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Level 1

Question

Social security lump sum payment

Forum|Forum|4 years ago
January 9, 2022
1 reply
6 views

I received a lump sum social security payment in 2021 it is broken into 3 previous years 2018 2019 2020 $10,000.00 for each year what do I enter in the taxable amount box for each year ? Keep in mind I am filing jointly and we are over the $35,000 income point.

Thanks,Erik

TurboTax Premier Online

Level 15

If in each of those years individually ... 1/2 of the SS benefits for that year + your other income for that year will exceed $32000 in total then all you need to do is enter the SSA-1099 form in the program and you can skip the lump sum questions completely as it will be a waste of time. Otherwise follow the lump sum line of question ... you will enter in all the years separately.

Level 15

there are two ways to file for a lump sum and you would use the more favorable way.

To enter the amounts for each year as shown on your document, you need copies of your filed tax returns for those years.

Otherwise, ignore that and enter the entire amount as a 2021 benefit.

It should not make too much difference either way.