topic 2018 ssa-1099 shows a lump sum that was taxed in prior years. How do I credit that amount ? in Retirement tax questions

2018 ssa-1099 shows a lump sum that was taxed in prior years. How do I credit that amount ?

ualm777 — Thu, 06 Jun 2019 07:13:43 GMT

SSA-1099 line 5 amount includes funds that were taxed and paid in prior years. Using 2018 Turbo Tax Deluxe, I have entered the prior years amounts as directed and my 2018 taxable obligaion has increased by thousands $$$. Having already paid all taxes due on the lump sum during the years due to all SSA-1099 statements including a setback as taxable, why does the software treat the lump sum as taxable in 2018?

What am I missing?

Thanks

Because you have to enter more information into the progr...

Coleen3 — Thu, 06 Jun 2019 07:13:43 GMT

Because you have to enter more information into the program for it to differentiate the income.

Please see below.

https://ttlc.intuit.com/replies/4767454

How do I "However, you might be able to avoid these taxes...

ualm777 — Thu, 06 Jun 2019 07:13:45 GMT

How do I "However, you might be able to avoid these taxes by apportioning prior year benefits to those previous years’ income (still without filing any amended returns)"

When I entered the amount attributed to 2017 my taxes increased substantially. I paid taxes in 2017 on that amount. Now why am I seeing my taxes increase?

How do I "However, you might be able to avoid these taxes...

ualm777 — Thu, 06 Jun 2019 07:13:46 GMT

You need to go through the program and indicate for each...

Coleen3 — Thu, 06 Jun 2019 07:13:48 GMT

You need to go through the program and indicate for each year you received the lump sum, how much your received and how much was taxable.

After you enter your 2017 SSA-1099 information, we'll ask...

Coleen3 — Thu, 06 Jun 2019 07:13:50 GMT

After you enter your 2017 SSA-1099 information, we'll ask if you received a lump-sum Social Security payment. Answer Yes and follow the onscreen instructions. (See the attached screenshot below. Click to enlarge.)
Your SSA-1099 lump-sum section breaks down the payments into what amount was received for each preceding year. You can only enter one year at a time. Start with 2015. (See the attached screenshot below. Click to enlarge.)
On the next screen, Enter your 2015 lump-sum payments received in 2017 (See the attached screenshot below. Click to enlarge.) and Continue
On the next screen, Tell Us About Payments Received in 2015 (probably leave blank) and Continue
On the Tell Us About Your 2015 Income enter your 2015 income as required (See the attached screenshot below. Click to enlarge.) and Continue
When finished with 2015, click Add Another Lump Sum if you need to enter benefits received for a different tax year (2016)
Now simply do the same thing that you just did for 2015, but use the relevant numbers for the next year (e.g.2016).
While your lump sum may include benefit payments for more than one year, you do not have to file an amended tax return for any prior year. You might need to pay taxes on a small portion of your lump-sum payment. However, you might be able to avoid these taxes by apportioning prior year benefits to those previous years’ income (still without filing any amended returns).
After you enter your lump-sum Social Security payment information, TurboTax will automatically figure what if any taxes you owe due to the lump-sum payment.