The quarterly update for 12/31/2020 is a large update, affecting every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2021 rules and regulations. The most significant calculation changes in this update were to the retirement, savings, and tax calculators. Additional changes have also been made to enhance the user interface and continue ADA refinement. All standard calculators meet accessibility specification WCAG 2.1 Level AA and Section 508.
With this update, Internet Explorer 9 (IE9) and Internet Explorer 10 (IE 10) are only minimally supported. All calculators will continue to function in these browsers, but there may be differences in their visual appearance and user interface. Microsoft ended all support for IE9 and IE10 as of 1/12/2016 - our move away from these outdated browsers follows a long trend toward their more modern counterparts. All support for IE9 and IE10 is scheduled to end on 12/31/2021.
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: 9/30/2020 Update.
For more detailed information please see our frequently asked questions: FAQ: V3 Frequently Asked Questions
For more detailed information please see our deployment documentation: V3 Deployment Information
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.
The V3 (HTML5/JavaScript) calculators do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided.
All calculators follow the ADA guidelines to meet accessibility specification WCAG 2.1 Level AA and Section 508. We continue to refine our ADA support with this update. Over the past year all calculators have been tested and updated to include ADA support, this includes:
SortSite:
https://www.powermapper.com/products/sortsite/checks/browser-compatibility/
WebAim:
https://wave.webaim.org/
We will continue to monitor and update our software to maintain compliance and ensure any future compliance issues are resolved quickly. If you have a specific calculator on your site where you have a question please feel free to contact us.
Improvements to the graphical user interface continue with this update. This includes
New definition:
The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2020, had an annual compounded rate of return of 13.8%, including reinvestment of dividends. From January 1, 1971 to December 31st 2020, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.8% (source: www.spglobal.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 financial institution may pay as little as 0.25% 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 investment funds and/or investment companies may charge.
New definition Spanish Definition:
Es la tasa compuesta anual de rendimiento que usted prevé lograr con sus ahorros o inversiones. La tasa de rendimiento real depende en gran parte de los tipos de inversiones que usted escoja. En los 10 años que terminaron el 31 de diciembre de 2020, el Índice Standard & Poor's 500® (S&P 500®) tuvo una tasa compuesta anual de rendimiento de 13.8%, incluyendo la reinversión de los dividendos. Del 1o de enero de 1970 al 31 de diciembre de 2020, el promedio de la tasa compuesta anual de rendimiento de S&P 500®, incluyendo la reinversión de los dividendos, fue aproximadamente 10.8% (fuente: www.spglobal.com). Desde 1970, el mayor rendimiento en un período de 12 meses fue 61% (junio de 1982 a junio de 1983). El menor rendimiento en un período de 12 meses fue -43% (marzo de 2008 a marzo de 2009). Las cuentas de ahorro en una institución financiera pueden pagar tan poco como el 0.25%, o incluso menos, pero tienen un riesgo mucho menor de pérdida del capital.
Es importante recordar que éstos son casos hipotéticos y que las tasas futuras de rendimiento no se pueden predecir con certeza, y que las inversiones que pagan mayores tasas de rendimiento generalmente están sujetas a mayor riesgo y volatilidad. La tasa real de rendimiento en las inversiones puede variar mucho a lo largo del tiempo, especialmente en inversiones a largo plazo. Esto incluye la potencial pérdida del capital de su inversión. No es posible invertir directamente en un índice, y la tasa compuesta de rendimiento que se menciona arriba no refleja cargos de ventas y otros gastos y honorarios que pueden cobrar los fondos de inversión y/o empresas de inversión.
This affects the following 66 calculators:
The actual rate of return is largely dependent on the type of investments you select. For example, the total return including dividends of the S&P/TSX Composite Index for the 10 year period from December 31, 2010 through December 31, 2020 was 5.9% (source spindices.com). Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are 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.
The CPI for 2020 was estimated by the U.S. Bureau of Labor Statistics as 1.2% (the annualized rate), this small difference from the existing long term average was not enough change the long term average of 2.9%. The new definition now reads:
This is 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). From 1925 through 2020 the CPI has a long-term average of 2.9% annually. Over the last 40 years the highest CPI recorded was 13.5% in 1980. For 2020, the last full year available, the CPI was 1.2% annually as reported by the U.S. Bureau of Labor Statistics.
