As with all other sections of the Tax and Cash Flow Form, you only enter items here that are not entered anywhere else on the database.
For example, most planners enter into MasterPlan their clients’ personal residences with the offsetting (or attached) mortgages. MasterPlan automatically picks up the interest on the mortgage and the property tax from the residence form, so they do not enter anything on the corresponding lines in the Itemized Deductions Tab.
Suppose you want to do a quick tax estimation, and don’t want to take the time to detail the information on the asset and liability forms. Then you can summarize that data here.
There is no other place on the database, though, to enter Medical and Dental or Charitable expenses. Be sure to include these in the Living Expenses on the Cash Flow Tab. We escalated the Medical & Dental and the Charitable Contributions at 5%.
Now click on the Living Expenses Budget Tab.
