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Maintenance Update 06 30 2022

Calculator update notes for 6-30-2022.

Overview:

The June 30th update for 2022 is limited to minor fixes and enhancements. This update is optional unless you have received instructions from us or have one of the calculators specifically. All updates are cumulative, by skipping this limited update any changes to your package will be included in the next update. To view the previous update package please see Calculator Update 3/31/2022.

Update instructions:

  1. Download the latest version of your calculator update from your download site, found on your update e-mail notice.
  2. Run the update package (KJECalc.exe). This is a self-extracting zip file. (Or unzip the KJECalc.zip file if you are using a non-windows platform.)
  3. 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 environment. One directory will be created with no subdirectories.
  4. Copy the new files to your current deployment, replacing files with identical files names with the new ones.

If you wish, you can download the full calculator package from the same location, and refresh all files provided by KJE for your calculators. This package includes any site specific changes done for you by KJE, but will not include any customizations by you or your web-developers. Please contact us if you have questions regarding this new update package. If you are experiencing format issues, or it has been more than a year since you have installed an update package, it is recommended you use the full installation package.

Master Changes (affects all V3 calculators):

  1. CSS and Layout refinement: Numerous fine-tuning adjustments to the V3 core deployment. This includes refinements to fonts, display and mobile device compatibility improvements.

  2. ADA and Screen Readers: Continued improvement ADA and screen reader functionality are included in this update to meet or exceed accessibility specification WCAG 2.1 Level AA and Section 508.

  3. 1040 Tax Calculator: Updates to definitions and updates to better match expected end of year tax rules.

Calculator specific updates:

  1. 1040 Tax Calculator (Tax1040.html), 1040 Simple Tax Calculator (Tax1040Simple.html), Charitable Giving Tax Savings Calculator (CharitableTax.html), U.S. Easy Tax Estimator (Tax1040EZ.html), Marginal Tax Calculator (TaxMargin.html): Updates to definitions for better clarity of tax rules. In addition, changes to better forecast the final 2022 rules such as the removal of temporary tax rules that expired in 2021 that no longer appear to be in the pipeline for renewal. This includes the removal of non-itemized charitable cash deduction and the 2021 temporary higher child tax credits reverting back to the pre-2021 amounts, limits and rules. Definitions, inputs and calculations have been affected by this change.

  2. 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 July 2022. For July 2022, 120% of the Federal Mid-Term rate has changed to 3.59%.

  3. 72(t) Calculator: Early withdrawals from retirement accounts (Retire72T.html, Retire72T2.html), 72(t) Distributions: Impact on retirement fund balances (Retire72TAlt.html): New rules for determining the highest maximum distribution rate. The calculation has not changed, but the maximum rate definition and setting in the calculator have been adjusted. The new rules now are as follows:

    Distribution interest rate
    In January of 2022, Notice 2022-6 specified a change to what is considered an acceptable interest rate when calculating distributions. Previously the rule set the maximum rate at 120% of the Federal Mid-Term rate for either of the two months immediately preceding the month in which the distribution begins. The new rule now sets a maximum of 5% or 120% of the Federal Mid-Term rate – whichever is higher. This essentially makes 5% the new maximum until Federal Mid-Term rates increase significantly.