It states on the return from 2019 or earlier so I need help to know if I need to Amend my return or do I report this on next years taxes?
look at the YEAR in big numerals on your tax document and that is the tax year you will file it.
Or does it say this:
your form may list this year and also possibly benefits for prior years.
Enter the entire amount as a "this year" benefit.
That is one option and the simplest.
When TurboTax asked me if said did I receive it in 2019 or earlier however I received it in September 2020 which was late in the year. I just need to know if I need to amend my return as I submitted it. If it’s ok to report this on next years taxes I would much rather prefer it.
The form I received from social security did not include or mention the one time payment at all. It just mentioned regular earnings. I am really confused what to do.
On my form from Social Security it just mentions my regular earnings and did not mention anywhere the one time payment
@Agrantis wrote:
On my form from Social Security it just mentions my regular earnings and did not mention anywhere the one time payment
If your SSA-1099 does not show a lump sum payment for a prior year then when asked if you received a lump sum payment in 2020 your answer to the question is NO.
Ok my form does not show the lump sum anywhere. It just shows my regular earnings. It doesn’t mention the lump sum but I received a one time payment in September 2020. If I can claim this on next years tax return I am not sure.
Turbotax is asking exactly this: We need to know if you received any lump-sum Social Security payments in 2020 for 2019 or earlier?
I received a lump sum payment late in year for 2020, however it was not for any months in 2019. So I am wondering if I just include this amount for next years tax return when I file?
Since you did NOT receive a lump sum for a prior year answer NO and continue. The amount of net SS benefits you received in 2020 is in box 5 of the SSA-1099 and is reported on your 2020 tax return.
Thank you for the information and your help. That is what I originally submitted when I did my taxes on 5/5/2021. I was just worried something was wrong as it has been nearly a month now and I never received my refund yet. I am wondering if at some point I need to contact IRS as I’ve never had take this long before. I really appreciate your helping me with this.
you are grasping at straws to explain your late refund.
you seem confused but there is no reason to be.
see my original answer.
report benefits in the tax year corresponding to the year shown on your tax document.
If you did not do that, then manual examination by a person may be needed, and your refund will be further delayed.
thanks for your reply. I did report all earnings from my box 5 in social security earnings and was told that this is all the information I need to submit
So far I still have no update on my refund as I keep checking on the wheres my refund page on irs and it’s still saying being processed. I have also not received anything in the mail from them so I don’t believe there was an error on my return however it has been past 1 month and I’m still not getting any response.
I am not sure of the delay of my tax refund however I haven’t heard any additional information from IRS regarding this either. I would like to know what is taking so long, I did do my tax return late this year however it has now been over a month with no response back from them.
@Agrantis wrote:
I am not sure of the delay of my tax refund however I haven’t heard any additional information from IRS regarding this either. I would like to know what is taking so long, I did do my tax return late this year however it has now been over a month with no response back from them.
The IRS is seriously behind in processing 2020 tax returns. This is due to many factors, such as the pandemic, completing processing of millions of 2019 tax returns, stimulus payments, unemployment compensation exclusion tax refunds., changes in the tax code by Congress in the middle of the 2020 tax season and the like.
Millions of taxpayers have not yet received there federal tax refunds.
Go to this IRS website for operational status - https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue
As of May 28, 2021, we had 19,000 individual tax returns received prior to 2021 in the processing pipeline. Including current year returns, as of May 28, 2021, we had 18.1 million unprocessed individual returns in the pipeline. Unprocessed returns include those requiring correction to the Recovery Rebate Credit amount or validation of 2019 income used to figure the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). This work does not require us to correspond with taxpayers but does require special handling by an IRS employee so, in these instances, it is taking the IRS more than 21 days to issue any related refund. If, as a result, a correction is made to any RRC, EITC or ACTC claimed on the return, the IRS will send taxpayers an explanation. Taxpayers are encouraged to continue to check Where’s My Refund? for their personalized refund status and can review Tax Season Refund Frequently Asked Questions.