We are not planning to incorporate CARES Act rules in MaxiFi since they are optional or require more information than is currently in MaxiFi and users can easily implement their desired options or adjust their current entries.
Required Minimum Distributions
If you want to opt out of RMDs in 2020 you can add an extra retirement contribution to any one of your non-Roth retirement accounts to offset the RMD.
401(k) loans (and other defined contribution plans)
MaxiFi doesn’t directly handle 401(k) loans, users implement them with special withdrawals and contributions, so they can easily adjust to the new limits.
Social Security benefits
If you are self-employed and you want to push off the 2020 6.2% employer portion of Social Security taxes on wages from March 27 through December 31, 2020, you can add a special receipt in 2020 equal the tax and a special expense in each of 2021 and 2022 equal to one half of the tax.
New coronavirus-related distribution exception
MaxiFi doesn’t impose the 10% early withdrawal penalty because there are so many existing exceptions, users that are subject to the penalty can include it as a special expense.
If you want to be taxed over three years you can temporarily take the distribution over three years and note the federal income tax, then take the entire distribution in 2020 and adjust the 2020 through 2022 income taxes to match the temporary three year tax with special receipts or expenses.
MaxiFi doesn’t directly handle qualified charitable distributions (QCD), users implement QCDs with special receipts to offset the income taxes on the distribution and the RMD offset.
The new above-the-line deduction of $300 for charitable contributions is just a tax deductible special expense.
MaxiFi doesn’t impose the limit on cash gifts to public charities, users that do so can easily adjust their entries to the new limit.