For Spanish the definition now reads as:
Es la tasa de inflación que usted prevé como promedio a largo plazo. Una medida común de inflación en Estados Unidos es el Índice de precios al consumidor (CPI por sus siglas en inglés). De 1925 a 2020 el CPI tiene un promedio a largo plazo del 2.9% anual. En los últimos 40 años el CPI más alto fue 13.5% en 1980. En el 2020, el último año completo disponible, el CPI fue 1.2% anual, según La Oficina de Estadìsticas Laborales o Bureau of Labor Statistics (BLS - por sus siglas en inglès).
This affects the following 25 calculators (and all associated Spanish versions):
Calculations and definitions updated for 2021. The calculations use the 2021 FICA income limit of $142,800 with an annual maximum Social Security benefit of $37,776 ($3,148 per month) for a single person and 1.5 times this amount for a married couple. These are the benefit amounts the age of full retirement, delaying retirement beyond full retirement age can increase the benefit. Please see https://www.ssa.gov/news/press/factsheets/colafacts2021.pdf for more information.
These changes affect the following calculators (and associated Spanish versions):
| Name | HTML File Changed |
|---|---|
| Social Security Benefit Calculator | SocialSecurity.html |
| How important is Social Security? | NoSocial.html |
| Retirement Planner Calculator | RetirementPlan.html |
| Retirement Pension Planner Calculator | RetirementPlan3.html |
| Retirement Nestegg Calculator | RetirementNestegg.html |
| Retirement Income Calculator | RetirementNumber.html |
| Retirement Planner with Retirement Earnings Calculator | RetirementPlan4.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 increase 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 2021 FICA income limit of $142,800 with an annual maximum Social Security benefit of $37,776 ($3,148 per month) 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 income 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). This calculator rounds your age of full Social Security benefits to the next highest full year. If your birthdate is between 1955 and 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1955. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
For Spanish versions:
El Seguro Social está basado en una escala móvil en base a sus ingresos, a cuánto tiempo trabaja y a qué edad se jubila. Los beneficios del Seguro Social aumentan automáticamente todos los años en base a los aumentos del Índice de Precios al Consumidor. El incluir a un cónyuge aumenta sus beneficios del Seguro Social en 1.5 veces el cálculo de su beneficio individual. Note que esta calculadora asume que sólo uno de los cónyuges trabaja. Los beneficios podrían ser diferentes si su cónyuge ha trabajado y ganado un beneficio que es más de la mitad de su beneficio. En el caso de un matrimonio en el que ambos cónyuges trabajan, podría tener que hacer el cálculo dos veces - una por cada cónyuge con su respectivo ingreso. Esta calculadora sólo provee un cálculo aproximado de sus beneficios.
En las calculaciones se utiliza el límite de ingreso 2021 FICA (Ley de la Contribución Federal al Seguro Social) de $142,800 con un beneficio anual máximo del Seguro Social de $37,776 ($3,148 por mes) para una persona soltera, y esa cantidad multiplicada por 1.5 para un matrimonio. Para recibir el beneficio máximo, usted tendría que haber ganado el salario máximo FICA por casi toda su carrera. También tendría que comenzar a recibir beneficios a su plena edad de jubilación de 66 ó 67 años (dependiendo de su fecha de nacimiento). Esta calculadora redondea su plena edad de jubilación para recibir beneficios del Seguro Social al siguiente año completo. Si su fecha de nacimiento es entre 1955 y 1959, el Seguro Social considera que su plena edad de jubilación es 66 más dos meses por cada año después de 1954. Su beneficio real podría ser menor o mayor, dependiendo de su historial de trabajo y las reglas completas de compensación que usa el Seguro Social.
The tax table has been updated on the following calculators and all associated Spanish versions (replacing the 2020 Federal Tax Table).
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| *Caution: Do not use these tax rate schedules to figure 2021 taxes. Use only to figure 2021 estimates. Source: Rev. Proc. 2020-45 | ||||
| 10% | $0 - $19,900 | $0 - $9,950 | $0 - $14,200 | $0 - $9,950 |
| 12% | $19,900 - $81,050 | $9,950 - $40,525 | $14,200 - $54,200 | $9,950 - $40,525 |
| 22% | $81,050 - $172,750 | $40,525 - $86,375 | $54,200 - $86,350 | $40,525 - $86,375 |
| 24% | $172,750 - $329,850 | $86,375 - $164,925 | $86,350 - $164,900 | $86,375 - $164,925 |
| 32% | $329,850 - $418,850 | $164,925 - $209,425 | $164,900 - $209,400 | $164,925 - $209,425 |
| 35% | $418,850 - $628,300 | $209,425 - $523,600 | $209,400 - $523,600 | $209,425 - $314,150 |
| 37% | Over $628,300 | Over $523,600 | Over $523,600 | Over $314,150 |
For Spanish versions: Puede utilizar la siguiente tabla para ayudarle a determinar su actual tasa de impuesto.
