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Maintenance Update 03 31 2020

Calculator update notes for 3-31-2020.

Overview: Financial Calculator Update 3/31/2020

The quarterly update for 3/31/2020 is a targeted update in regards to content, updating tax calculators and calculators with Required Minimum Distribution (RMD) calculations. The changes affect the functionality of the calculations, updating them to 2020 rules and regulations. In addition significant changes have been made to the underlying calculator functionality to enhance mobile performance, ADA compliance and in our Spanish Translations.

All maintenance releases are cumulative, so if you apply this update, you will have all previous calculator updates as well. For your reference you can view the previous update notes here: 12/31/2019 Update.

Update Instructions

For more detailed information please see our deployment documentation: V3 Deployment Information

  1. Download the latest update package for your calculators from your download site, found on your update e-mail notice.

  2. Execute the KJEUpdate.exe file from your download. This is a self-extracting zip file. (Or unzip the KJEUpdate.zip file if you are using a non-windows platform.) If you see a warning message, you can safely continue. When prompted for a directory, you may use the default or enter your own. It is recommended that you extract the update to a new directory and then move the required files to your production or staging environment. One directory will be created with no subdirectories.

  3. Replace all files provided in update package. The update package includes all JS files and CSS files that are required to update the content of your calculators. IMPORTANT! The update package does not contain any HTML files or the KJESiteSpecific.js or KJESiteSpecific.css files. These files are not required for an upgrade, and replacing them may result in overwriting custom changes for your website installation. If you use the full installation package and have changed the file KJESiteSpecific.js or KJESiteSpecific.css files do not replace them.

When you test the new version of the calculators, make sure that the browser you are using uses the new files instead of any it may have in its cache. You may need to clear the browser's cache manually to ensure the new versions are loaded.

Please note, if you have a Servlet or other custom deployment, installation instructions for your package will found on your download page or provided separately.

Update Changes 3/31/2020

The V3 (HTML5/JavaScript) calculators do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided.

  1. All Calculators: Calculators have been updated for more clearly reporting calculation changes when the to bar of the calculator has been scrolled out of view. The title and any calculation now appears under the buttons as you scroll down the page.

  2. ADA and Screen Readers: Updates to improve ADA and screen reader functionality are included in this update. All calculators follow the ADA guidelines to meet accessibility specification WCAG 2.1 Level AA and Section 508. As intrepretation of these guidelines changes and ADA scanning tools are refined, we continue to monitor and update the calculators.

  3. Spanish Calculators: Many Spanish calculators have been reviewed for consistancy with the English calculators as we continue to refine and improve our Spanish calculator offering.

  4. SECURE Act and CARES Act Update: Updates to implement the CARES Act waiver of RMDs for 2020 has been implement on all calculators with an RMD calculation. In addition refinements in the presentation of the SECURE Act are also included. Please see SECURE ACT and CARES ACT for more information. Calculators affected:

    SECURE Act of 2019 and CARES Act of 2020 Updated Calculators
    RMD & Stretch IRA CalculatorUse this calculator to help determine how you can stretch out your retirement plan distributions for as long as possible.
    Required Minimum Distribution (RMD)Use this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account. This financial calculator will also look at potential future year's distribution requirements.
    Required Minimum Distribution (RMD) - Current YearUse this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account for the current year.
    Required Minimum Distribution (RMD) - Future ProjectionUse this calculator to create a projection of your future Required Minimum Distributions (RMD) as an owner of a qualified retirement account.
    Required Minimum Distribution (RMD) - with Stretch ProjectionUse this calculator to create a stretch projection for Required Minimum Distributions (RMD) of a qualified retirement account.
    Beneficiary Required Minimum Distributions (RMD)Use this calculator to determine your Required Minimum Distributions (RMD) as a beneficiary of a retirement account.
    Beneficiary Required Minimum Distributions (RMD) - Designated Eligible BeneficiaryUse this calculator to create a projection of your future Required Minimum Distributions (RMD) as a "Designated Eligible Beneficiary" of a qualified retirement account.
    Beneficiary Required Minimum Distributions (RMD) - Spouse Inherited IRAUse this calculator to create a future projection and Required Minimum Distributions (RMD) as a spouse beneficiary electing not to treat the inherited retirement account as his/her own.
    457 Plan Roth Conversion with Distributions CalculatorUse this calculator to help determine if converting your 457 plan account to a 457 Roth plan account is a good move for you.
    Roth 401(k) Conversion CalculatorThis calculator will show the advantage, if any, of converting your pre-tax 401(k) to a Roth 401(k).
    Roth IRA Conversion with Distributions CalculatorUse this calculator to help determine how you can stretch out your retirement plan distributions for as long as possible.

    1. CARES Act of 2020 provided a temporary waiver of required minimum distributions (RMD)

      The RMD waiver is for retirement plans and accounts for 2020. This includes direct contribution plans such as 401k, 403b, 457b plans and IRAs. RMDs are also waived for IRA owners who turned 70 1/2 in 2019 and were required to take an RMD by April 1, 2020 and have not yet done so. For more information please see Waiver of Required Minimum Distribution for 2020.

