How do I run a client report?

Generating a client-friendly report in Income InSight, Tax Clarity, Social Security Timing, or SmartRisk is a quick and straightforward process. Follow the steps below or watch this video.

How do I run a client report from Income InSight?

Tip: Utilize the intake form for quick and efficient data entry.

To run a client report from Income InSight:

1. Log in and select "Add Client."
2. Select "Import" or "Manual Entry."
   
3. Click "Start" to proceed.
4. Enter the client's date of birth (DOB) and life expectancy.
5. Complete all necessary client information. A red halo indicates incomplete information.
6. Click the Income InSight tab in the upper right-hand corner.
7. The financial analysis consists of four charts, namely:
   • Account Balances
   • Income by Source
   • Income by Result
   • Rate on Next Dollar
8. Above the graphs, find the Impact Estimate Dashboard showcasing your client's Portfolio Longevity, Income Floor, and Estate Value.
   
9. Review the "Stress Test" tabs. Each tab represents a different scenario. When a tab is selected, Income InSight will run an analysis with the assumptions listed. A green stress test indicates your client's income levels will last as planned. A red stress test indicates the desired income levels will not last given the selected scenario. Stress tests include:
   • Everything is Fine
   • Down Market
   • High Inflation
   • Social Security Benefit Cuts
   • Client/Spouse Dies Early
   • Long-Term Care is Required for Client/Spouse
10. Utilize the "Plan" tab to adjust your client plan variables and develop an income plan. Plan variables include:
    
    • Add a Single Preferred Immediate Annuity (SPIA)
    • Add Term Life Insurance
    • Add Permanent Life Insurance
    • Add Long-Term Care
    • Add Deferred Annuity
    • Change Harvesting Pattern/Withdrawal Strategy
    • Change Social Security Strategy
    • Refine Health Insurance
    • Refine Spending
    • Reallocate Portfolios
    • When additional assumptions or data are required, a red halo will outline that required field.
11. Click the "$" tab for a tabular view of input and assumptions.
12. The diagonal arrows tab enlarges the graph.
    
    

Tip: To print your report, select "Generate PDF" and click the printer icon at the top of the screen.

If you have any questions, please contact our customer experience team.

How do I run a client report from Tax Clarity?

Tip: Use the Tax Clarity intake form to make data entry a breeze.

To generate a client report from Tax Clarity:

1. Log in and select "Add Client."
2. Select "Import" or "Manual Entry."
   
   
3. If you selected "Manual Entry," enter the client information, including filing status, first name, last name, and DOB.
4. In "Settings," choose the tax year and apply relevant options, like including the Tax Cuts and Jobs Act 2017 or excluding Medicare premiums.
5. Input information from the client's tax return into the software. You can enter their information under “Ordinary Income,” "Capital Gains," "Other Income," "Above the Line Deductions," or "Schedule A." Other Income includes Social Security and tax-free interest. Above the Line Deductions includes any other above the line deductions and IRA contributions. Schedule A includes medical and dental expenses, taxes paid, interest paid, gifts to charity, casualty and theft losses, and other itemized deductions.
6. Click "See Results" after entering your client's financial data. There is a "Details" button below the Tax Map. Click this button to see your inputs and calculated fields.
   
   

You can also create alternate strategies by going back into the input screen by clicking "Input Data," clicking on the plus sign, and selecting "Create a Blank Tax Map" or "Clone Current Tax Map." As you create strategies, you can click on this dropdown to switch between or delete strategies. You can also rename each strategy and see a side-by-side comparison view of each strategy that you create.

Tip: To print your report, select "Generate PDF" and click the printer icon at the top of the screen.

What information do I need to run a Tax Clarity report?

Your client's tax return should have the information you need to input into the software. Enter the information from the client's tax return into the software.

Tip: If a appears above the respective input field, additional instructions are provided.  Click the icon to see the instruction for each section and field.

