Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and the implied vol as of the last close for any unsupplied volatility. Growth and vol come from different sources, so some symbols resolve only one, and a vol that is not current resolves as nothing. A field the ticker cannot resolve falls through to a \"required field\" error naming that field: pass it explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve growth."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it as of the last market close; if neither supplies it, ask the user rather than estimating one."

Previous value: -"Fair market value per share at vest, USD. Also the cost basis on retained shares."New value: +"Fair market value per share at vest, USD. Also the cost basis on retained shares. Must come from the user."

Previous value: -"Projected $/share at end of holdYears, or the string \"market\" to project currentPrice at the S&P 500 trailing average when the user has no view. Required unless `ticker` resolves it from currentPrice × (1 + trailing CAGR)^holdYears."New value: +"Projected $/share at end of holdYears, or the string \"market\" to project currentPrice at the S&P 500 trailing average when the user has no view. Required unless `ticker` resolves it from currentPrice × (1 + trailing CAGR)^holdYears. This tool has no default for it: a value not stated by the user, not resolved by a covered `ticker`, and not the \"market\" sentinel is outside the input contract."

Previous value: -"Alternative to `volatility`: the multiplicative volatility-drag haircut on expectedSalePrice already computed for the hold. Supply this OR `volatility` (if both are given, haircut wins). Most callers should pass `volatility` and let the tool compute the haircut; the model MUST NOT compute it itself."New value: +"Alternative to `volatility`: the multiplicative volatility-drag haircut on expectedSalePrice already computed for the hold. Supply this OR `volatility` (if both are given, haircut wins). This field is for a haircut figure that already exists from a prior computation; the haircut formula is horizon-dependent, so a figure derived for a different horizon does not carry over. Supplying `volatility` instead lets the tool derive it."

Previous value: -"Years to hold after vest (0.25..5). Below 1 year triggers the short-term capital gains cliff (ordinary rates on appreciation)."New value: +"Years to hold after vest (0.25..5). Below 1 year triggers the short-term capital gains cliff (ordinary rates on appreciation). The user's choice, not a modelling detail, and it changes the answer: use the value they gave, and if they gave none, ask for it rather than assuming one."

Previous value: -"Annual W-2 ordinary income before this vest, USD. Baseline for the bracket walk on the vest amount."New value: +"Annual ordinary income before this vest, USD. Baseline for the bracket walk on the vest amount. Must come from the user. This is taxable income after deductions, not gross wages: the engine applies no standard or itemized deduction to it."

Previous value: -"Restricted Stock Unit (RSU) shares vesting in this tranche."New value: +"Restricted Stock Unit (RSU) shares vesting in this tranche. Must come from the user."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool derives the horizon-cumulative drag internally, and the correct formula is horizon-dependent. This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one."

Previous value: -"Annual after-tax-proceeds reinvestment rate. Defaults to SPY trailing CAGR for holdYears if omitted."New value: +"Annual after-tax-proceeds reinvestment rate. Defaults to SPY trailing CAGR for holdYears if omitted; the string \"market\" names that same default explicitly."

Previous value: -"number"New value: +[
+  "number",
+  "string"
+]

Previous value: -"Projected $/share at end of holdYears. Required unless `ticker` resolves it from currentPrice × (1 + trailing CAGR)^holdYears."New value: +"Projected $/share at end of holdYears, or the string \"market\" to project currentPrice at the S&P 500 trailing average when the user has no view. Required unless `ticker` resolves it from currentPrice × (1 + trailing CAGR)^holdYears."

Previous value: -"number"New value: +[
+  "number",
+  "string"
+]

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it. The covered-tickers resource (resources/list) lists which symbols resolve which field."

Added value: +{
+  "description": "Alternative to `volatility`: the multiplicative volatility-drag haircut on expectedSalePrice already computed for the hold. Supply this OR `volatility` (if both are given, haircut wins). Most callers should pass `volatility` and let the tool compute the haircut; the model MUST NOT compute it itself.",
+  "maximum": 1,
+  "minimum": 0,
+  "type": "number"
+}

