Enter information about other income

1. Click New to add a source of other income. If you included your spouse in your plan, add any other income sources for your spouse as well as for yourself.

2. Select an existing source of other income and click Edit to change the information about it.


  • Tips to keep in mind when adding or changing information about a source of other income
    Other income is money that you expect to derive from sources other than salaries or benefits. You can save it or use it to pay expenses so you don't have to dip into other savings for cash.
    • Income period: An example of a one-time event is an inheritance or gift; an example of multiple-year income is when someone repays money they've borrowed from you. If the income amount varies, consider averaging it over the last five years to find a reasonable amount.
    • Annual growth: A good rule of thumb for estimating other income increases is to follow the inflation rate(Inflation is a rise in the price of commodities and services. Inflation occurs when spending increases and supplies decrease. Moderate inflation is an expected result of economic growth).
    • Tax rate: If the income is unusually large, then your taxes on that income will be higher than your average tax rate(The income tax you paid over a period divided by your gross income over the same period. It is different from your "income tax rate" because it is an average taken over several years. The average income tax rate is sometimes called your "effective tax rate"). Usually this large income is taxed at the marginal tax rate(As you earn more, your income is taxed by the federal government at higher rates. Your marginal rates tell you how much you'll net out of an increase in pay. For example, if you earn an extra $3,000, and your marginal rate is 28 percent, your raise is worth $2,160 after federal tax (and less after state and Social Security taxes). Your marginal rate also helps you evaluate investments. In the 28 percent bracket, a tax-exempt bond probably beats a taxable one, because the latter will pay you less interest after tax. But in the 15 percent bracket, the taxable bond is better; it yields more interest, after tax, than you'd get from a tax-exempt bond). If your other income is not unusually large, enter your average tax rate.
    • Use for income: Choose Save it and invest it in your Taxable portfolio if you want to invest the income. Consider this if the other income is a one-time event. That way you won't have to set up a special savings contribution for the year you receive the other income.
  • Should I use this income to pay for living expenses?
    Choose Use it to pay expenses if you want to use the other income for living expenses. Consider this if the income is more regular. Note that none of the income will be saved. If you still want to divert some of this money to savings, you can set up a savings account and contribute to that amount from the Savings dialog.
  • Currency tips
    The Lifetime Planner support only U.S. currency. If you use non-U.S. currency accounts, their balances will be converted to U.S. dollars for planning. All currency amounts that you enter in the Lifetime Planner should be in U.S. dollars. If you have a multicurrency Quicken file and are not using U.S. dollars as your home currency, you will need to have U.S. dollars in your currency list with a current exchange rate.
  • General tips
    For general information on filling out the Lifetime Planner, see the Tips topic.

Return to Get started with the Lifetime Planner.

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