| Tasa Contributiva | Casado rindiendo juntos o Viudo | Soltero | Jefe de familia | Casados declarando separadamente |
|---|---|---|---|---|
| *Cuidado: No utilice estas tasas contributivas para computar los impuestos del 2020. Solo utilizar para calcular estimados para el 2021. | ||||
| 10% | $0 - $19,900 | $0 - $9,950 | $0 - $14,200 | $0 - $9,950 |
| 12% | $19,900 - $81,050 | $9,950 - $40,525 | $14,200 - $54,200 | $9,950 - $40,525 |
| 22% | $81,050 - $172,750 | $40,525 - $86,375 | $54,200 - $86,350 | $40,525 - $86,375 |
| 24% | $172,750 - $329,850 | $86,375 - $164,925 | $86,350 - $164,900 | $86,375 - $164,925 |
| 32% | $329,850 - $418,850 | $164,925 - $209,425 | $164,900 - $209,400 | $164,925 - $209,425 |
| 35% | $418,850 - $628,300 | $209,425 - $523,600 | $209,400 - $523,600 | $209,425 - $314,150 |
| 37% | Más de $628,300 | Más de $523,600 | Más de $523,600 | Más de $314,150 |
NOTE: The actual tax calculators will be updated at the end of the tax season, in the 3/31/2021 update.
Have been finalized for 2021. The limits and amounts were increased slightly from 2020 for all HSA calculations. All calculators were updated to indicate the new 2021 amounts. Income tax brackets and rates were updated to 2021. This includes the following:
This table shows the limits for HSA's in 2021.
| 2021 | 2020 | Change | |
|---|---|---|---|
| HSA Contribution Limit | Single: $3,600 Family: $7,200 | Single: $3,550 Family: $7,100 | Single: $50+ Family: $100+ |
| HSA catch-up contributions* | $1,000 | $1,000 | No change, not indexed to inflation |
| HDHP minimum deductible | Single: $1,400 Family: $2,800 | Single: $1,400 Family: $2,800 | No change |
| HDHP maximum out-of-pocket** | Single: $7,000 Family: $14,000 | Single: $6,900 Family: $13,800 | Single: 100+ Family: $200+ |
*Catch-up contributions can be made anytime during the year in which the participant turns 55. **This includes deductible amount, co-payments and other non-premium payments. | |||
Please note, you are no longer eligible to make HSA contributions starting in the first month that you are eligible for and enrolled in Medicare Part A or B.
For complete details on HSAs you may wish to visit the U.S. Treasury at U.S. Treasury Health Savings Accounts.
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| HSABusiness.html | Health Savings Accounts (HSA) 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 |
| HSAGoal.html | Health Savings Account (HSA) vs. Traditional Total Savings Comparison |
Has been updated 2021 tax rules. This calculator is for 2021 tax calculations for taxes filed in April 2022. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. The calculations use the 2021 FICA income limit of $142,800. (Note: the 2020 version of this calculator for 2020 taxes which are filed in April 2021 is available at this link 2020 Self-Employment Tax Calculator.)
Has been updated for changes in 2020. This is the final version of the 1040 tax form for 2020. Changes were made to match the SECURE and CARES acts. Note: the 2021 version of this calculator will be released 3/31/2021 which is for 2021 taxes which are filed in April 2022.
We now include the CARES act $300 charitable deduction for those that do not itemize their taxes.
Definition for charitable contributions has been updated to:
Enter your total gifts of cash and non-cash to qualified charitable organizations. Enter cash donations only (check, credit card, actual cash) if you will be taking the standard deduction and your total cash portion of your donations was under $300.
The calculator will automatically include a charitable contribution deduction (of up to $300) when the standard deduction is taken. This is a new deduction for 2020, made available as part of the CARES act.
This calculator has been finalized for the 2020. Minor changes have occurred to the definitions and the calculations. (Note: the 2020 version of this calculator will be released 3/31/2021 which is for 2021 taxes which are filed in April 2022.)
We now include the CARES act $300 charitable deduction for those that do not itemize their taxes.
Calculator was renamed to no longer reference the discontinued 1040EZ form.
This calculator has been finalized for the 2020. Minor changes have occurred to the definitions and the calculations. (Note: the 2020 version of this calculator will be released 3/31/2021 which is for 2021 taxes which are filed in April 2022.)
We now include the CARES act $300 charitable deduction for those that do not itemize their taxes.
