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J-Arnold
New Member

This year I received lump sump payout from social security dating back through Nov 2015. Do I need to amend 2015 or is it income for 2016 since I received it this year?

 
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MaryK1
Level 9

This year I received lump sump payout from social security dating back through Nov 2015. Do I need to amend 2015 or is it income for 2016 since I received it this year?

It is income in 2016 so you do not need to amend your return.  When you enter the information in Turbo Tax, there are questions about lump sum payments that will help you save on your taxes. 

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MaryK1
Level 9

This year I received lump sump payout from social security dating back through Nov 2015. Do I need to amend 2015 or is it income for 2016 since I received it this year?

It is income in 2016 so you do not need to amend your return.  When you enter the information in Turbo Tax, there are questions about lump sum payments that will help you save on your taxes. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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