38,595

$43,030

$47,593

$52,284

$57,106

IRA

$0

$3,146

$6,354

$9,627

$12,965

$16,370

$19,843

$23,386

$26,999

$30,685

$34,444

$38,279

$42,190

$46,180

$50,249

$54,400

$58,633

$62,952

401K

$0

$5,662

$11,777

$18,375

$25,486

$33,145

$41,385

$50,244

$59,763

$69,983

$80,949

$92,708

$105,311

$118,811

$133,264

$148,731

$165,276

$182,965

Roth IRA

$0

$1,887

$3,813

$5,776

$7,779

$9,822

$11,906

$14,032

$16,200

$18,411

$20,667

$22,967

$25,314

$27,708

$30,149

$32,640

$35,180

$37,771

$8,818

$25,764

$36,945

$49,042

$62,112

$76,217

$91,380

$113,341

$136,452

$156,263

$177,327

$199,699

$223,659

$249,047

$275,928

$304,370

$334,446

$363,032

$25,000

$22,500

$20,250

$18,225

$16,403

$14,762

$13,286

$11,957

$10,762

$9,686

$8,717

$7,845

$7,061

$6,355

$5,719

$39,147

$50,000

$50,750

$51,511

$52,284

$53,068

$53,864

$54,672

$55,492

$56,325

$57,169

$58,027

Total Current Assets

$60,522

Fixed Assets
Auto
House
Personal Property
$0

$0

$25,000

$22,500

$20,250

$18,225

$16,403

$64,762

$64,036

$63,469

$63,046

$62,754

$62,581

$62,517

$62,553

$62,679

$62,889

$97,174

$8,818

$25,764

$61,945

$71,542

$82,362

$94,442

$107,782

$178,103

$200,488

$219,732

$240,373

$262,452

$286,240

$311,564

$338,481

$367,049

$397,335

$460,206

Student Loan Debt

$18,934

$16,808

$14,617

$12,360

$10,034

$0

$0

$0

$0

$0

Auto Debt

$15,741

$10,754

$5,511

$0
$34,331

$31,232

$27,975

$24,551

$20,953

$17,169

Total Assets

Liabilities
Current Liabilities (can be zero for this project)

Total Current Liabilities
...

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Anonymous
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