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SEA-1099 lump sum payments.

How do I know which portion of reported income on my SSA-1099 is a one lump sum payment?

I am pretty sure that I received a higher one lump sum payment, than what is being reported on my SSA-1099 as lump sum payments. Should I report the amount I believe the lump sum payments to be, or only the years and amounts as reported on the document?

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1 Best answer

Accepted Solutions
DMarkM1
Employee Tax Expert

SEA-1099 lump sum payments.

As you mention the form 1099-SSA will identify the lump sum payment amount according to the Social Security Administration records and you need to report the same amount on your tax return.  

 

However, if you believe the amount is incorrect, you will need to contact the Social Security Administrations to verify and get a corrected form issued if needed.  

 

Ultimately you need to report on your tax return the amounts as shown on your 1099-SSA either original or corrected.  

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1 Reply
DMarkM1
Employee Tax Expert

SEA-1099 lump sum payments.

As you mention the form 1099-SSA will identify the lump sum payment amount according to the Social Security Administration records and you need to report the same amount on your tax return.  

 

However, if you believe the amount is incorrect, you will need to contact the Social Security Administrations to verify and get a corrected form issued if needed.  

 

Ultimately you need to report on your tax return the amounts as shown on your 1099-SSA either original or corrected.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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