Important message for TurboTax users!

We wanted to share an important update that may affect those of you using TurboTax for your 2024 tax return.

Unusual Pattern Detected in Social Security Benefit Calculations:

As tax returns begin to come in, Holistaplan, a tax planning software we use to help optimize tax strategies, has detected an unusual pattern in some returns where Social Security benefits are being reported as tax-free. Based on calculations within Holistaplan, these benefits should, in fact, be taxable. While we can't yet confirm if this is an issue specifically with TurboTax, there is a possibility that it could be impacting returns prepared using this software.

What You Should Know:

• If you’ve already filed your 2024 tax return using TurboTax, we recommend reviewing the Social Security benefit field to ensure the calculation is accurate.
• This issue may only affect returns filed early this tax season.
• If you haven’t filed yet, it may be wise to wait before submitting to ensure the issue is addressed.

How Social Security Benefits are Taxed:

Social Security benefits are only tax-free under specific circumstances, such as when total income is below $25,000 for single filers or $32,000 for married couples filing jointly. If income exceeds these thresholds, a portion (up to 85%) of the Social Security benefits may be taxable. If you're using TurboTax and are concerned, we recommend reviewing your Social Security calculations or reaching out to the software provider for clarification.

We hope this information is helpful. Please feel free to contact us if you have any questions or need assistance.