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Social Security benefits on their own aren't subject to federal income tax, but most retirees have additional sources of retirement income like savings accounts or IRAs. When benefits are combined with other types of income, the total income can fall over the threshold, and Social Security income can become taxable.

Download this chart for a helpful reference on the steps needed to calculate how much of your client's Social Security benefit will be taxable. 

   

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"Covisum’s trilogy of tools (SmartRisk™, Tax Clarity® and Social Security Timing®) have helped my firm with what can sometimes seem like a daunting task: providing a clear financial picture to clients and what various decisions mean to their investment portfolio, tax situation, and overall retirement income projections. Simply put, these tools are important conversation starters that can support the dialog every advisor should be having with their clients."