You may need any or all of the following information from your client's tax return:

• Earned Income (Form 1040)
• Taxable Interest (Form 1040)
• Ordinary Dividends (Form 1040)
• Taxable Refunds (Form 1040)
• Alimony Received (Schedule 1)
• Unemployment Compensation (Schedule 1)
• Taxable Amount of IRA Distributions (Form 1040)
• Taxable Amount of Pensions or Annuities (Form 1040)
• Self-Employment Income (Schedule SE)
• Business Income (or loss) (Schedule C)
• Rental Real Estate, Royalties, Partnerships, S Corporations, Trusts, etc. (Schedule E)
• Farm Income (or loss) (Schedule F)
• Long Term Capital Gains (Schedule D)
• Short Term Capital Gains (Schedule D)
• Qualified Dividends (Form 1040)
• Gross Social Security Benefits (Form 1040)
• Tax-Free Interest (Schedule 1)
• Self-employed SEP, SIMPLE, and qualified plans (Schedule 1)
• IRA deduction (Schedule 1)
• Medical and Dental Expenses (Schedule A)
• Taxes You Paid (Schedule A)
• State and Local Taxes (Schedule A)
• Real Estate Taxes (Schedule A)
• Personal Property Taxes (Schedule A)
• Other Taxes (Schedule A)
• Interest You Paid (Schedule A)
• Home mortgage interest and points reported on Form 1098 (Schedule A)
• Home mortgage interest not reported on Form 1098 (Schedule A)
• Points not reported to you on Form 1098 (Schedule A)
• Investment interest (Schedule A)
• Gifts to Charity (Schedule A)
• Gifts by cash or check (Schedule A)
• Other than cash or check (Schedule A)
• Carryover from prior year (Schedule A)
• Casualty and theft Losses (Schedule A)
• Casualty and Theft Losses (Other Personal Casualty and Theft Loss) (Schedule A)
• Other Itemized Deductions (Schedule A)

How do I run a client report from Social Security Timing in Covisum Suite?

1. Sign in at suite.covisum.com and select or create a client.
2. Enter the client's date of birth and longevity. For married clients, complete both spouses' information.
3. Under Social Security Timing > Benefits, choose Quick entry or Historical earnings. Enter the statement date and benefit amount, or import the client's earnings XML. Record any benefits already elected.
4. Review Relevant Incomes, Basic Income Needs, and Assumptions. The inflation rate is a planning assumption for future years and is not automatically the announced one-year COLA.
5. Select Results. Review What's at Stake, Claim Instructions, Strategy Comparison, Estimated vs. Desired Income, Break-Even, and Cash Flows. Use Suggested, Earliest, or Create Alternate to compare claiming choices.
6. If appropriate, review Benefit Cut separately. Set the year and percentage, then choose Save and Refresh Results. See our benefit-cut guide.
7. Select Create Report at the top of Results. Enter a report name and select Create. The report opens in a separate browser tab.
8. To find the saved report later, expand the client's name in the left navigation and select Reports. Select the report name to open it.

The screenshot uses an illustrative sample client. Your results depend on the client information and assumptions entered.

WEP/GPO: The Social Security Fairness Act repealed the Windfall Elimination Provision and Government Pension Offset for benefits payable for January 2024 onward. These are not current reductions to apply to a 2027 benefit. The earnings test can still apply to work earnings before the applicable FRA.

For the client's full historical earnings record, use their Social Security statement or earnings XML. See how to obtain the statement and XML.

How do I run a client report from SmartRisk?

Tip: Have clients complete this intake form to make data entry quick and easy.

Getting Started

1. Log in and select "Add Client."
2. Select "Import" or "Manual Entry."
   
3. Enter DOB and life expectancy, then proceed.
4. Input all financial information. A red halo around a folder represents there is incomplete information within there and you will need to go and complete it.
5. Click the SmartRisk tab in the upper right-hand corner for a risk analysis.
6. View Portfolio Value, Quarterly Risk, Yearly Risk, Diversification Index, and Fee Comparison reports.
7. Click on Compare Portfolios at the top right to reallocate accounts and compare the risks between the base case and the plan case.
8. The Accounts tab on the left-hand side allows you to switch between household and other accounts.
   
   
   

Tip: To print your report, select "Generate PDF" and click the printer icon at the top of the screen.

Create a PDF of Your Client Report:

1. Log in to the portal.
   
   
2. Add a client or select a client to view the client information page.
3. Select the type of report you want.
   
   
4. Click the "Generate PDF" button in the upper right-hand corner. Each tool has a similar button placement. The example below is for Social Security Timing.
   
   
5. Name your report and click the "Generate PDF" button. If you choose not to enter a name, Covisum will automatically name the report using the tool name, client name, and date it was generated. For example, SocialSecurityTiming_Dan Sample_3/4/2021.
   
   
6. To access previously saved reports, click on the Adobe PDF tab in the upper right-hand corner of the screen.
7. To print your report, select "Generate PDF" and click the printer icon at the top of the screen.
   
   

View Sample Reports

• Social Security Timing
• Tax Clarity
• SmartRisk
• Income InSight