Added value: +5

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Previous value: -nullNew value: +{
+  "description": "RSU sell-at-vest vs hold result. All dollar amounts are USD.",
+  "properties": {
+    "bracketJump": {
+      "description": "Marginal federal bracket change caused by the new ordinary income; null when the income stays within one bracket.",
+      "properties": {
+        "fromRate": {
+          "description": "Marginal federal rate before the event, as a decimal (0.24 = 24%).",
+          "type": "number"
+        },
+        "thresholdAtJump": {
+          "description": "Taxable-income threshold in dollars where the bracket changes.",
+          "type": "number"
+        },
+        "toRate": {
+          "description": "Marginal federal rate after the event, as a decimal.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "fromRate",
+        "toRate",
+        "thresholdAtJump"
+      ],
+      "type": [
+        "object",
+        "null"
+      ]
+    },
+    "hold": {
+      "description": "Keep the after-tax shares for holdYears, then sell.",
+      "properties": {
+        "capGainFederal": {
+          "description": "Federal capital gains tax in dollars on the gain: LTCG (including NIIT) when isLongTerm, else the marginal ordinary rate.",
+          "type": "number"
+        },
+        "capGainState": {
+          "description": "State capital gains tax in dollars on the gain.",
+          "type": "number"
+        },
+        "capGainTotal": {
+          "description": "Total capital gains tax in dollars at sale.",
+          "type": "number"
+        },
+        "costBasis": {
+          "description": "Cost basis per share in dollars (FMV at vest).",
+          "type": "number"
+        },
+        "effectiveSalePrice": {
+          "description": "Projected sale price per share in dollars at end of holdYears, after the volatility haircut.",
+          "type": "number"
+        },
+        "expectedGain": {
+          "description": "Expected capital gain in dollars on the retained shares: (effectiveSalePrice - costBasis) x sharesRetained.",
+          "type": "number"
+        },
+        "isLongTerm": {
+          "description": "True when holdYears >= 1, so appreciation gets long-term capital gains treatment.",
+          "type": "boolean"
+        },
+        "netAtYearN": {
+          "description": "Net after-tax value of holding in dollars at end of holdYears: sale proceeds - capGainTotal.",
+          "type": "number"
+        },
+        "sharesRetained": {
+          "description": "Shares kept after the sell-to-cover dollar-equivalent of the vest tax.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "costBasis",
+        "effectiveSalePrice",
+        "sharesRetained",
+        "expectedGain",
+        "capGainFederal",
+        "capGainState",
+        "capGainTotal",
+        "isLongTerm",
+        "netAtYearN"
+      ],
+      "type": "object"
+    },
+    "holdMinusSell": {
+      "description": "hold.netAtYearN - sellNowInvest.netAtYearN in dollars. Positive favors holding the vested shares; negative favors selling at vest and reinvesting.",
+      "type": "number"
+    },
+    "sellNowInvest": {
+      "description": "Counterfactual: sell every share at vest and reinvest the net cash at expectedMarketReturn for holdYears.",
+      "properties": {
+        "capGainFederal": {
+          "description": "Federal capital gains tax in dollars on the market gain: LTCG (including NIIT) when isLongTerm, else the marginal ordinary rate.",
+          "type": "number"
+        },
+        "capGainState": {
+          "description": "State capital gains tax in dollars on the market gain.",
+          "type": "number"
+        },
+        "capGainTotal": {
+          "description": "Total capital gains tax in dollars on the market gain.",
+          "type": "number"
+        },
+        "isLongTerm": {
+          "description": "True when holdYears >= 1.",
+          "type": "boolean"
+        },
+        "marketGain": {
+          "description": "Market growth in dollars on the reinvested cash over holdYears.",
+          "type": "number"
+        },
+        "netAtYearN": {
+          "description": "Net after-tax value of sell-at-vest-and-invest in dollars at end of holdYears.",
+          "type": "number"
+        },
+        "netCashAtY0": {
+          "description": "Net cash in dollars at vest available to reinvest (equals vest.netCashAtVest).",
+          "type": "number"
+        }
+      },
+      "required": [
+        "netCashAtY0",
+        "marketGain",
+        "capGainFederal",
+        "capGainState",
+        "capGainTotal",
+        "isLongTerm",
+        "netAtYearN"
+      ],
+      "type": "object"
+    },
+    "vest": {
+      "description": "Tax bill at vest on the full vest value (taxed as ordinary W-2 income).",
+      "properties": {
+        "additionalMedicare": {
+          "description": "Additional Medicare (0.9%) tax in dollars.",
+          "type": "number"
+        },
+        "federal": {
+          "description": "True federal ordinary income tax on the vest value in dollars (marginal bracket, not the withholding).",
+          "type": "number"
+        },
+        "federalWithheldAtVest": {
+          "description": "Mandatory federal supplemental withholding in dollars (22% on the first $1M of supplemental wages, 37% above). When less than vest.federal, the difference is owed at tax time.",
+          "type": "number"
+        },
+        "medicare": {
+          "description": "Medicare tax in dollars.",
+          "type": "number"
+        },
+        "netCashAtVest": {
+          "description": "vestValue - total: net cash in dollars if every share is sold at vest.",
+          "type": "number"
+        },
+        "socialSecurity": {
+          "description": "Social Security tax in dollars (0 when not employed or already past the wage base).",
+          "type": "number"
+        },
+        "state": {
+          "description": "State income tax on the vest value in dollars.",
+          "type": "number"
+        },
+        "total": {
+          "description": "Total tax at vest in dollars.",
+          "type": "number"
+        },
+        "vestValue": {
+          "description": "shares x currentPrice in dollars, taxed as ordinary income at vest.",
+          "type": "number"
+        }
+      },
+      "required": [
+        "vestValue",
+        "federal",
+        "state",
+        "socialSecurity",
+        "medicare",
+        "additionalMedicare",
+        "total",
+        "netCashAtVest",
+        "federalWithheldAtVest"
+      ],
+      "type": "object"
+    }
+  },
+  "required": [
+    "vest",
+    "bracketJump",
+    "hold",
+    "sellNowInvest",
+    "holdMinusSell"
+  ],
+  "type": "object"
+}

