The quarterly update for 12/31/2009 is a large update, affecting almost every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2009 rules and regulations. The most significant calculation changes in this update were to the retirement, savings, and tax calculators.
If you have not updated your calculators recently you should definitely refresh your existing calculator pages. All updates are cumulative, so if you start fresh with this update, you will have all previous calculator updates as well. If you would like, you can review our 9/30/2009 update: 9/30/2009 Update. (The 12/31/2009 update includes all changes included in previous updates, you do not need to download any other updates to have the most current versions of all of the calculator components.)
Update instructions*:
*Please note, if you have a Servlet or other custom deployment (other than the custom formatted delivery described below), installation instructions for your package will found on your download page.
Update for custom formatted delivery**:
**Custom formatted delivery is a special option that you can add to your maintenance update service. With this option we can apply an HTML, JSP, CFM or ASP template to your calculator pages and their reports before the update is sent to you. You will then receive your calculator pages with all of your site formatting in place, without any rework to include changes that have been made to the pages deployed on your server. If you are interested in using custom formatted delivery, please contact us at (612) 331-2291, or for more information.
All pages will be custom formatted to your site, no further integration or modification of the calculators is required. Please note, if your custom delivery uses Active Server Pages (ASP), Java™ Server Pages (JSP) or Cold Fusion (CFM) the respective ASP, JSP or CFM pages will be in place of your HTML documents for all calculator main pages. Report templates will remain in HTML documents (these documents are not called by your server, but instead used by the applet in the main calculator page).
To clear your Browser's cache:
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.
Internet Explorer:
Choose "Internet Options" under the "Tools" menu and on the "General" tab click on the "Delete" button under the Browsing History section. Click the top button "Clear private data now..." Click "Ok" when prompted if you wish to delete all temporary files. Close this dialog box, and all open Internet Explorer windows. Your Cache should then be cleared.
Firefox and Netscape:
Choose "Clear private data..." under the "Tools" menu. Check the box for "Cache" and then click the button "Clear private data now".
<FORM><INPUT TYPE='button' ...
changed to:
<FORM name=calcsubmit><INPUT TYPE='button' ...
The dinkytown.jar file was modified to accomidate this changes as well.
CHANGE 2:
New function added to javascript section as follows:
function doLeave() {
document.calcsubmit.btnCallCalc.focus();
}
All default interest rates have been made consistent across all mortgage calculators. The following rates are now used:
This are the default rates that appear and can be changed by the calculator user. Your specific calculator build can indicate the specific rate for each of the types listed above. If you wish to change your default interest rates, please contact us via email with your required rates of return.
This affects the following 28 calculators:
| HTML File Changed | Name |
|---|---|
| Biweekly.html | Bi-weekly Payment Calculator |
| ExistingBiweekly.html | Bi-weekly Payments for an Existing Mortgage |
| FHAMortgageQualifier.html | FHA Mortgage Loan Calculator |
| MortgageAdjustable.html | Adjustable Rate Mortgage Calculator |
| MortgageApr.html | Mortgage APR Calculator |
| MortgageAprAdjustable.html | APR Calculator for Adjustable Rate Mortgages |
| MortgageArmvsFixed.html | ARM vs. Fixed Rate Mortgage |
| MortgageBalloon.html | Balloon Mortgages |
| MortgageBlend.html | Blended Rate Mortgage Calculator |
| MortgageLoan.html | Mortgage Loan Calculator |
| MortgageCompare.html | Mortgage comparison: 15 years vs. 30 years |
| MortgageConsolidate.html | Mortgage Debt Consolidation |
| MortgageFixedvsIO.html | Fixed Rate Mortgage vs. Interest Only Mortgage |
| MortgageFixedvsLibor.html | Fixed Rate Mortgage vs. LIBOR ARM |
| MortgageFixedvsNegAm.html | Option ARM vs. Fixed Rate Mortgage |
| MortgageIncome.html | Mortgage Required Income |
| MortgageInterestOnly.html | Interest Only Mortgage Calculator |
| MortgageIOAdjustable.html | Interest Only ARM Calculator |
| MortgageLoan2.html | Mortgage Loan Calculator (PITI) |
| MortgageMax.html | Maximum Mortgage |
| MortgagePayoff.html | Mortgage Payoff |
| MortgagePoints.html | Mortgage Points Calculator |
| MortgageQualifier.html | Mortgage Qualifier |
| MortgageRefinance.html | Refinance Breakeven |
| MortgageRentvsBuy.html | Rent vs. Buy |
| MortgageTaxes.html | Mortgage Tax Savings Calculator |
| ReverseMortgage.html | Reverse Mortgage Calculator |
| ShouldIRefi.html | Refinance Interest Savings |
All default rates of return have been made consistent across all calculators (Savings, Investment, Retirement and certain Mortgage and Loan calculators where investment rates are required). The following rates are now used:
Your specific calculator build can indicate the specific rate of return you would like to use for each of the above categories. If you wish to change your default rate of returns please contact us via email with your required rates of return. The calculators affected by these rates are listed in the table under the Rate of Return definition update.
