After you enter your SSA-1099 in your 2023 tax return, TurboTax will ask whether you received a lump-sum payment. Select Yes and continue through the questions. After you enter the information that it asks for from your 2022 tax return, it will complete the LSE worksheet and calculate whether the lump sum election saves you money. (It doesn't always save money.) TurboTax will use the lump sum election on your 2023 tax return if it saves you money.