    2. CARES Act of 2020 extends distribution period for accounts inherited by non-designated beneficiaries

      Where the original account owner died prior to 2020 and prior to their required RMD begin date, the five year distribution period has been extended to six. For more information please see Waiver of Required Minimum Distribution for 2020.

    IMPORTANT! The calculators have been updated for the SECURE Act of 2019 and the CARES Act of 2020. However, while the new laws are effective as of January 1st, 2020 and March 27th, 2020 respectively, the IRS has not released procedures for its implementation. Future IRS published procedures may have an impact on enforcement and interpretation of these Acts.

  5. 1040 Tax Estimator: (Tax1040.html) has been updated for new rates and schedules for 2019. This includes changes to the definitions, and the calculation modules. It is possible that additional changes to the tax rates and rules will take place before the end of 2019. Use the ‘Filing Status and Federal Income Tax Rates’ table to assist you in estimating your federal tax rate.
    Filing Status and Federal Income Tax Rates 2020*
    Tax RateMarried Filing Jointly or Qualified Widow(er)SingleHead of HouseholdMarried Filing Separately
    *Caution: Do not use these tax rate schedules to figure 2019 taxes. Use only to figure 2020 estimates. Source: Rev. Proc. 2019-44
    10%$0 - $19,750$0 - $9,875$0 - $14,100$0 - $9,875
    12%$19,750 - $80,250$9,875 - $40,125$14,100 - $53,700$9,875 - $40,125
    22%$80,250 - $171,050$40,125 - $85,525$53,700 - $85,500$40,125 - $85,525
    24%$171,050 - $326,600$85,525 - $163,300$85,500 - $163,300$85,525 - $163,300
    32%$326,600 - $414,700$163,300 - $207,350$163,300 - $207,350$163,300 - $207,350
    35%$414,700 - $622,050$207,350 - $518,400$207,350 - $518,400$207,350 - $311,025
    37%Over  $622,050Over  $518,400Over  $518,400Over  $311,025

    Standard Deduction for 2020 Federal Income Tax
    Filing StatusStandard Deduction
    Married Filing Joint$24,800
    Qualified Widow(er)$24,800
    Single$12,400
    Heads of Household$18,650
    Married Filing Separately$12,400

    Long-term capital gains are calculated as follows (note that qualified dividends are calculated as if they were a long-term capital gain):

    • Calculate your total taxable income without long-term capital gains.
    • Use this amount to determine the rate for your long-term gain, up to the top of the bracket.
    • The portion of your long-term capital gain that exceeds a bracket will be taxed at the next higher rate.
    • This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).
    Long-term Capital Gain Tax Rates 2020*
    Tax RateMarried Filing Jointly or Qualified Widow(er)SingleHead of HouseholdMarried Filing Separately
    *Caution: Do not use these tax rate schedules to figure 2019 taxes. Use only to figure 2020 estimates. Source: Rev. Proc. 2019-44
    0%$0 - $80,000$0 - $40,000$0 - $53,600$0 - $40,000
    15%$80,000 - $496,600$40,000 - $441,450$53,600 - $469,050$40,000 - $248,300
    20%Over $496,600Over $469,050Over $441,450Over $248,300

  6. 1040EZ Tax Estimator: (Tax1040EZ.html) has been updated for new rates and schedules for 2020. The description has been updated to note that there is no longer a specific 1040EZ form, it has been eliminated and replaced with the new stream lined 1040. This includes changes to the definitions, and the calculation modules.

  7. Marginal Tax Estimator: (TaxMargin.html, SPTaxMargin.html) has been updated for new rates and schedules for 2020. This includes changes to the definitions, and the calculation modules. his calculator has been updated to include the new new 2017 Tax Cuts and Jobs act.

  8. Self Employment Tax Calculator: (TaxSelfEmployment.html) has been updated for new rates and schedules for 2020. This includes changes to the definitions, and the calculation modules. Please note that no new entry or output fields were required, but the tax tables and many of the tax computations were affected.

  9. Earned Income Tax Credit Calculator: (EarnedIncomeCredit.html) has been updated for new rates and schedules for 2020. This includes changes to the definitions, and the calculation modules. Please note that no new entry or output fields were required, but the tax tables and many of the tax computations were affected.

  10. Charitable Tax Savings Calculator: (CharitableTax.html) has been updated for new rates and schedules for 2020. This includes changes to the definitions, and the calculation modules. Please note that no new entry or output fields were required, but the tax tables and many of the tax computations were affected.

  11. 72(t) Calculator: Early withdrawals from retirement accounts (Retire72T.html, Retire72T2.html), 72(t) Distributions: Impact on retirement fund balances (Retire72TAlt.html): The Federal Mid-Term rate has been updated for April 2020. This change affects the calculators default values and the definition of Reasonable Interest Rate For April 2020. For April 2020, 120% of the Federal Mid-Term rate has changed to 1.19%.