topic Lump-Sum Social Security Summary Question in Get your taxes done using TurboTax

Lump-Sum Social Security Summary Question

Brooklynit — Mon, 15 Jun 2020 00:14:39 GMT

Received a lump sum in 2017 from SS for a one time payment. Amount was already included and taxed in 2017, Why am I being taxed again??

Inputted the info into Turbotax for the year 2017.

But under the Lump-Sum Social Security Summary for 2017, it show the following.

Amount Received in 2017 - My total SS Benefit for the year

Amount Received in 2019 - My Lump Sum Payment in 2017

Is this an error???

Re: Lump-Sum Social Security Summary Question

rjs — Mon, 15 Jun 2020 00:57:35 GMT

Please clarify your situation.

Are you working on your 2017 tax return or your 2019 tax return?

If you are working on your 2019 tax return, do you have a Form SSA-1099 for 2019?

On your SSA-1099 for 2019, at the bottom on the left side does it show a payment in 2019 FOR 2017?

On your 2019 tax return you only report payments that you received IN 2019. TurboTax asked whether you received a lump-sum Social Security payment IN 2019 FOR a prior year. You do not report a payment that you received IN 2017 on your 2019 tax return.

If you did not receive any Social Security benefits in 2019, and you do not have an SSA-1099 for 2019, you do not enter ANY Social Security income in your 2019 tax return. If you did receive Social Security benefits in 2019, but on your SSA-1099 for 2019 there is no payment for a prior year at the bottom left, you do not report a lump-sum payment on your 2019 tax return. In this case, all the benefits that you received in 2019 were FOR 2019.

Re: Lump-Sum Social Security Summary Question

Brooklynit — Mon, 15 Jun 2020 19:44:15 GMT

Question asked was too general in the software package. It should state "did you received a prior year lump sum payment for the year 2019".

Thank you!