MarilynG1
Expert Alumni

Retirement tax questions

Since you weren't taxed on your disability income initially,  you can't claim a deduction for repaying it.

 

Your goal is to report your SSI lump sum payment appropriately for each tax year so that your tax burden is minimal.

 

Since you are adding SS income, you may have tax due.  However, depending on the amount of your other income, the SS income may not be taxable, either.  At most, up to 85% of the amount added to each year can be taxable. 

 

Here's more info on Lump Sum Social Security Payments. 

 

 

 

 

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