DaveF1006
Expert Alumni

Retirement tax questions

It depends. Your social security statement for 2020 will list all the years you are receiving lump sum payments for. If 2019, is the only year that is recorded on your statement, that is the only year you need to report. If there are prior years listed on your 2020 statement, then there is an opportunity to list those after you complete recording your 2019 lump sum payment information. You will need your 2019 return to answer the questions regarding your 2019 lump sum payment. These are asked to determine if there is any taxable income after the lump sum amount is reported.

 

You do not need to report your sons social security benefits. Lawyer fees and amounts paid back are part of your claim of right payment. 

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