Override the Money calculated effective tax rate
and enter your own in the lifetime plan
calculates an effective income tax
rate(The percentage of your total taxable income that you
pay in income tax. Your effective rate is is less than the rate in
your tax bracket, or your marginal rate. ) for you based on
the state in which you live. If you know that you are paying
significantly higher or lower than the average for your state
(perhaps by looking at your most recent tax return), you might want
to enter a different effective income tax rate.
Click Planning Tools, and then click
In the left pane, click Taxes &
Click Adjust the effective tax rate
Enter the tax rate you want to use.
If you enter your own effective tax rate, Money uses the custom
tax rate you entered for all tax-related activities throughout your
If you adjust your tax rate for this year, Money doesn't use
this same rate for each future year in your plan. Money applies the
difference between the rate you entered and the rate it calculates
for each future year. For example, if Money calculates a rate of
10% and you type 12%, Money will calculate a rate for each future
year in your plan and will add 2% (the difference between 10% and
12%) to each year's calculated rate.