My wife elected to receive Soc Sec benefits at age 68 commencing in 2016 and was also paid a lump-sum in 2016 for 2015, which was included in her 2016 SSA-1099 box 5. After entering this info in Turbo Tax, I was then required to enter our 2015 AGI, tax-exempt interest, and taxable SS--which then suddenly triggered a big jump in FIT due.
When I undid these last 3 entries as a test, the Federal Review spit out an error, and I was forced to re-enter these 3 entries.
What is the linkage and logic between her 2015 lump-sum benefit and my 2015 Soc Sec benefits on which I've already paid taxes for 2015??
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The lump-sum election allows the option of reporting all of the social security benefits received in the current year to be reported and taxed in the current year. Then TurboTax will optimize the results based on your entries to decide the tax for the best scenario.
It all takes place on the current year, you do not do an amendment for this particular item. There is detailed information below
You can trust that TurboTax is doing the calculations correctly.
The lump-sum election allows the option of reporting all of the social security benefits received in the current year to be reported and taxed in the current year. Then TurboTax will optimize the results based on your entries to decide the tax for the best scenario.
It all takes place on the current year, you do not do an amendment for this particular item. There is detailed information below
You can trust that TurboTax is doing the calculations correctly.
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