Hi, I'd first like to say how much I'm loving MoneyReady!! What a fantastic tool! Thank you so much for creating it. I have a question about where to input an inheritance. I've entered $80,000 on June 1, 2025 start date and end date under "Automatic Savings and Withdrawals" to our Joint Cash account. However, when I run Time Machine I can't seem to find it showing up anywhere so I suspect I'm doing something wrong. I would appreciate your assistance with this input. Thank you.
The way you did it should work. Make sure the Contributor selected is “Other”. You'll only see the total net deposits to the account for that year in the results, so that might not be 80K if you had other withdrawals or deposits to it.
You can alternatively add it as an INCOME, type “OTHER”, owner Joint (?), same start and end dates, not taxable. It will get dumped to your Wallet(s) to be sorted out via your AUTOMATIC SAVINGS/WITHDRAWALS and PRIORITIES.
Thanks for your kind words, they are much appreciated.
Thanks! I had the “Contributor” set to my wife. I changed it to “Other” and it worked like a charm. Thank you!
Hi, I'm also trying to enter an inheritance. I don't see a way to to make "Other Income" non-taxable.
Hi,
Add (or Edit if already entered) the INCOME. Make sure for Select an Income source to select "Other income" from the drop-down, and fill out the rest of the form.
For a one time payment, the Start date and End date should be the same.
Click Submit.
A new form will the ask you to Select the tax treatment of this income.
Select "Not taxable" from the dropdown. Click Submit.
Your list of INCOMES should now have it as Type OTHER NOTAX.