No, you do not reduce your SSA-1099 form, Box 5, by the prior year lump-sum payments.
- After you enter your SSA-1099 information, we'll ask if you received a lump-sum Social Security payment.
- Answer Yes and follow the instructions.
- Your SSA-1099 lump-sum section breaks down the payments into what amount was received for each preceding year. You can only enter one year at a time.
- To enter benefits received for a different tax year, select Add another lump-sum payment.
After you enter your lump-sum Social Security payment information, TurboTax will automatically figure what if any taxes you owe due to the lump-sum payment.
For additional information, see the following: What is a lump-sum Social Security payment?
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