From 9ff3f4d08707805583ed6f26fbdc612d9203e2e2 Mon Sep 17 00:00:00 2001 From: cdemmigs Date: Sun, 15 Dec 2024 17:12:52 -0500 Subject: [PATCH] medical expenses readme update --- README.md | 9 ++++++--- 1 file changed, 6 insertions(+), 3 deletions(-) diff --git a/README.md b/README.md index 103e41d..be13ec3 100644 --- a/README.md +++ b/README.md @@ -21,6 +21,7 @@ * Eligible Canadian Dividends * OAS clawbacks * Pension credit eligible income + * Medical Expenses ## Installing @@ -47,7 +48,7 @@ * This custom function does an internal check and outputs the results. Ensure there are enough empty lines below so that the custom function can expand the results. * The test data is using 2024 tax bracket data. The expected results column is calculated manually using the TaxTips.ca website. https://www.taxtips.ca/calculators/canadian-tax/canadian-tax-calculator.htm -* **=GET_GROSS_INCOMES_V2(income, ageInFuture, currentAge, projectedInflation, taxYear, projectedGains, projectedDividends , yearlyOAS, incomeEligibleForPensionCredit)** +* **=GET_GROSS_INCOMES_V2(income, ageInFuture, currentAge, projectedInflation, taxYear, projectedGains, projectedDividends , yearlyOAS, incomeEligibleForPensionCredit, medicalExpenses)** * Process a column of yearly NET INCOMES and return a column of GROSS INCOMES. * The GROSS INCOME is the total income from taxable sources like: pension, RRSP, RRIF, LIF, CPP, OAS (but sources of income used as parameters to the function ARE NOT included in the total - they are used to find total tax payable) * The capital gains and dividends are not include in the gross income. They used to find the total tax payable. @@ -63,10 +64,11 @@ * **projectedDividends** - amount of dividends received each year * **yearlyOAS** - Old Age Security amount. Used to determine clawback (which is counted as a tax) * **incomeEligibleForPensionCredit** - Pension credit eligible income. This will add to the tax credits up to a specific amount. + * **medicalExpenses** - Expected yearly medical expenses * **returns** - GROSS Income from ALL taxable sources EXCLUDING capital gains and dividends, but including RRSP, CPP, OAS, ...(all taxable sources) * Basically, we are trying to find how much to withdraw from RRSP so RRSP = gross - (CPP + OAS + other taxable sources) - * **GET_NET_INCOMES_V2(yearlyGrossIncome, ageInFuture, currentAge, inflation, taxYear, capitalGains, dividendIncome, OAS, pension)** + * **GET_NET_INCOMES_V2(yearlyGrossIncome, ageInFuture, currentAge, inflation, taxYear, capitalGains, dividendIncome, OAS, pension, medicalExpenses)** * **Parameters** - The sames as GET_GROSS_INCOMES_V2, except the first parameter would contain gross incomes and net incomes are calculated. ## Example Usage @@ -85,12 +87,13 @@ ## Example Case for GET_GROSS_INCOMES_V2() vs. Taxtips.ca (2024 tax year) -**=GET_GROSS_INCOMES_V2(50000, 70, 70, 0, 2024, 0, 5000, 9416, 2000)** +**=GET_GROSS_INCOMES_V2(50000, 70, 70, 0, 2024, 0, 5000, 9416, 2000, 0)** * This example is for a 70 year old in 2024 tax year. * We want a net income of **$50,000** * We have earned **$5,000** in dividends * We have received **$9,416** in old age security payments (OAS) * **$2,000** of our total income is from pension credit eligible taxable income. +* No medical expenses. Results ==> **58,824.22**