The New Year is Here! Income Lab is now fully updated with 2025 Federal tax numbers. That means ordinary and long-term capital gains tax, Medicare IRMAA, deductions, QCDs, Social Security, and much more are all up to date with a new year's value.
Along with these changes, you'll see the following small adjustments:
Pre-retirement portfolio and annuity withdrawals will now be treated as spent, not automatically reinvested. (Exceptions are inherited accounts and non-qualified deferred comp.)
For the 'How can I spend $X...?' plans, Tax Lab will now give the 'green star' to the strategy with the highest net legacy (but not necessarily the lowest total taxes).
New and powerful annuity modeling options!
Model a "growth annuity" or any annuity distribution strategy from a VA or FIA without having to use a living benefit.
Model Roth conversions within an annuity, including the option to withhold taxes from the conversion(s).
New integrations!
We have a new and improved integration to Charles Schwab that offers full household import capabilities, access to real-time data, and 'instant' integration set-up. This integration will replace our older Charles Schwab integration (through BridgeFT) in early 2025.
And we've added an integration with fpPathfinder to give you easy access to relevant fpPathfinder guides from anywhere in Income Lab.
Dark Mode is Here!
Go to My Account > Display Settings > Themes and let us know what you think about this new option (in beta).
New to Tax Lab: Sort the strategies table by anything you like (tax rate, total net income, total taxes, net legacy).
You will now see average return stats for annuities, just like for non-annuity investment accounts.
Various bug fixes.
Reordering of Plan Scenarios. Plan scenarios can be reordered via drag-and-drop on the Plan Scenarios page (look out for future updates expanding on this ability!)
New Icon: There is now a small “D” icon in LifeHub and while editing in the Plan Dashboard to indicate what accounts have distribution settings applied.
Updates made to Annuities to create a more streamlined experience while building a plan.