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pro888
New Member

SSA-1099 a lump $35,768, but includes $10,520 for 2015. I'm not the brightest so you gotta explain in 5th grade words. OR, does tt do all the work for me? - Many Thanks!

 
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Hal_Al
Level 15

SSA-1099 a lump $35,768, but includes $10,520 for 2015. I'm not the brightest so you gotta explain in 5th grade words. OR, does tt do all the work for me? - Many Thanks!

Taxes are too complicated and convoluted for 5th grade words. But, TT does all the work for you.

After entering the SSA-1099, the interview will ask if there is a prior year lump sum payment.

The lump sum payment is taxable in the year received (2016); but the tax is calculated as if the payment had been received in the prior year. So, the interview will have questions about your 2015 return. Have a copy handy before you start.

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Hal_Al
Level 15

SSA-1099 a lump $35,768, but includes $10,520 for 2015. I'm not the brightest so you gotta explain in 5th grade words. OR, does tt do all the work for me? - Many Thanks!

Taxes are too complicated and convoluted for 5th grade words. But, TT does all the work for you.

After entering the SSA-1099, the interview will ask if there is a prior year lump sum payment.

The lump sum payment is taxable in the year received (2016); but the tax is calculated as if the payment had been received in the prior year. So, the interview will have questions about your 2015 return. Have a copy handy before you start.

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