New definition:
The actual rate of return is largely dependent on the type of investments you select. For example, from December 1999 to December 2009, the average annual compounded rate of return for the S&P 500 was -0.6%, including reinvestment of dividends. From January 1970 to December 2009, the average annual compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 10.1% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a bank may pay as little as 1% or less but carry significantly lower risk of loss of principal balances.
It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.
This affects the following 56 calculators:
| Calculator Type | Name | HTML File Changed |
|---|---|---|
| Auto Calculators | Lease vs. Buy | BuyvsLease.html |
| Business Calculators | Equipment Buy vs. Lease | BizBuyvsLease.html |
| Business Debt Consolidation Calculator | BizConsolidate.html | |
| Credit Cards and Debt Management | Consolidation Loan Investment Calculator | InvestmentDebt.html |
| Insurance Calculators | Variable Annuity Calculator | Annuity.html |
| Comprehensive Life Insurance Analysis | EnhancedLifeIns.html | |
| Health Savings Account (HSA) Goal Calculator | HSAGoal.html | |
| Health Savings Account (HSA) Savings Calculator | HSASavings.html | |
| Human Life Value | HumanLifeValue.html | |
| Life Insurance Calculator | LifeInsurance.html | |
| Investment Calculators | Compare Investment Fees | CompareFees.html |
| Mutual Fund Expense Calculator | FundExpense.html | |
| Taxable vs. Tax Advantaged Investments | InvestCompare.html | |
| Investment Savings and Distributions | InvestmentDistribution.html | |
| Investment Distributions | InvestmentDistribution2.html | |
| Investment Loan | InvestmentLoan.html | |
| Investment Returns | InvestmentReturn.html | |
| Investment Goal Calculator | InvestmentVariables.html | |
| Personal Economic Calculator | RecoverTime.html | |
| Personal Economic Recovery Calculator | RecoverTime.html | |
| Annual Stock Option Grants | StockGrants.html | |
| Stock Option Calculator | StockOptions.html | |
| Mortgage Calculators | Rent vs. Buy | MortgageRentvsBuy.html |
| Retirement Savings and Planning | How Important is Social Security? | NoSocial.html |
| Pension Plan Retirement Options | PensionOptions.html | |
| Traditional IRA Calculator | RegularIRA.html | |
| 401(k) Savings Calculator | Retire401k.html | |
| 403(b) Savings Calculator | Retire403b.html | |
| 457 Savings Calculator | Retire457.html | |
| 72(t) Distribution Impact | Retire72Alt.html | |
| Beneficiary Required Minimum Distributions | RetireBeneficiary.html | |
| Required Minimum Distribution (RMD) | RetireDistrib.html | |
| Retirement Income | RetirementIncome.html | |
| Retirement Nestegg Calculator | RetirementNestegg.html | |
| Retirement Planner | RetirementPlan.html | |
| Retirement Pension Planner | RetirementPlan3.html | |
| Retirement Shortfall | RetireShort.html | |
| Individual 401(k) Savings Calculator | RetireSolo401k.html | |
| 401(k) Spend It or Save It Calculator | Rollover401k.html | |
| Roth IRA Calculator | RothIRA.html | |
| Roth IRA Conversion | RothTransfer.html | |
| Roth vs. Traditional IRA | RothvsRegular.html | |
| Roth 401(k) or Traditional 401(k)? | RothvsTraditional401k.html | |
| RMD & Stretch IRA Calculator | StretchIRA.html | |
| Savings Calculators | College Savings | CollegeSavings.html |
| Compare Savings Rates | CompareSavings.html | |
| Compound Interest and Your Return | CompoundInterest.html | |
| Savings Calculator | CompoundSavings.html | |
| Savings Distribution Calculator | DistribSavings.html | |
| Emergency Savings Calculator | Emergency.html | |
| Lunch Savings | LunchSaver.html | |
| Cool Million | Millionaire.html | |
| Savings Goals | Savings.html | |
| Savings, Taxes, and Inflation | SavingsVariables.html | |
| Benefit of Spending Less | SpendLess.html | |
| Don't Delay Your Savings! | WaitCost.html | |
What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2009. The CPI for 2009 was -1.0%, as reported by the Minneapolis Federal Reserve.
