Yes, it should be correct, generally Social Security is not taxable.
While your lump sum may include benefit payments for more than one year, you do not have to file an amended tax return for any prior year. You might need to pay taxes on a small portion of your 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 more information on your social security, see IRS Publication 17, page 81.
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