It’s official: The IRS has opened the 2026 Tax Filing Season. Between now and April 15, nearly 164 million people will file an individual income tax return.
Many of those individual income tax returns will be significantly different from 2025, thanks to the One Big Beautiful Bill Act and the myriad of new tax provisions that retroactively apply to income earned in 2025.
This first post-OBBBA filing season creates a significant opportunity for financial advisors, not only to educate clients on what’s changed with OBBBA, but to open tax conversations so clients can be prepared for what lies ahead.
Here are three tools to help.
#1 | What’s Going on With Social Security Taxes?
One provision in OBBBA has created more excitement – and confusion – than all the rest. It’s a new tax deduction intended to offset the cost of Social Security benefit taxation.
The confusion stems from this: Congress did not vote to eliminate the taxation of Social Security benefits, as many Americans believe. But relief is still coming to senior filers!
Instead of eliminating the taxation of benefits directly, the bill provides a new tax deduction available to Americans age 65+. The deduction amount is based on a saver’s modified adjusted gross income (MAGI). It starts at $6,000 for individual filers and $12,000 for joint filers, subject to income limitations.
If you’re a retirement advisor, there’s a good chance this new deduction will apply to many of your clients. The deduction is provided in addition to the existing standard deduction and can also be used by Americans who itemize their deductions. It’s also available to all Americans age 65+, regardless of whether an individual has elected Social Security yet.
Need help explaining the new deduction to your clients? Download our helpful Advisor Primer here.
#2 | How Do I Position OBBBA – Short-Term and Long-Term?
OBBBA is a signature piece of tax reform legislation, which means its impacts will inform taxes in both the short- and long-terms.
And it’s important your client understands both.
After all, none of your clients plan to live in retirement only for the next few years. Because retirement is a long-term endeavor, the long-term impact of this legislation and other economic, demographic, and fiscal trends are equally critical to evaluate and address.
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If you’re looking for insight, you can watch this recording of a webinar I hosted, where I break down the short-term and long-term impacts of OBBBA for your clients – and how you can leverage today’s lower rates to successfully help your clients protect themselves from rising taxes in the future.
#3 | How Can I Help My Clients Prepare?
OBBBA prevented a big tax hike from occurring in 2026, when the Tax Cuts and Jobs Act was set to expire. But today’s lower rates aren’t likely to last long. Government spending and demographic pressures mean many of our clients are at risk of rising taxes throughout their retirement.
So how do we leverage today’s lower tax rates to help our clients prepare for the future?
If your clients are looking to diversify the tax status of their retirement assets – through a Roth Conversion or other approach – this is the time to get started.
OBBBA has made Roth Conversions tricker than in the past. As an advisor, you need to balance the taxes and IRMAA fees paid today (along with new deductions available) against tax and IRMAA savings in the future. It can be hard to dial in the most effective – and tax-saving – approach.
If you’re looking for guidance on the factors to consider, check out this blog post I wrote on three factors to consider in a Roth conversion.
And if you’re looking for a done-for-you option, check out Stonewood’s Roth Done Right software. It models your client’s best path forward to minimize taxes and IRMAA – both while converting AND in retirement.
About the Author
Becky helps your clients outsmart Washington and take control of their retirement. Making the complex simple and meaningful? It’s all in a day's work.
