topic Re: Social security lump sum payment in Retirement tax questions

Social security lump sum payment

Erikddw1 — Sun, 09 Jan 2022 15:28:26 GMT

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

Re: Social security lump sum payment

Critter-3 — Sun, 09 Jan 2022 15:50:20 GMT

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.

Re: Social security lump sum payment

fanfare — Mon, 10 Jan 2022 12:33:05 GMT

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.