- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
In your case, this would be considered a lump-sum payment. A lump-sum payment is a one-time Social Security payment that you received for prior-year benefits.
Yes, you will need to amend your 2018 tax return and remove the amount of the lump-sum payment reported. Per this IRS Article, you must include the taxable part of a lump-sum payment of benefits in the year it is received. Therefore, you will need to include this income on your 2019 tax return.
However, you can elect to calculate the taxable portion of your 2016 lump-sum payment using your income from 2016 instead of your 2019 income. TurboTax can help you with this calculation. When you are in the Social Security section, the program will ask "Did you receive any lump-sum payments?" Select Yes and follow the instructions.
Please see this TurboTax Article for more information.
**Mark the post that answers your question by clicking on "Mark as Best Answer"