Hello Daelyn,
You received a Social Security lump sum payment for years 2019-2023. In TurboTax Online, a Social Security lump sum payment can be computed by following these steps:
- Follow these directions:
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Wages & income.
- Under Your income, scroll down to Retirement plans and social security.
- Click on Show more to the right.
- Click on Start/Revisit to the right of Social Security (SSA-1099).
- At the screen Tell us about the benefits you received, enter the information as it is printed on the form.
- At the screen Did you receive any lump-sum payments?, click Yes.
- As an example, the year was 2019 and the amount was $5,000.
- You will have to answer questions about the 2019 tax return.
- Then answer questions about the 2020 and so on tax return.
TurboTax will break down the payments into what amount was received for each preceding year. You pay taxes on the lump sum in the current year tax return.
I hope this resolves your questions
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