2025 SOCIAL SECURITY LUMP SUM PAYMENT

[jk3006]

How long should an individual who has received a lump sum payment in 2025 for the 2024 tax year wait to submit taxes considering the possibility that the "No Tax on Restored Benefits Act" is passed?

[DavidD66]

The "No Tax on Restored Benefits Act" was just introduced this month (February 2026) and has been referred to the House Ways and Means Committee.  While it has broad bi-partisan support, there is currently no confirmed timeline for passage.  Assuming it does pass, I find it quite unlikely that it would include any changes for this tax filing season.  It's a really big deal to make changes in the middle of the filing season.  More likely it would include provisions to allow for recouping any taxes paid on a future tax return - just my opinion.  What action Congress will take, and when is anybody's guess.  No one here has a crystal ball.  If I personally was potentially affected by its passage, I would go ahead file now.