This affects the following 23 calculators:
| Calculator Type | Name | HTML File Changed |
|---|---|---|
| Insurance Calculators | Disability Insurance | Disability.html |
| Health Savings Account (HSA) Goal Calculator | HSAGoal.html | |
| Health Savings Account (HSA) Savings Calculator | HSASavings.html | |
| Human Life Value | HumanLifeValue.html | |
| Life Insurance Calculator | LifeInsurance.html | |
| Long Term Care Calculator | LongtermCare.html | |
| Investment Calculators | Investment Savings and Distributions | InvestmentDistribution.html |
| Investment Distributions | InvestmentDistribution2.html | |
| Investment Returns | InvestmentReturn.html | |
| Investment Goal Calculator | InvestmentVariables.html | |
| Personal Economic Recovery Calculator | RecoverTime.html | |
| Mortgage Calculators | Rent vs. Buy | MortgageRentvsBuy.html |
| Retirement Savings and Planning | How Important is Social Security? | NoSocial.html |
| Retirement Income | RetirementIncome.html | |
| Retirement Nestegg Calculator | RetirementNestegg.html | |
| Retirement Planner | RetirementPlan.html | |
| Retirement Pension Planner | RetirementPlan3.html | |
| Retirement Shortfall | RetireShort.html | |
| Social Security Benefits | SocialSecurity.html | |
| Company Stock Distribution Analysis Calculator | StockRollover401k.html | |
| Savings Calculators | Cool Million | Millionaire.html |
| Savings Goals | Savings.html | |
| Savings, Taxes, and Inflation | SavingsVariables.html | |
Have been finalized for 2010 changes. This includes new contribution limits and rules put into law for 2010. This includes the following:
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| HSABusiness.html | Employer Benefit |
| HSAContribution.html | Health Savings Account (HSA) Contribution Calculator |
| HSASavings.html | Health Savings Account (HSA) Savings Calculator |
| HSAvsTraditional.html | Health Savings Account (HSA) vs. Traditional Health Plan |
| HSAGoal.html | Health Savings Account (HSA) Goal Calculator |
The following line has been added to the report to indicate the amount of the Make Work Pay credit: <TR><TD><b>Make work pay tax credit</b></TD><TD>MAKE_WORK_PAY_CREDIT</TD></TR>
Definition for long term card costs has been updated to:
New legislation has suspended all RMDs for 2009. Without the 2009 RMD suspension, the minimum distribution would have been $x.xx."
Each of these calculators has been updated to the new withholding rates for 2010 as published in IRS Publication 15, Rev Decmber 2009. The associated withholding tables have been updated as well as the calculations. In addition, the definitions have been updated to reflect that the calculator is using the 2010 amounts (even though the actual amout has not changed) for the following: 401(k)/403(b) limits (remain at $16,500 under 50, $22,000 for 50 and over), FICA OASDI (remains at $106,800), and allowances remain at $3650.
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| Payroll.html | Payroll Deductions |
| PayrollHourly.html | Hourly Paycheck Calculator |
| Payroll125.html | Section 125 Cafeteria Plan |
| PayrollGross.html | Net to Gross Paycheck Calculator |
| 457Payroll.html | 457 Payroll Calculator |
| IncomeOneorTwo.html | Should my spouse work? |
| SPPayroll.html | Efectos de sus Aportaciones a su Jubilación sobre su Cheque de Paga |
| SPRetirePayrollSavings.html | Efectos de sus Aportaciones a su Jubilación sobre su Cheque de Paga |
The 2010 Withholding tables are as follows:
Single Withholding Rates*
|
Annual taxable income between these amounts |
Annual withholding |
Withhold additional % of income over this amount |
||
|
$0.00 |
$6,050.00 |
$0.00 |
$0.00 |
|
|
$6,050.00 |
$10,425.00 |
$0.000 |
plus 10% of income over $6,050.00 |
|
|
$10,425.00 |
$36,050.00 |
$437.50 |
plus 15% of income over $10,425.00 |
|
|
$36,050.00 |
$67,700.00 |
$4,281.25 |
plus 25% of income over $36,050.00 |
|
|
$67,700.00 |
$84,450.00 |
$12,193.75 |
plus 27% of income over $67,700.00 |
|
|
$84,450.00 |
$87,700.00 |
$16,716.25 |
plus 30% of income over $84,450.00 |
|
|
$87,700.00 |
$173,900.00 |
$17,691.25 |
plus 28% of income over $87,700.00 |
|
|
$173,900.00 |
$375,700.00 |
$41,827.25 |
plus 33% of income over $173,900.00 |
|
|
$375,700.00 |
(no limit) |
$108,421.25 |
plus 35% of income over $375,700.00 |
|
Married Withholding Rates*
|
Annual taxable income between these amounts |
Annual withholding |
Withhold additional % of income over this amount |
||
|
$0.00 |
$13,750.00 |
plus $0.00 |
||
|
$13,750.00 |
$24,500.00 |
$0.00 |
plus 10% of income over $13,750.00 |
|
|
$24,500.00 |
$75,750.00 |
$1,075.00 |
plus 15% of income over $24,500.00 |