Has been updated for changes in 2020. Minor changes have occurred to the definitions and the calculations. Note: the 2021 version of this calculator will be released 3/31/2021 which is for 2021 taxes which are filed in April 2022.
We now include the CARES act $300 charitable deduction for those that do not itemize their taxes.
The estimated costs have been updated to reflect the cost of 2020 nursing home and home health care costs.
Definition for long term care costs has been updated to:
This is your current estimated cost of long-term care. This is your current estimated cost of long-term care. According to the Genworth Financial 2020 Cost of Care Survey, the estimated median annual cost for a nursing home stay was $93,075 per year for a semi-private room. This is about $255 per day. The cost for a private room was $105,850 or $290 per day. Assisted living at home can cost more than $54,912 per year or $150 per day for a home healthcare aid. All of these long-term care costs can be considerably higher in larger metropolitan areas.
The default daily value was increased to $290. The default annual value was increased to $93,075.
The Federal Mid-Term rate has been updated for January 2021. This change affects the calculators default values and the definition of Reasonable Interest Rate For January 2021. For January 2021, 120% of the Federal Mid-Term rate is .62%.
This calculator has been updated for 2021. Contribution limits have increased to $58,000 per year. The catch-up amount remains the same at $6,500. Definitions and information have been updated to reflect the calculator is current for 2021.
This calculator has been updated for 2021, 401(k) contributions remained the same at $19,500. The total defined benefit contribution limit has increased to $58,000. The catch-up amount remains the same at $6,500. Definitions and information have been updated to reflect the calculator is current for 2021.
The contribution limits for retirement plans on this calculator have been updated to reflect $19,500 for 2021 (no change from 2020). The Payroll withholding information has also been updated to 2020 rules and rates.
The Payroll withholding information has been updated to 2021 rules and rates.
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| Payroll.html | Payroll Deductions Calculator |
| PayrollHourly.html | Payroll Hourly Paycheck Calculator |
| Payroll125.html | Payroll Flexible Spending Account (FSA) Calculator |
| PayrollGross.html | Payroll Net to Gross Calculator |
| 457Payroll.html | Payroll Deduction Calculator with 457 Contributions |
| IncomeOneorTwo.html | Should my spouse work? |
| RetirePayrollSavings.html | Retirement Contribution Effects on Your Paycheck Calculator |
| RetirePayrollSavings401k.html | 401(k) Contribution Effects on Your Paycheck Calculator |
| RetirePayrollSavings457.html | 457 Contribution Effects on Your Paycheck Calculator |
| Compare401k2.html | Roth vs. Traditional 401(k) and Your Paycheck Calculator |
| SPPayroll.html | Cheque deducciones y retenciones |
| SPRetirePayrollSavings.html | Efectos de sus Aportaciones a su Jubilación sobre su Cheque de Paga |
Definition updates as follows:
Your current year gross earnings that were subject to FICA taxes (Social Security tax and Medicare tax). This total should not include the current payroll period or any income from other sources or employers. We use this amount to determine if you are required to have Social Security tax or additional Medicare tax withheld for the current payroll period. Typically, this is your gross earnings minus employer paid health insurance and any Flexible Spending Account (FSA) contributions. In 2021, year-to-date earnings is not required or used for incomes under $142,800 per year, or if your current year-to-date earnings plus your current payroll does not exceed $142,800.
For 2021, Social Security tax is calculated as your gross earnings times 6.2%. For 2021, incomes over $142,800 that have already had the maximum Social Security tax of $8,853.60 withheld will not have additional withholding. Please note that if you have other wages or employers this calculator does not make any assumptions as to the total Social Security tax withheld for the current year other than the actual inputs for this calculator. This tax is also referred to as the Federal Insurance Contributions Act Old Age Survivors and Disability Insurance (FICA OASDI).
Medicare tax is calculated as your gross earnings times 1.45%. Unlike the Social Security tax, there is no annual limit to the Medicare tax. Starting in 2013, an additional Medicare tax of 0.9% is withheld on all gross earnings paid in excess of $200,000 in a calendar year. If you enter an amount for the year-to-date gross earnings, this additional Medicare tax will be calculated based on the current period's gross earnings that exceed the annual $200,000 threshold. If no year-to-date amount is entered, any additional Medicare tax withholding will be calculated only for any gross earnings in excess of $200,000 for the current payroll period. If year-to-date wages prior to the current payroll period have exceeded $200,000, the year-to-date wages must be entered to calculate an accurate additional Medicare tax.