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative haircut internally. The model MUST NOT compute the haircut itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative drag internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them."

Previous value: -[
-  "shares",
-  "currentPrice",
-  "ordinaryIncome",
-  "filingStatus",
-  "stateCode",
-  "stillEmployed",
-  "holdYears",
-  "volatility"
-]New value: +[
+  "shares",
+  "currentPrice",
+  "ordinaryIncome",
+  "filingStatus",
+  "stateCode",
+  "stillEmployed",
+  "holdYears"
+]

Removed value: -{
-  "description": "Multiplicative haircut on expectedSalePrice (0..1) capturing volatility drag at the hold horizon.",
-  "maximum": 1,
-  "minimum": 0,
-  "type": "number"
-}

Added value: +{
+  "description": "Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool computes the horizon-cumulative haircut internally. The model MUST NOT compute the haircut itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them.",
+  "minimum": 0,
+  "type": "number"
+}

Previous value: -[
-  "shares",
-  "currentPrice",
-  "ordinaryIncome",
-  "filingStatus",
-  "stateCode",
-  "stillEmployed",
-  "holdYears",
-  "haircut"
-]New value: +[
+  "shares",
+  "currentPrice",
+  "ordinaryIncome",
+  "filingStatus",
+  "stateCode",
+  "stillEmployed",
+  "holdYears",
+  "volatility"
+]

Added value: +"Fair market value per share at vest, USD. Also the cost basis on retained shares."

Added value: +"Federal filing status."

Added value: +"Multiplicative haircut on expectedSalePrice (0..1) capturing volatility drag at the hold horizon."

Added value: +"Years to hold after vest (0.25..5). Below 1 year triggers the short-term capital gains cliff (ordinary rates on appreciation)."

Added value: +"Annual W-2 ordinary income before this vest, USD. Baseline for the bracket walk on the vest amount."

Added value: +"Restricted Stock Unit (RSU) shares vesting in this tranche."

Added value: +"Two-letter US state code."

Added value: +"True if still employed at vest. Drives FICA applicability and whether the 22% supplemental withholding rule applies."

Added value: +"Annual after-tax-proceeds reinvestment rate. Defaults to SPY trailing CAGR for holdYears if omitted."

Added value: +"Projected $/share at end of holdYears. Required unless `ticker` resolves it from currentPrice × (1 + trailing CAGR)^holdYears."

Added value: +{
+  "description": "Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user.",
+  "type": "string"
+}

Previous value: -[
-  "shares",
-  "currentPrice",
-  "ordinaryIncome",
-  "filingStatus",
-  "stateCode",
-  "stillEmployed",
-  "holdYears",
-  "expectedSalePrice",
-  "haircut",
-  "expectedMarketReturn"
-]New value: +[
+  "shares",
+  "currentPrice",
+  "ordinaryIncome",
+  "filingStatus",
+  "stateCode",
+  "stillEmployed",
+  "holdYears",
+  "haircut"
+]