If a scheduled contribution is not occurring, or the contribution amount is lower than expected, it is usually due to one of two reasons:
1. There isn't enough available cash to fund the contribution
Voyant will only make scheduled contributions when sufficient cash is available. If the household does not have enough available income or liquid assets (based on the plan's liquidation strategy) to fund the contribution after meeting higher-priority cash flow needs like general living expenses or debt repayment, the contribution may be reduced or skipped entirely.
To investigate:
- Go to the Cash Flow chart and hover over the year of the scheduled contribution.
- Review the household's, Inflows, Total Need, and Surplus Income Does their total need exceed their inflows? Is there surplus income available and is there any projected shortfall?
- Look for any cash shortfalls or competing spending priorities that may have prevented the contribution from being made.
If there is insufficient cash available, increasing income, reducing expenses, or adjusting the funding strategy may allow the contribution to occur.
2. The contribution exceeds the account's IRS contribution limit
Many US retirement and tax-advantaged accounts have annual contribution limits. Voyant automatically applies these IRS limits when calculating contributions.
If you schedule a contribution that exceeds the allowable limit, the software will reduce the contribution to the maximum amount permitted for that account and tax year.
For example, if you schedule a $30,000 annual contribution to an account with a lower IRS contribution limit, Voyant will automatically cap the contribution at the allowable amount.
Still not seeing the expected contribution?
If neither of the situations above appears to explain the result, review:
- The contribution schedule's start and end dates in the timing section of the asset.
- The account owner and contribution source.
- Any age or eligibility requirements associated with the account type.
If everything appears to be configured correctly and the contribution still isn't occurring as expected, please contact Voyant Support with a copy of the plan so we can investigate further. You can do this by clicking the name of your client in the top right and selecting request support.