2021 Federal income tax withholding calculation:
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2021 | ||
| $0 - $3,950 | $0.00 | |
| $3,950 - $13,900 | $0.00 | plus 10% of income over $3,950 |
| $13,900 - $44,475 | $995.00 | plus 12% of income over $13,900 |
| $44,475 - $90,325 | $4,664.00 | plus 22% of income over $44,475 |
| $90,325 - $168,875 | $14,751.00 | plus 24% of income over $90,325 |
| $168,875 - $213,375 | $33,603.00 | plus 32% of income over $168,875 |
| $213,375 - $527,550 | $47,843.00 | plus 35% of income over $213,375 |
| $527,550 - (no limit) | $157,804.25 | plus 37% of income over $527,550 |
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2021 | ||
| $0 - $12,200 | $0.00 | |
| $12,200 - $32,100 | $0.00 | plus 10% of income over $12,200 |
| $32,100 - $93,250 | $1,990.00 | plus 12% of income over $32,100 |
| $93,250 - $184,950 | $9,328.00 | plus 22% of income over $93,250 |
| $184,950 - $342,050 | $29,502.00 | plus 24% of income over $184,950 |
| $342,050 - $431,050 | $67,206.00 | plus 32% of income over $342,050 |
| $431,050 - $640,500 | $95,686.00 | plus 35% of income over $431,050 |
| $640,500 - (no limit) | $168,993.50 | plus 37% of income over $640,500 |
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2021 | ||
| $0 - $10,200 | $0.00 | |
| $10,200 - $24,400 | $0.00 | plus 10% of income over $10,200 |
| $24,400 - $64,400 | $1,420.00 | plus 12% of income over $24,400 |
| $64,400 - $96,550 | $6,220.00 | plus 22% of income over $64,400 |
| $96,550 - $175,100 | $13,293.00 | plus 24% of income over $96,550 |
| $175,100 - $219,600 | $32,145.00 | plus 32% of income over $175,100 |
| $219,600 - $533,800 | $46,385.00 | plus 35% of income over $219,600 |
| $533,800 - (no limit) | $156,355.00 | plus 37% of income over $533,800 |
The definition for tuition, room and board, and education cost inflation have been updated to include the average costs for the 2020-21 school year. The defaults have also been changed to reflect the new average cost for the 2020-21 school year and the average cost increases for tuition and room and board. The new information is show below:
| College Type | Tuition & Fees | Additional Expenses* | Total | Change from 2018-19 |
|---|---|---|---|---|
| Public 4-Year (in-state tuition) | $10,560 | $16,260 | $26,820 | 1.1% |
| Public 4-Year (out-state tuition) | $27,020 | $16,260 | $43,280 | 0.9% |
| Private 4-Year | $37,650 | $17,230 | $54,880 | 2.1% |
The definitions and the calculation module have been updated to reflect 2021 maximum contribution limits of $19,500 annually for those under 50 and $26,000 annually for those 50 and older (not change to the amounts themselves for 2021).
The definitions and the calculation module have been updated to reflect the 2021 maximum contribution limits of $19,500 annually (no change from 2020) for those under 50 and $26,000 annually for those 50 and older (no change from 2020). The limitation used in the definition of highly compensated employee did not change and remained at $130,000 for 2021.
The definitions and the calculation module have been updated to reflect 2021 maximum contribution limits of $19,500 annually for those under 50 and $26,000 annually for those 50 and older. (No change in the amounts for 2021).
Calculations and definitions for Social Security updated. (See Social Security calculator updated for details).
The exemption amount has been increased to $11,700,000. This is $120,000 more 2020's $11,580,000. There was no change in the estate tax rate. The annual gift exclusion remained at $15,000.
These calculators have been updated to 2021 phase out ranges. The maximum annual contribution of $6,000 per individual under 50 and $7,000 per individual over 50 remains unchanged from 2021. These changes include updates to the calculation module as well as the definitions and the report.
The tables and text below has been updated:
| Tax Filing Status | Income Phase-Out Range |
|---|---|
| Married filing jointly or head of household | $198,000 to $208,000 |
| Single | $125,000 - $140,000 |
| Married filing separately | $0 - $10,000 |
| Tax Filing Status | Income Phase-Out Range |
|---|---|
| Married filing jointly | $105,000 - $125,000 |
| Single, Head of Household or Married Filing Separately (and have not lived with spouse for last year)* | $66,000 - $76,000 |
| Married filing separately* | $0 - $10,000 |
| Married filing jointly (spouse has employer plan, IRA owner does not)** | $198,000 - $208,000 |