|
|
$75,750.00 |
$94,050.00 |
$8,762.50 |
plus 25% of income over $75,750.00 |
|
|
$94,050.00 |
$124,050.00 |
$13,337.50 |
plus 27% of income over $94,050.00 |
|
|
$124,050.00 |
$145,050.00 |
$21,437.50 |
plus 25% of income over $124,050.00 |
|
|
$145,050.00 |
$217,000.00 |
$26,687.50 |
plus 28% of income over $145,050.00 |
|
|
$217,000.00 |
$381,400.00 |
$46,883.50 |
plus 33% of income over $217,000.00 |
|
|
$381,400.00 |
(no limit) |
101,085.50 |
plus 35% of income over $381,400.00 |
|
| U.S. Undergraduate College Costs for 2009-10 School Year Source: College Board's 2009 Trends in College Pricing, www.collegeboard.com | ||||
| Type | Tuition and fees | Room & Board | Total | Change from 2008-09 |
|---|---|---|---|---|
| Public 4-Year (in-state tuition) | $7,020 | $8,193 | $15,213 | 5.9% |
| Public 4-Year (out-of-state tuition) | $18,548 | $8,193 | $26,741 | 6.0% |
| Private 4-Year | $26,273 | $9,363 | $35,636 | 4.3% |
A note has been added to the Roth IRA calculator describing the ability to make a non-deductible IRA contribution and then immediately rolling it over to a Roth IRA. This is currently available to taxpayers that do not qualify for a direct Roth IRA contribution. The message is as follows:
Starting in 2010 high income individuals will have the option to make non-deductible Traditional IRA contributions and then immediately convert them to a Roth IRA. This can effectively eliminate the income phase-out for Roth IRA contributions. This loop-hole for Roth IRA contributions may or may not be available in later years depending on future changes to the IRA law.
If your income falls in a "phase-out" range you are allowed only a prorated Roth IRA contribution. If your income exceeds the phase-out range, you do not qualify for any Roth IRA contribution. The table below summarizes the income "phase-out" ranges for Roth IRAs.
| Tax filing status | 2010 Income Phase-Out Range |
| Married filing jointly or Head of household | $167,000 to $177,000 |
| Single | $105,000 to $120,000 |
| Married filing separately* | $0 to $10,000 |
A note has been added to the calculator describing the ability to make a non-deductible IRA contribution and then immediately rolling it over to a Roth IRA. This is currently available to taxpayers that do not qualify for a direct Roth IRA contribution:
Starting in 2010 high income individuals will have the option to make non-deductible Traditional IRA contributions and then immediately convert them to a Roth IRA. This can effectively eliminate the income phase-out for Roth IRA contributions. This loop-hole for Roth IRA contributions may or may not be available in later years depending on future changes to the IRA law. This calculator assumes that you will not be taking advantage of this option.
| Calculator Name | HTML File Changed |
|---|---|
| 401(k) Net Unrealized Appreciation vs. Rollover | StockRollover401k.html |
| Municipal Bond Tax Equivalent Yield | TaxEquivYeild.html |
| Mortgage Debt Consolidation | MortgageConsolidate.html |
| Roth 401(k) or Traditional 401(k)? | RothvsTraditional401k.html, Compare401k.html |
| Pre-tax or Roth (after tax) Account? | RothvsPreTaxAccount.html |
| 401(k) Spend It or Save It Calculator | Rollover401k.html |
| Investment Goal Calculator | InvestmentVariables.html |
NOTE:The actual tax calculators will be updated at the end of the tax season, in the 3/31/2009 update.
Calculations and definitions updated for 2010, however there was no change to the income limit of $106,800 for FICA or the annual maximum benefits of $27,876 per year for a single person and 1.5 times this amount for a married couple.
These changes affect the following calculators:
| Calculator Name | HTML File Changed |
|---|---|
| Social Security Calculator | SocialSecurity.html |
| How important is Social Security? | NoSocial.html |
| Retirement Planner | RetirementPlan.html |
| Retirement Pension Planner | RetirementPlan3.html |
| Retirement Nestegg Calculator | RetirementNestegg.html |
| Your Number & Retirement Income Plan | RetirementNumber.html |
The definitions of Social Security in each of these calculators has been updated to the following:
Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increases each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one of the spouses work. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice - once for each spouse and their respective income. This calculator provides only an estimate of your benefits.
The calculations use the 2010 FICA income limit of $106,800 with an annual maximum Social Security benefit of $27,876 per year for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.